Sec. 12. (a) The director of the department may exercise the enforcement powers of this chapter against an affiliate of a financial institution, or against an officer, a director, or an employee of the affiliate, as if the affiliate were a financial institution if the director determines that a practice of the affiliate, or of the officer, director, or employee, could cause either: (1) the financial institution to suffer substantial loss or other damage; or (2) the interests of the financial institution's depositors to be seriously prejudiced by reason of a violation, practice, or breach of fiduciary duty. (b) In exercising the director's enforcement powers under this chapter against an officer, a director, or an employee of an affiliate, the director may: (1) remove the officer, director, or employee from the person's office, position, or employment; (2) prohibit any participation by the officer, director, or employee in the conduct of the affairs of any financial institution; or (3) take both of the actions set forth in subdivisions (1) and (2). (c) The director of the department may issue and serve upon the officer, director, or employee of the affiliate a notice of charges of the practice, violation, or act. (d) For purposes of this section, affiliate has the meaning set forth in IC 28-1-18.2 . IC 28-11-5 Chapter 5. Department Oversight of Organization of a Financial Institution 28-11-5-1 Application of chapter 28-11-5-2 Approval of articles of incorporation and organization and establishment of financial institutions 28-11-5-3 Applications to establish financial institutions 28-11-5-4 Investigation of applicant; disapproval of application; submission of fingerprints 28-11-5-4.5 Background checks; fingerprints 28-11-5-5 Hearings on applications 28-11-5-6 Notice of applications subject to hearings 28-11-5-7 Hearing procedures 28-11-5-8 Approval or disapproval of applications 28-11-5-9 Payment of expenses 28-11-5-10 Financial institutions organized as limited liability companies; treatment as financial institution organized in stock form; exclusive authority of department to regulate; prior approval of department required
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