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Ind. Code § 28-1-13-10

Prohibition against accepting compensation for procuring loan; exception for bona fide employment or compensation agreements

Known as the The Indiana Financial Institutions Act

The act spans §§ 28-1-1-1 to 28-1-9-9 (499 sections).

Formerly: Acts 1933, c.40, s.204

Sec. 10. (a) Except as otherwise provided, and subject to subsection (b), an officer, director, owner, partner, employee, or attorney of any bank or trust company who stipulates for, receives, or consents or agrees to receive, any fee, commission, gift, or thing of value, from any person, for the purpose of procuring or endeavoring to procure for any person any loan from or the purchase or discount of any paper, note, draft, check, or bill of exchange by the bank or trust company, commits a Class A misdemeanor.

(b) The prohibitions set forth in subsection (a) do not apply to a bank's or a trust company's:

(1) bona fide employment agreements, including benefit or compensation plans; or

(2) compensation agreements with third party independent contractors.

Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.