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DIGEST OF INTRODUCED BILL
Parity for state chartered financial institutions. Amends Indiana Code provisions allowing the following state chartered financial institutions to exercise, in certain circumstances, the same rights and privileges granted to nationally chartered institutions: (1) Banks. (2) Industrial loan and investment companies. (3) Savings banks. (4) Credit unions. (5) Savings associations. Allows the department of financial institutions (department) to deny, under certain circumstances, the rights and privileges requested by a state chartered institution. (Current law provides that the department may act through its members to deny the requested rights and privileges.) Adds the following to the circumstances justifying the department's denial of the requested rights and privileges: (1) A finding that the exercise of the rights and privileges would result in an unacceptable curtailment of consumer protection. (2) A finding that a denial of the rights and privileges will not result in a competitive disadvantage to the requesting institution. Provides that in deciding whether to grant the same rights and privileges to all state chartered institutions of the same type as the requesting institution, the department must ensure that the exercise of the rights and privileges by all institutions will not unduly constrain Indiana consumer protection provisions.