Indiana Code 28-1-13-10. Prohibition against accepting compensation for procuring loan; exception for bona fide employment or compensation agreements
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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.
For details, see Ind. Code § 35-50-3-2(1) bona fide employment agreements, including benefit or compensation plans; or
(b) The prohibitions set forth in subsection (a) do not apply to a bank’s or a trust company’s:
Attorney's Note
Under the Indiana Code, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| Class A misdemeanor | up to 1 year | up to $5,000 |
Terms Used In Indiana Code 28-1-13-10
- Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- person: includes an individual, a sole proprietorship, a partnership, a joint venture, an association, a trust, an estate, a business trust, a limited liability company, a corporation, a sovereign government, or an agency, an instrumentality, or a political subdivision thereof, or any similar entity or organization. See Indiana Code 28-1-13-1.3
(2) compensation agreements with third party independent contractors.
Formerly: Acts 1933, c.40, s.204. As amended by Acts 1978, P.L.2, SEC.2809; P.L.159-2017, SEC.32.