Terms Used In Indiana Code > Title 4 > Article 33 > Chapter 19 - License Control Division

• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Affiliate: means a person that, directly or indirectly, through one (1) or more intermediaries:

  Indiana Code 28-1-29-1

• Agreement: means an agreement between a debt management company and a debtor for the performance of debt management services. See Indiana Code 28-1-29-1
• Amortization: Paying off a loan by regular installments.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• 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
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
• charter conversion: means the conversion of an out-of-state financial institution to a commercial bank. See Indiana Code 28-1-31-1
• charter conversion: means the conversion of a mutual savings bank into a credit union under this chapter. See Indiana Code 28-1-33-1
• commercial bank: means a bank or trust company (as defined by IC 28-1-1-3(2)). See Indiana Code 28-1-31-2
• Concessions: means assent to repayment of a debt on terms more favorable to a contract debtor than the terms of the contract between that debtor and a creditor. See Indiana Code 28-1-29-1
• Contract: A legal written agreement that becomes binding when signed.
• Contract debtor: means a debtor who has entered into a written agreement with a licensee. See Indiana Code 28-1-29-1
• conversion plan: refers to a plan for the conversion of a mutual savings association into a credit union that is prepared under this chapter. See Indiana Code 28-1-32-1
• conversion plan: refers to a plan of charter conversion prepared under this chapter. See Indiana Code 28-1-33-2
• Conviction: A judgement of guilt against a criminal defendant.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. ^{Source: OCC}
• credit union: has the meaning set forth in Indiana Code 28-1-30-1
• credit union: has the meaning set forth in Indiana Code 28-1-32-2
• credit union: has the meaning set forth in Indiana Code 28-1-33-3
• Day: means a calendar day. See Indiana Code 28-1-29-1
• Debt: means an obligation arising out of personal, family, or household use. See Indiana Code 28-1-29-1
• Debt management company: is a ny person doing business as a budget counseling, credit counseling, debt management, or debt pooling service or holding the person out, by words of similar import, as providing services to debtors in the management of their debts, and having a written agreement with the debtor to disburse money or anything of value. See Indiana Code 28-1-29-1
• Debtor: means an individual whose principal debts and obligations arise out of personal, family, or household use and not out of business purpose transactions. See Indiana Code 28-1-29-1
• Department: means the members of the department of financial institutions. See Indiana Code 28-1-29-1
• department: means the department of financial institutions and, if applicable, the department's authorized delegate. See Indiana Code 28-1-31-3
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• division: means the license control division established by section 3 of this chapter. See Indiana Code 4-33-19-1
• effective time of the charter conversion: means :

  Indiana Code 28-1-31-4

• effective time of the charter conversion: means :

  Indiana Code 28-1-33-4

• effective time of the conversion: means :

  Indiana Code 28-1-32-3

• Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) ^{Source: OCC}
• Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. ^{Source: OCC}
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. ^{Source: OCC}
• Fee: means the total amount of money charged to a contract debtor by a debt management company for the administration of a debt management plan. See Indiana Code 28-1-29-1
• Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. ^{Source: OCC}
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Good faith: means honesty in fact and the observance of reasonable standards of fair dealing. See Indiana Code 28-1-29-1
• in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
• Indiana contract debtor: means a contract debtor whose principal residence is located in Indiana. See Indiana Code 28-1-29-1
• Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lead generator: means a person that, in the regular course of business:

  Indiana Code 28-1-29-1

• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• License: means a license issued under the provisions of this chapter. See Indiana Code 28-1-29-1
• licensed entity: means a person holding:

  Indiana Code 4-33-19-2

• Licensee: means any person to whom a license has been issued pursuant to the provisions of this chapter. See Indiana Code 28-1-29-1
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Month: means a calendar month. See Indiana Code 28-1-29-1
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• mutual bank: means a mutual savings bank governed by Indiana Code 28-1-30-2
• mutual bank conversion: means the conversion of a credit union to a mutual bank. See Indiana Code 28-1-30-3
• mutual savings association: means a savings association (as defined in 12 U. See Indiana Code 28-1-32-4
• mutual savings bank: has the meaning set forth in Indiana Code 28-1-33-5
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• out-of-state financial institution: means a bank or savings bank organized under the laws of any other state or the United States that has a branch or branches in Indiana that were established under IC 28-2-17 or IC 28-2-18. See Indiana Code 28-1-31-5
• Oversight: Committee review of the activities of a Federal agency or program.
• Person: includes individuals, sole proprietorships, partnerships, limited liability companies, trusts, joint ventures, corporations, unincorporated organizations, other entities, and their affiliates, however organized. See Indiana Code 28-1-29-1
• Plan: means a written debt repayment program in which a debt management company furnishes debt management services to a contract debtor and that includes a schedule of payments to be made by or on behalf of the contract debtor and used to pay debts owed by the contract debtor. See Indiana Code 28-1-29-1
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Principal amount of the debt: means the total amount of a debt at the time the contract debtor enters into an agreement. See Indiana Code 28-1-29-1
• Probable cause: A reasonable ground for belief that the offender violated a specific law.
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Statute: A law passed by a legislature.
• Subpoena: A command to a witness to appear and give testimony.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Trust account: means an account held by a licensee that is:

  Indiana Code 28-1-29-1

• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
• voting parties: means the depositors or members of a mutual savings association. See Indiana Code 28-1-32-5
• voting parties: means the:

  Indiana Code 28-1-33-6

• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5