Hoosier Banker 25 This information is provided for general education purposes and is not intended to be legal advice. Please consult legal counsel for specific guidance as to how this information applies to your institution’s circumstances or situation. 1 https://www.in.gov/dfi/files/2017-02-loansharking.pdf 2 The term “loan origination fee” was renamed a “prepaid finance charge” in 2017 by House Enrolled Act 1539. 3 I.C. § 35-45-7 4 I.C. § 35-47-7-4 5 The issue of how to calculate the inclusion of those fees charged in excess of the $50 nonrefundable finance charge was the subject of the Hoosier Banker January 2016 Compliance Connection article, pages 28-29. officer. The Indiana DFI staff and examiners are also a helpful resource on this issue. If you discover a violation of the Loansharking Law after the fact, talk to your bank counsel about how best to remediate the situation. HB Jerry Benkert has joined the board of directors of Commerce Bank, Evansville, as chairman of the audit committee. He retired in 2015 from a 30-year career with Vectren Corp., where he most recently served as executive vice president and chief administrative officer. Benkert has gained other board experience through Deaconess Health System, South Central Inc., Boy Scouts of America and the southern affiliate of Fifth Third Bank. Scott E. Butt has been named to the board of directors of The Peoples Bank, Brownstown. He is managing partner and president of Family Drug Inc. He joined the company in 2001 and was appointed to his current position in 2014. Prior experience includes service as an investment representative with Edward Jones. He serves on the board of the Brownstown Cemetery and has past affiliations with the Jackson County Visitors Center, the Jackson County Industrial Development Center, the Lutheran Central School board, the Brownstown Central Middle School advisory board and the Brownstown Chamber of Commerce board. Butt is a graduate of Indiana University-Purdue University Columbus. HB FROM THE BOARD ROOM Overachieving has been our strong point for quite some time. Symbolized by our 60-plus years as counsel to the Federal Home Loan Bank-Indianapolis, Krieg DeVault has been involved in every major event that has shaped the evolution of Indiana’s financial institutions. In addition to leading commercial and investment banks, our clients include specialty finance companies, insurance carriers and agents, broker-dealers, and investment advisers. Let us start overachieving for you today. Visit us at www.kriegdevault.com. Krieg DeVault LLP One Indiana Square | Suite 2800 Indianapolis, Indiana 46204-2079 P: 317.636.4341 © 2017 Krieg DeVault LLP. This constitutes attorney advertising. Krieg DeVault LLP, Indianapolis, IN, is responsible for this content. Lance Weirich, First State Bank of Middlebury, has been granted a scholarship by the Independent Community Bankers of America to attend its Banker Scholarship November LEAD FWD Summit in St. Louis. The event focuses on moving the community banking forward with workshops, collaborations and whiteboarding sessions with industry experts. HB
RkJQdWJsaXNoZXIy MTg3NDExNQ==