Section 750 IAC 6-2-2 - Dormant service chargesAuthority: IC 28-5-1-9
Affected: IC 28-5-1-12
Sec. 2.
Charges.
(a) Dormant service charges may be made by any industrial loan and investment company upon any dormant certificate of investment, the balance of which is less than the sum of one hundred dollars ($100.00), in any sum not exceeding twenty-five cents ($.25) per month; where the amount of the balance of the certificate of investment is less than the dormant service charges, such charge shall be the amount of the balance.(b) Dormant service charges shall not be imposed or charged against dormant certificates of investment with balances of one hundred dollars ($100.00) or more therein.(c) All dormant service charges may be imposed and charged monthly, quarterly, semi-annually at the option of the industrial loan and investment company; provided that a charge so imposed and collected shall not be at a greater rate than three dollars ($3.00) per annum.(d) A "service charge" of ten cents ($.10) may be charged for each withdrawal in excess of one (1) withdrawal in any given month.(e) A "service charge" of fifty cents ($.50) may be imposed on any certificate of investment account closed within ninety (90) days from date of opening of such account.Department of Financial Institutions; Industrial Loan and Investment Companies Reg and General Order No 2,Sec 2; filed Nov 14, 1949, 2:40 pm: Rules and Regs. 1950, p. 102; readopted filed Nov 5, 2001, 2:59 p.m.: 25 IR 939; readopted filed Nov 28, 2007, 2:57 p.m.: 20071226-IR-750070649RFA