{"data":{"id":"us-in/ic-5-13-5-6","jurisdiction":"us-in","citation":"IC 5-13-5-6","heading":"Financial institution continuation qualification as depository","body":"Sec. 6. (a) A financial institution that is a depository for the state on March 21, 1996, and any successor financial institution, continues to be a depository for the state after March 21, 1996, without reapplying under IC 5-13-10.5, until the earliest of the following occurs:\n(1) The board of depositories revokes the status of the financial institution as a depository.\n(2) The financial institution notifies the state board of finance that the financial institution is resigning as a depository for the state.\n(3) Another law terminates the depository status of the financial institution.\nA financial institution that qualifies under this subsection as a depository for the state after March 21, 1996, shall be treated after March 21, 1996, as if the financial institution were designated as a depository under IC 5-13-10.5.\n(b) A financial institution that is a depository for a political subdivision on March 21, 1996, and any successor financial institution continues to be a depository for the political subdivision after March 21, 1996, without reapplying under IC 5-13-10.5 or IC 5-13-8-1, until the earliest of the following occurs:\n(1) The state board of finance revokes the status of the financial institution as a depository.\n(2) The financial institution notifies the state board of finance or the local board of finance for the political subdivision that the financial institution is resigning as a depository for the political subdivision.\n(3) Another law terminates the depository status of the financial institution.\nA financial institution that qualifies under this subsection as a depository for a political subdivision after March 21, 1996, shall be treated after March 21, 1996, as if the financial institution were designated as a depository under IC 5-13-8.\n(c) Subject to IC 5-13-8-9, a financial institution that is a depository for the state on March 21, 1996, and any successor financial institution is eligible after March 21, 1996, to become a depository for any political subdivision for which the financial institution is not already a depository without reapplying under IC 5-13-10.5 or IC 5-13-8-1. A financial institution that qualifies under this subsection as a depository for a political subdivision after March 21, 1996, shall be treated after March 21, 1996, as if the financial institution were designated as a depository under IC 5-13-8.\n(d) The treasurer of state shall add any financial institution that qualifies as a depository for political subdivisions under subsection (b) or (c) to the list of depositories eligible to receive the public funds of political subdivisions under IC 5-13-8-1.","path":["TITLE 5. STATE AND LOCAL ADMINISTRATION","ARTICLE 13. INVESTMENT OF PUBLIC FUNDS","Chapter 5. General Provisions"],"source_url":"https://iga.in.gov/ic/2026/Title_5.html#5-13-5-6","current_through":"2026","vintage":"2026","retrieved_at":"2026-09-02T16:11:39Z","sha256":"f0e386805705af9fe91e1cb05e071323755e26d3fe9e3f62c02aedf87e04afab","source_id":"us-in","stale":false,"prev":"us-in/ic-5-13-5-5","next":"us-in/ic-5-13-6-1"},"notice":"GroundRules: Original legal text. Not legal advice."}