Indiana § 15-12-1-26 - Extension of credit
Full text of Indiana Indiana Code § 15-12-1-26 — Extension of credit, with citation guidance and answers to common questions.
§ 15-12-1-26. Extension of credit
Sec. 26. (a) An association may provide in the association's bylaws limits within which the association may extend credit, either directly or indirectly, to any director, officer, or employee of the association.
(b) A person who is a director, officer, or employee of the association may not be extended credit on terms that are more favorable than the terms available to any other customer or member of the association.
(c) The provisions of this chapter:
(1) concerning the extension of credit to any director, officer, or employee;
(2) requiring the inclusion of information concerning the extension of credit to any director, officer, or employee in the association's annual reports to the secretary of state; and
(3) providing penalties for failure to comply with those provisions;
apply only to associations in which more than twenty-five percent (25%) of the gross income arises directly from the purchasing of supplies for their members and others. An association with a lesser percentage of gross income arising from purchasing of supplies may adopt similar provisions in the association's articles of incorporation as originally filed or later amended. If adopted, the provisions apply in every respect to the association and to the association's directors, officers, and employees.
[Pre-2008 Recodification Citations: subsection (a) formerly 15-7-1-11(l); subsection (b) formerly 15-7-1-11(m); subsection (c) formerly 15-7-1-11(n).]
As added by P.L.2-2008, SEC.3.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 15-12-1-26
What does Indiana Code § 15-12-1-26 cover?
Section 15-12-1-26 ("Extension of credit") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 15-12-1-26?
A common citation format is "Indiana Code § 15-12-1-26" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 15-12-1-26 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.