Indiana § 27-1-7-15 - Loans to or borrowing by directors or officers; offense; exceptions
Full text of Indiana Indiana Code § 27-1-7-15 — Loans to or borrowing by directors or officers; offense; exceptions, with citation guidance and answers to common questions.
§ 27-1-7-15. Loans to or borrowing by directors or officers; offense; exceptions
Sec. 15. A board of directors, director, or officer of any insurance company doing business in this state who lends any of its money or other property, to any director or officer of the insurance company commits a Class B misdemeanor. A director or officer who borrows from the insurance company any money or other property commits a Class B misdemeanor. However, this section does not apply to:
(1) the continuation to maturity of any loan that did not violate this section when it was made; or
(2) a loan made by a life insurance company to any director or officer of the company in an amount not greater than the net cash surrender value of, and secured by, a policy with the company held by the borrower; or
(3) a loan made by any insurance company to an officer, other than a director, secured by a first mortgage loan upon a single-family dwelling, condominium unit or cooperative apartment unit, which is the borrower's personal residence acquired on account of the officer's relocation or initial employment.
Formerly: Acts 1935, c.162, s.93. As amended by Acts 1978, P.L.2, SEC.2707; Acts 1981, P.L.235, SEC.1.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 27-1-7-15
What does Indiana Code § 27-1-7-15 cover?
Section 27-1-7-15 ("Loans to or borrowing by directors or officers; offense; exceptions") 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 § 27-1-7-15?
A common citation format is "Indiana Code § 27-1-7-15" (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 § 27-1-7-15 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.