Indiana § 28-7-1-31 - Fidelity coverage for directors, officers, and employees with access to money or bonds; blanket fidelity bond or separate reserve fund required
Full text of Indiana Indiana Code § 28-7-1-31 — Fidelity coverage for directors, officers, and employees with access to money or bonds; blanket fidelity bond or separate reserve fund required, with citation guidance and answers to common questions.
§ 28-7-1-31. Fidelity coverage for directors, officers, and employees with access to money or bonds; blanket fidelity bond or separate reserve fund required
Sec. 31. Every credit union shall make provisions for adequate fidelity coverage for all directors, officers, and employees having access to money or bonds of the credit union. The amount and form of fidelity coverage must be approved annually by the board of directors of the credit union. Coverage may be provided:
(1) in the form of a blanket fidelity bond issued by a corporate surety authorized to transact business in Indiana; or
(2) through the establishment of a separate reserve fund within the credit union for that purpose.
Formerly: Acts 1961, c.182, s.31. As amended by P.L.276-1987, SEC.4; P.L.263-1995, SEC.27; P.L.35-2010, SEC.167; P.L.29-2022, SEC.10.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 28-7-1-31
What does Indiana Code § 28-7-1-31 cover?
Section 28-7-1-31 ("Fidelity coverage for directors, officers, and employees with access to money or bonds; blanket fidelity bond or separate reserve fund required") 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 § 28-7-1-31?
A common citation format is "Indiana Code § 28-7-1-31" (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 § 28-7-1-31 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.