Indiana § 5-13-5-6 - Financial institution continuation qualification as depository
Full text of Indiana Indiana Code § 5-13-5-6 — Financial institution continuation qualification as depository, with citation guidance and answers to common questions.
§ 5-13-5-6. Financial institution continuation qualification as depository
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:
(1) The board of depositories revokes the status of the financial institution as a depository.
(2) The financial institution notifies the state board of finance that the financial institution is resigning as a depository for the state.
(3) Another law terminates the depository status of the financial institution.
A 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.
(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:
(1) The state board of finance revokes the status of the financial institution as a depository.
(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.
(3) Another law terminates the depository status of the financial institution.
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.
(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.
(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.
As added by P.L.16-2009, SEC.12.
IC 5-13-6Chapter 6. Deposit of Public Funds
5-13-6-1Procedure for deposit of public funds 5-13-6-2Fees collected for services rendered 5-13-6-3Taxes collected by county treasurer; deposit; advance by county auditor to political subdivisions; semiannual distribution 5-13-6-4Support payments; clerk of circuit court may elect not to follow accounting and depository procedure prescribed; prenumbered receipts and support cashbook
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 5-13-5-6
What does Indiana Code § 5-13-5-6 cover?
Section 5-13-5-6 ("Financial institution continuation qualification as depository") 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 § 5-13-5-6?
A common citation format is "Indiana Code § 5-13-5-6" (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 § 5-13-5-6 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.