Indiana § 5-13-9-8 - Service charges; consideration in computing interest rate; payment by direct charge or from interest earned; reporting by political subdivision
Full text of Indiana Indiana Code § 5-13-9-8 — Service charges; consideration in computing interest rate; payment by direct charge or from interest earned; reporting by political subdivision, with citation guidance and answers to common questions.
§ 5-13-9-8. Service charges; consideration in computing interest rate; payment by direct charge or from interest earned; reporting by political subdivision
Sec. 8. Any investing officer of a political subdivision that makes a deposit in any deposit or other account may be required to pay a service charge to the depository in which the funds are deposited, if the depository requires all customers to pay the charge for providing that service. However, the service charge imposed must be considered in the computation of the interest rate for determining which depositories are entitled to investments as prescribed by sections 4 and 5 of this chapter. If the total service charge cannot be computed before the investment, the investing officer shall estimate the service charge and adjust the interest rate based on this estimate. The service charge may be paid:
(1) by direct charge to the deposit or other account; or
(2) in a manner that subtracts the service charge from interest earned on the funds in the deposit or other account.
If the manner described in subdivision (2) is used to pay the service charge, the political subdivision must report the net interest deposited in the political subdivision's financial records, and the political subdivision is not required to report the amount of the service charge subtracted in the political subdivision's financial records.
As added by P.L.19-1987, SEC.11. Amended by P.L.18-1996, SEC.20; P.L.147-2011, SEC.1; P.L.202-2011, SEC.1; P.L.233-2015, SEC.11.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 5-13-9-8
What does Indiana Code § 5-13-9-8 cover?
Section 5-13-9-8 ("Service charges; consideration in computing interest rate; payment by direct charge or from interest earned; reporting by political subdivision") 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 § 5-13-9-8?
A common citation format is "Indiana Code § 5-13-9-8" (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 § 5-13-9-8 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.