# Ind. Code § 28-15-2-1.5: Profit or commission on sales or purchases; necessity of specific authorization; surcharge

> Indiana · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_IN_T28_A15_C2_S28-15-2-1.5

## Section

- **Citation:** Ind. Code § 28-15-2-1.5
- **Heading:** Profit or commission on sales or purchases; necessity of specific authorization; surcharge
- **Jurisdiction:** Indiana
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Indiana Code / Title 28 / Article 15 / Chapter 2 / Section 28-15-2-1.5

## Text

Sec. 1.5. (a) Except for interest at the legal rate on a loan or advancement, a savings association may not, directly or indirectly, receive a profit or commission from the sale to or purchase from an estate, a guardianship, or a trust of which the savings association is the fiduciary unless the profit or commission is authorized by agreement with the creator of the trust or a court with jurisdiction over the estate, guardianship, or trust.

(b) A savings association that receives a profit or commission in violation of subsection (a) shall be surcharged an amount equal to the profit or commission. In addition, a court with jurisdiction over the estate, guardianship, or trust may remove the savings association as the fiduciary.

As added by P.L.192-2003, SEC.8.

## Nearby sections

- [Ind. Code § 28-15-2-1 Enumerated powers; purchasing and holding life insurance](https://www.frixlaw.com/law-library/statutes/STATE_IN_T28_A15_C2_S28-15-2-1.md)
- [Ind. Code § 28-15-2-1.5 Profit or commission on sales or purchases; necessity of specific authorization; surcharge](https://www.frixlaw.com/law-library/statutes/STATE_IN_T28_A15_C2_S28-15-2-1.5.md)
- [Ind. Code § 28-15-2-2 Request to exercise rights and privileges granted federal savings associations; appeal](https://www.frixlaw.com/law-library/statutes/STATE_IN_T28_A15_C2_S28-15-2-2.md)
- [Ind. Code § 28-15-2-3 Denial of rights and privileges; appeal](https://www.frixlaw.com/law-library/statutes/STATE_IN_T28_A15_C2_S28-15-2-3.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_IN_T28_A15_C2_S28-15-2-1.5. Check the current official text before relying on it. Not legal advice.