Section 28-11-4-12 - Enforcement powers exercised against affiliate of financial institution(a) The director of the department may exercise the enforcement powers of this chapter against an affiliate of a financial institution, or against an officer, a director, or an employee of the affiliate, as if the affiliate were a financial institution if the director determines that a practice of the affiliate, or of the officer, director, or employee, could cause either:(1) the financial institution to suffer substantial loss or other damage; or(2) the interests of the financial institution's depositors to be seriously prejudiced by reason of a violation, practice, or breach of fiduciary duty.(b) In exercising the director's enforcement powers under this chapter against an officer, a director, or an employee of an affiliate, the director may:(1) remove the officer, director, or employee from the person's office, position, or employment;(2) prohibit any participation by the officer, director, or employee in the conduct of the affairs of any financial institution; or(3) take both of the actions set forth in subdivisions (1) and (2).(c) The director of the department may issue and serve upon the officer, director, or employee of the affiliate a notice of charges of the practice, violation, or act.(d) For purposes of this section, affiliate has the meaning set forth in IC 28-1-18.2.As added by P.L. 215-1999, SEC.8. Amended by P.L. 90-2008, SEC.73.