IC 23-2-6 Chapter 6. Indiana Commodity Code IC 23-2-6-1 "Board of trade" defined Sec. 1. As used in this chapter, "board of trade" refers to a person or group of persons engaged in: (1) buying or selling a commodity; or (2) receiving a commodity for sale on consignment; whether the person or group of persons is characterized as a board of trade, an exchange, or any other type of marketplace. As added by P.L.177-1991, SEC.10. IC 23-2-6-2 "Commissioner" defined Sec. 2. As used in this chapter, "commissioner" refers to the securities commissioner appointed under IC 23-19-6-1(a). As added by P.L.177-1991, SEC.10. Amended by P.L.27-2007, SEC.20. IC 23-2-6-3 "CFTC Rule" defined Sec. 3. As used in this chapter, "CFTC Rule" means a rule, regulation, or order of the Commodity Futures Trading Commission that is in effect on July 1, 1991, and any subsequent amendment, addition, or revision to the rule, regulation, or order unless the commissioner disallows the application to this chapter of the amendment, addition, or revision not later than ten (10) days after the effective date of the amendment, addition, or revision. As added by P.L.177-1991, SEC.10. IC 23-2-6-4 "Commodity" defined Sec. 4. As used in this chapter, "commodity" means, except as otherwise specified by a rule, regulation, or order of the commissioner, any of the following: (1) An agricultural, a grain, or a livestock product or byproduct. (2) A metal or mineral, including a precious metal. (3) A gem or gemstone, whether the gem or gemstone is characterized as precious, semiprecious, or another characterization. (4) A fuel (whether liquid, gaseous, or otherwise). (5) Foreign currency. (6) All other goods, articles, products, or items of any kind, Indiana Code 2015 except the following: (A) A numismatic coin whose fair market value is at least fifteen percent (15%) higher than the fair market value of the metal contained in the coin. (B) Real property. (C) Any timber, agricultural, or livestock product that is grown or raised on real property and that is offered or sold by the owner or lessee of the real property. (D) A work of art that is offered or sold by art dealers, offered or sold at a public auction, or offered or sold through a private sale by the owner of the work of art. As added by P.L.177-1991, SEC.10. IC 23-2-6-5 "Commodity broker-dealer" defined Sec. 5. As used in this chapter, "commodity broker-dealer" means a person engaged in the business of executing transactions in commodity contracts or commodity options for: (A) the account of others; or (B) the person's own account. As added by P.L.177-1991, SEC.10. IC 23-2-6-6 "Commodity contract" defined Sec. 6. As used in this chapter, "commodity contract" means an account, an agreement, or a contract that: (1) is for the purchase or sale of at least one (1) commodity; (2) is primarily for speculation or investment purposes; and (3) is not primarily for the use or consumption by the offeree or purchaser; regardless of whether the account, agreement, or contract is for immediate or subsequent delivery or whether delivery is intended by the parties, and whether characterized as a cash contract, deferred shipment or deferred delivery contract, forward contract, futures contract, installment or margin contract, leverage contract, or otherwise. For purposes of this chapter, any commodity contract offered or sold shall, in the absence of evidence to the contrary, be presumed to be offered or sold for speculation or investment purposes. The term does not include a contract or agreement that requires, and under which the purchaser receives, physical delivery of the total amount of each commodity to be purchased under the contract or agreement not later than twenty-eight (28) calendar days after payment in good funds of any portion of the purchase price. As added by P.L.177-1991, SEC.10. Indiana Code 2015 IC 23-2-6-7 "Commodity Exchange Act" defined Sec. 7. As used in this chapter, "Commodity Exchange Act" means the act of the United States Congress known as the Commodity Exchange Act (7 U.S.C. 1 et seq., as in effect June 30, 1991), and including all subsequent amendments, additions, or revisions to the act unless the commissioner by rule or order disallows the application of the amendments, additions, or revisions to this chapter or to any provision of this chapter not later than ten (10) days after the effective date of the amendment, addition, or revision. As added by P.L.177-1991, SEC.10. IC 23-2-6-8 "Commodity Futures Trading Commission" defined Sec. 8. As used in this chapter, "Commodity Futures Trading Commission" means the independent regulatory agency established to administer the Commodity Exchange Act. As added by P.L.177-1991, SEC.10. IC 23-2-6-9 "Commodity merchant" defined Sec. 9. As used in this chapter, "commodity merchant" means any of the following (as defined or described in the Commodity Exchange Act or in a CFTC rule): (1) A futures commission merchant. (2) A commodity pool operator. (3) A commodity trading advisor. (4) An introducing broker. (5) A leverage transaction merchant. (6) A person associated with a person described in subdivisions (1) through (5). (7) A floor broker. (8) Any other person, other than a futures association, that is required to register with the Commodity Futures Trading Commission. As added by P.L.177-1991, SEC.10. IC 23-2-6-10 "Commodity option" defined Sec. 10. As used in this chapter, "commodity option" means an account, an agreement, or a contract giving a party to the account, agreement, or contract the right but not the obligation to purchase or sell: Indiana Code 2015 (1) at least one (1) commodity; or (2) at least one (1) commodity contract; whether characterized as an option, privilege, indemnity, bid, offer, put, call, advance guaranty, decline guaranty, or otherwise. However, the term does not include an option traded on a national securities exchange that is registered with the Securities and Exchange Commission. As added by P.L.177-1991, SEC.10. IC 23-2-6-11 "Commodity sales representative" defined Sec. 11. As used in this chapter, "commodity sales representative" means a person who: (1) is acting for a commodity broker-dealer in executing or attempting to execute a transaction in a commodity contract or a commodity option; and (2) is authorized to take those actions by the commodity broker-dealer. As added by P.L.177-1991, SEC.10. Amended by P.L.1-1992, SEC.115. IC 23-2-6-12 "Financial institution" defined Sec. 12. As used in this chapter, "financial institution" means a bank, savings institution, or trust company that is organized or supervised under the laws of the United States or of any state. As added by P.L.177-1991, SEC.10. IC 23-2-6-13 "Offer" defined Sec. 13. As used in this chapter, "offer" means an offer to sell, offer to purchase, or offer to enter into a commodity contract or commodity option. As added by P.L.177-1991, SEC.10. IC 23-2-6-14 "Person" defined Sec. 14. (a) As used in this chapter, "person" means an individual, a corporation, a partnership, a limited liability company, an association, a joint-stock company, a trust where the interests of the beneficiaries are evidenced by a security, an unincorporated organization, a government, or a political subdivision of a government. (b) The term does not include a contract market designated by any Indiana Code 2015 of the following: (1) The Commodity Futures Trading Commission. (2) Any clearinghouse of the Commodity Futures Trading Commission. (3) A national securities exchange that is registered with the Securities and Exchange Commission. (4) An employee, an officer, or a director of a contract market designated clearinghouse or exchange who is acting solely in that capacity. As added by P.L.177-1991, SEC.10. Amended by P.L.8-1993, SEC.315. IC 23-2-6-15 "Precious metal" defined Sec. 15. As used in this chapter, "precious metal" means the following in coin, bullion, or other form: (1) Silver. (2) Gold. (3) Platinum. (4) Palladium. (5) Copper. (6) Any other items specified by a rule, a regulation, or an order of the commissioner. As added by P.L.177-1991, SEC.10. IC 23-2-6-16 "Sale" defined Sec. 16. As used in this chapter, "sale" means any: (1) exchange; (2) contract of sale; (3) contract to sell; or (4) disposition; for value. As added by P.L.177-1991, SEC.10. IC 23-2-6-17 Limitations; commodity contracts or options Sec. 17. Except as provided in sections 18 and 19 of this chapter, a person may not: (1) sell, purchase, or offer to sell or purchase a commodity under any commodity contract or under any commodity option; or (2) offer to enter into as seller or purchaser any commodity contract or any commodity option. Indiana Code 2015 As added by P.L.177-1991, SEC.10. IC 23-2-6-18 Persons permitted to offer transactions under IC 23-2-6-17 Sec. 18. (a) The prohibitions set forth in section 17 of this chapter do not apply to any transaction offered by any of the following persons (or any employee, officer, or director of the person who is acting solely in that capacity) if the person is the purchaser or seller in the transaction: (1) A person: (A) who is registered with the Commodity Futures Trading Commission as a futures commission merchant, a leverage transaction merchant, an introducing broker, or an associated person of an introducing broker; and (B) whose activities require that registration.