reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-15. Investigatory and Enforcement Authority; Costs of Investigation; Voided Loans

Sec. 15. (a) For the purpose of discovering violations of this chapter and securing information necessary for the enforcement of this chapter, the department may investigate:
(1) any licensee; or
(2) any person that it suspects to be operating without a license or in violation of this chapter.
The department has all investigatory and enforcement authority under IC 28-11 for financial institutions. If the department conducts an investigation under this section, the licensee or person investigated shall pay all reasonably incurred costs of the investigation in accordance with the fee schedule adopted under IC 28-11-3-5.
(b) If a person knowingly makes a pawn loan without the license required by section 3 of this chapter, the loan made in violation of this chapter is void and the debtor is not obligated to pay the principal amount of the loan, any finance charge on the loan, or any additional fee under section 28.5 of this chapter. The debtor, or the department on behalf of the debtor, may recover any amount paid to the person who knowingly violated section 3 of this chapter.
Formerly: Acts 1935, c.195, s.15. As amended by P.L.263-1985, SEC.191; P.L.14-1992, SEC.141; P.L.42-1993, SEC.77; P.L.172-1997, SEC.19; P.L.10-2006, SEC.45 and P.L.57-2006, SEC.45.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-15.1. Applicability of Law Governing Administrative Orders and Procedures; Venue

Sec. 15.1. Except as otherwise provided, IC 4-21.5 applies to and governs all agency action taken by the department under this chapter. A proceeding for administrative review under IC 4-21.5-3 or judicial review under IC 4-21.5-5 must be held in Marion County.
As added by P.L.35-2010, SEC.175.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-17. Report; Late Fee

Sec. 17. Each licensee shall file a report as requested by the director, but not more frequently than annually, giving any relevant information the department may reasonably require concerning the business and operations of each licensed place of business conducted by the licensee within the state. The report must be in the form prescribed by the director. The department may impose a fee established under IC 28-11-3-5 for each day the report is delinquent.
Formerly: Acts 1935, c.195, s.17. As amended by P.L.14-1992, SEC.143; P.L.45-1995, SEC.29; P.L.172-1997, SEC.20; P.L.90-2008, SEC.53.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-19. Loan Record Requisites; Data Recording Methods

Sec. 19. (a) Every pawnbroker shall keep a record in ink that must include the following:
(1) The name, date of birth, and address of the pledger, or where the pledge is made by a person acting as agent for a disclosed principal, the names, dates of birth, and addresses of principal and agent.
(2) The date of the transaction.
(3) The amount of the loan.
(4) The article or articles pledged, and a description of the articles. However, if multiple articles of a similar nature that do not contain an identification or serial number (such as precious metals, gemstones, musical recordings, video recordings, books, or hand tools) are delivered together in one (1) transaction, the description of the articles is adequate if the description contains the quantity of the articles delivered and a physical description of the type of articles delivered, including any other unique identifying marks, numbers, names, letters, or special features.
(5) The serial number of the loan.
(6) The date on which each loan was paid in full, renewed, or unredeemed.
(7) An itemization of principal, interest, and additional fees collected.
(8) An itemization of fees authorized under IC 28-7-5-25.
(9) The total of all charges collected.
(10) The type of government issued identification used to verify the identity of the seller, together with the name of the governmental agency that issued the identification, and the identification number present on the government issued identification.
(b) Other methods of recording data, such as electronic or computerized methods, may be used provided written printouts or hard copies of the required data are readily available. The record keeping system of a licensee shall be made available in Indiana for examination. The department shall determine the sufficiency of the records and whether the licensee has made the required information reasonably available.
Formerly: Acts 1935, c.195, s.19. As amended by P.L.14-1992, SEC.144; P.L.42-1993, SEC.79; P.L.80-1998, SEC.16; P.L.163-2001, SEC.3.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-20. Signature and Thumbprint of Pledger; Electronic Record

Sec. 20. The pawnbroker shall at the time of making a loan or purchase require the signature and right thumbprint of the pledger on all pawn tickets, bills of sale, or ledger cards retained by the licensee. If the person is unable to write, the person shall sign by mark. In such event, the pawnbroker shall record on the signature card such information as will enable the pawnbroker to identify the person in case of the loss of the ticket. If the person does not have a right thumb, any other existing finger may be used. However, a clear print must be obtained. A pawnbroker that maintains an electronic record of a thumbprint obtained under this section satisfies the record keeping requirement of this section if the electronic record is capable of being reproduced.
Formerly: Acts 1935, c.195, s.20. As amended by P.L.263-1985, SEC.193; P.L.14-1992, SEC.145; P.L.45-1995, SEC.30; P.L.129-2020, SEC.18.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-21. Pawn Ticket; Duty of Reasonable Care in Safekeeping of Articles

Sec. 21. (a) The pawnbroker shall, at the time of making a loan, deliver to the pledger or the pledger's agent a memorandum or ticket on which shall be legibly written or printed the following information:
(1) The name of the pledger.
(2) The name of the pawnbroker and the place where the pledge is made.
(3) The article or articles pledged, and a description of the articles. However, if multiple articles of a similar nature that do not contain an identification or serial number (such as precious metals, gemstones, musical recordings, video recordings, books, or hand tools) are delivered together in one (1) transaction, the description of the articles is adequate if the description contains the quantity of the articles delivered and a physical description of the type of articles delivered, including any other unique identifying marks, numbers, names, letters, or special features.
(4) The amount of the loan.
(5) The date of the transaction.
(6) The serial number of the loan.
(7) The sum of the interest as provided in section 28 of this chapter and the charge as provided in section 28.5 of this chapter stated as an annual percentage rate computed in accordance with the Consumer Credit Protection Act (as defined in IC 24-4.5-1-302) and with regulations adopted under that act.
(8) The amount of interest.
(9) The amount of charge and principal due at maturity.
(10) A copy of sections 28, 28.5, and 30 of this chapter.
(11) The date of birth of the pledger.
(12) The type of government issued identification used to verify the identity of the pledger, together with the name of the governmental agency that issued the identification, and the identification number present on the government issued identification.
(13) The last date on which the pledged article or articles may be redeemed before the article or articles may be sold if the loan is not redeemed, renewed, or extended. The language setting forth the information described in this subdivision must be in 14 point boldface type.
(14) A statement that:
(A) notifies the pledger that the pawnbroking transaction is regulated by the department; and
(B) includes a toll free telephone number for the department.
(b) A pawnbroker may insert in such ticket any other terms and conditions not inconsistent with this chapter. However, nothing appearing on a pawn ticket shall relieve the pawnbroker of the obligations to exercise reasonable care in the safekeeping of articles pledged with the pawnbroker.
Formerly: Acts 1935, c.195, s.21. As amended by P.L.263-1985, SEC.194; P.L.14-1992, SEC.146; P.L.45-1995, SEC.31; P.L.80-1998, SEC.17; P.L.163-2001, SEC.4; P.L.10-2006, SEC.47 and P.L.57-2006, SEC.47; P.L.213-2007, SEC.73; P.L.217-2007, SEC.71; P.L.159-2017, SEC.41.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-21.5. Required Disclosure of Information

Sec. 21.5. A pawnbroker is required to disclose to a debtor in a pawn transaction the information required by the Consumer Credit Protection Act (15 U.S.C. 1601 et seq.) and by regulations adopted under that act.
As added by P.L.172-1997, SEC.21. Amended by P.L.80-1998, SEC.18; P.L.159-2017, SEC.42.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-22. Presumptive Right of Ticket Holder to Redeem; Compliance With Local Ordinance or Law Concerning Pledge Retention

Sec. 22. (a) The holder of a ticket described in section 21 of this chapter shall be presumed to be the person entitled to redeem the pledge, and, except as provided in subsection (b), the pawnbroker shall deliver the pledge to the person presenting the ticket, upon payment of principal, interest and charge.
(b) If a local ordinance or other law requires the retention of the pledge for a specific period of time, the pawnbroker shall comply with the local ordinance or other law if the retention period does not exceed ten (10) days.
Formerly: Acts 1935, c.195, s.22. As amended by P.L.14-1992, SEC.147; P.L.35-2010, SEC.177.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-23. Redemption by Mail; Compliance With Local Ordinance or Law Concerning Pledge Retention

Sec. 23. (a) Except as provided in subsection (b), when a ticket, instead of being presented in person, is sent to the pawnbroker by mail, accompanied with a money order for the total amount due and a reasonable fee for shipping and handling, the pawnbroker may securely pack and forward the pledge to the pledger in accordance with the remitter's instructions. If the remittance is insufficient to cover the amount due, the pawnbroker shall either notify the remitter of the amount of the deficiency or send the pledge subject to the payment of shipping charges by the consignee. The pawnbroker's liability for the pledge shall cease upon delivery of the pledge to the carrier or his agent.
(b) If a local ordinance or other law requires the retention of the pledge for a specific period, the pawnbroker shall comply with the local ordinance or other law if the retention period does not exceed ten (10) days.
Formerly: Acts 1935, c.195, s.23. As amended by P.L.14-1992, SEC.148; P.L.35-2010, SEC.178.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-24. Partial Payment Before Maturity

Sec. 24. Upon the pledger's:
(1) presentation of the pawn ticket before maturity of the underlying loan;
(2) payment of accrued interest and any authorized additional charge; and
(3) tender of not less than one dollar ($1) of the principal balance;
the pawnbroker shall accept the items set forth in subdivisions (1) through (3), showing due credit of principal payment on the pawn ticket, together with the amount of unpaid principal balance, or issue a new ticket for the reduced amount. Future interest charges and any authorized additional charge shall be computed on the unpaid principal balance.
Formerly: Acts 1935, c.195, s.24. As amended by P.L.159-2017, SEC.43.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-25. Loss, Destruction, or Theft of Pawn Ticket

Sec. 25. If a ticket is lost, destroyed, or stolen, the pledger shall so notify the pawnbroker in writing. Before delivering the collateral or issuing a new ticket, the pawnbroker shall require the pledger to make affidavit of the alleged loss, destruction, or theft of the ticket. Upon receipt of such affidavit, the pawnbroker shall permit the pledger either to redeem the loan or to receive a new ticket upon the payment of accrued interest and charges, and the pawnbroker shall incur no liability for so doing, unless the pawnbroker had previously received written notice of any adverse claim. The pawnbroker may collect a fee of three dollars ($3) for reissuing the pawn ticket or affecting the affidavit along with the current lawful charge for notary fee.
Formerly: Acts 1935, c.195, s.25. As amended by P.L.14-1992, SEC.149.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-26. Alteration of Pawn Ticket; Effect

Sec. 26. The alteration of a ticket shall not excuse the pawnbroker who issued it from liability to deliver the pledge according to the terms of the ticket as originally issued, but shall relieve the pawnbroker of any other liability to the pledger or holder of the ticket.
Formerly: Acts 1935, c.195, s.25a. As amended by P.L.14-1992, SEC.150.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-28. Rate of Interest; Calculation for Partial Month; Minimum Term; Reduction in Advance; Penalty for Excessive or Unauthorized Interest or Charges

Sec. 28. (a) The maximum rate of interest charged by pawnbrokers shall be the same as the maximum loan finance charge for supervised lenders under IC 24-4.5-3-508(2). For purposes of this subsection:
(1) the term of a loan commences on the date on which the loan is made;
(2) differences in lengths of months are disregarded; and
(3) each day is counted as one-thirtieth (1/30) of a month.
The minimum term of a loan made by a pawnbroker is one (1) month. However, on loans paid in full within the first month, the pawnbroker may charge one (1) month's interest.
(b) Interest shall not be deducted in advance, neither shall the pawnbroker induce or permit any borrower to split up or divide any loan or loans for the purpose of evading any provisions of this chapter.
(c) If a pawnbroker charges or receives interest in excess of that provided in this section, or makes any charges not authorized by this chapter, the pawnbroker shall forfeit principal and interest and return the pledge upon demand of the pledger and surrender of the pawn ticket without the principal or interest. If such excessive or unauthorized charges have been paid by the pledger, the pledger may recover the same, including the principal if paid, in a civil action against the pawnbroker.
Formerly: Acts 1935, c.195, s.27; Acts 1969, c.287, s.1; Acts 1971, P.L.402, SEC.1. As amended by Acts 1981, P.L.259, SEC.1; P.L.272-1983, SEC.1; P.L.14-1992, SEC.151; P.L.42-1993, SEC.80; P.L.258-2003, SEC.12.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-28.5. Additional Charge; Servicing Fee

Sec. 28.5. (a) Except as provided in subsection (b), in addition to the loan finance charge authorized by section 28 of this chapter, a pawnbroker may charge, contract for, and receive a fee not to exceed one-fifth (1/5) of the principal amount of the loan per month or any fractional part of a month for servicing the pledge that may include investigating the title, storing, providing security, appraisal, handling, making daily reports to local law enforcement officers, and for other expenses and costs associated with servicing the pledge. The fee for each month after the second month of the loan transaction is limited to one-thirtieth (1/30) of the monthly fee for each day the loan is outstanding. Such a charge when made and collected is not interest and is not a rate under IC 35-45-7-1.
(b) If a loan is renewed or extended, the monthly fee authorized by subsection (a) accrues at a rate of one-thirtieth (1/30) of the monthly fee each day:
(1) beginning upon the expiration of two (2) months after the original date of the loan; and
(2) continuing through and including the day a pledger redeems the pledge.
As added by P.L.14-1992, SEC.152. Amended by P.L.42-1993, SEC.81; P.L.63-2001, SEC.19; P.L.134-2001, SEC.21; and P.L.163-2001, SEC.5; P.L.258-2003, SEC.13.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-29. Liability for Loss to Pledger; Due Care

Sec. 29. A pawnbroker shall be liable for the loss of a pledge resulting from the pawnbroker's failure to exercise reasonable care in regard to it, but the pawnbroker shall not be liable for the loss of a pledge which could not have been avoided by the exercise of reasonable care. The burden of proof to establish due care shall be upon the pawnbroker.
Formerly: Acts 1935, c.195, s.28. As amended by P.L.14-1992, SEC.153.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-30. Two Month Redemption Period; Public Access Prohibited; Unredeemed Property Subject to Sale

Sec. 30. (a) Subject to subsections (b) and (c), upon the expiration of two (2) months from the maturity of the loan, a pawned article becomes the property of the pawnbroker and is subject to sale.
(b) Subsection (a) applies only if the pledger is given a reasonable opportunity during:
(1) the term of the loan; and
(2) the two (2) month period described in subsection (a);
to repay the loan and redeem the pawned article.
(c) During the term of the loan and the two (2) month period described in subsection (a), the pawnbroker may not allow the public to have access to the pawned article.
Formerly: Acts 1935, c.195, s.29. As amended by P.L.271-1985, SEC.1; P.L.14-1992, SEC.154; P.L.80-1998, SEC.19; P.L.163-2001, SEC.6; P.L.258-2003, SEC.14; P.L.10-2006, SEC.48 and P.L.57-2006, SEC.48; P.L.213-2007, SEC.74; P.L.217-2007, SEC.72; P.L.27-2012, SEC.98; P.L.216-2013, SEC.38.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-31. Repealed

Formerly: Acts 1935, c.195, s.30. As amended by Acts 1977, P.L.295, SEC.1; P.L.271-1985, SEC.2. Repealed by P.L.14-1992, SEC.165.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-33. Lien

Sec. 33. A pawnbroker has a first lien on all pledges for the amount of his loan, interest, and charges except:
(1) when the property that constitutes the pledge is stolen (IC 35-43-4-2) or converted (IC 35-43-4-3) property; or
(2) where a prior lien exists under another statute.
Formerly: Acts 1935, c.195, s.32. As amended by P.L.272-1983, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-34. Delivery of Pledge; Necessity of Surrender of Pawn Ticket

Sec. 34. A pawnbroker shall not be required to deliver a pledge except upon surrender of the ticket, unless the ticket be impounded or its negotiation enjoined by a court.
Formerly: Acts 1935, c.195, s.33. As amended by P.L.263-1985, SEC.195; P.L.14-1992, SEC.155.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-35. Conflicting Claims; Sale of Pledge Subject to Adjudication

Sec. 35. If more than one (1) person shall claim the right to redeem a pledge, the pawnbroker shall incur no liability for refusing to deliver the pledge until the respective rights of the claimants shall have been adjudicated. If no action be brought against the pawnbroker by either party within the period for which the pawnbroker is required under section 30 of this chapter to hold the pledge, or within one (1) month after notice of an adverse claim, the pawnbroker may proceed to sell the pledge subject to adjudication of the parties' rights.
Formerly: Acts 1935, c.195, s.34. As amended by P.L.263-1985, SEC.196; P.L.14-1992, SEC.156; P.L.258-2003, SEC.15.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-36. Unlawful Transactions

Sec. 36. (a) No pawnbroker shall:
(1) receive any pledge or make a purchase from a person under eighteen (18) years of age; or
(2) receive any pledge or make a purchase of property that the pawnbroker believes or should have reason to believe is stolen property acquired as a result of a crime.
(b) No pawnbroker shall purchase personal property or any other thing of value agreeing to sell the same back to the seller at a price other than the original purchase price, at a total charge, rate of interest, discount, or other remuneration in excess of the rate chargeable under sections 28 and 28.5 of this chapter.
(c) If a pawnbroker purchases personal property or any other thing of value agreeing to sell the same back to the seller at a price other than the original purchase price, section 30 of this chapter applies.
Formerly: Acts 1935, c.195, s.35; Acts 1973, P.L.264, SEC.4. As amended by P.L.17-1985, SEC.22; P.L.14-1992, SEC.157; P.L.42-1993, SEC.82; P.L.45-1995, SEC.32.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-37. Violations

Sec. 37. A person who violates this chapter commits a Class A misdemeanor.
Formerly: Acts 1935, c.195, s.36. As amended by Acts 1978, P.L.2, SEC.2821; P.L.14-1992, SEC.158; P.L.42-1993, SEC.83.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-37.5. Compliance With Money Laundering Laws; Investigation and Enforcement by the Department

Sec. 37.5. (a) A licensee shall comply with all state and federal money laundering statutes and regulations, including the following as they become applicable to licensees under this chapter:
(1) The Bank Secrecy Act (31 U.S.C. 5311 et seq.).
(2) The USA Patriot Act of 2001 (P.L. 107-56).
(3) Any regulations, policies, or reporting requirements established by the Financial Crimes Enforcement Network of the United States Department of the Treasury.
(4) Any other state or federal money laundering statutes or regulations that apply to a licensee.
(b) The department shall do the following:
(1) To the extent authorized or required by state law, investigate potential violations of, and enforce compliance with, state money laundering statutes or regulations.
(2) Investigate potential violations of federal money laundering statutes or regulations and, to the extent authorized or required by federal law:
(A) enforce compliance with the federal statutes or regulations; or
(B) refer suspected violations of the federal statutes or regulations to the appropriate federal regulatory agencies.
As added by P.L.10-2006, SEC.49 and P.L.57-2006, SEC.49.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-38. Violations; Civil Action; Injunctive Relief; Civil Penalties

Sec. 38. The department may bring a civil action, including an action for injunctive relief, on the department's own behalf or on behalf of a pledger, against a person, a business, or a licensee for violating this chapter. If a court finds that the defendant has violated this chapter, the court may assess a civil penalty not to exceed five thousand dollars ($5,000) per violation.
As added by P.L.42-1993, SEC.84. Amended by P.L.10-2006, SEC.50 and P.L.57-2006, SEC.50.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-38.1. Violations; Civil Penalty

Sec. 38.1. If the department determines, after notice and opportunity to be heard, that a person has violated this chapter, the department may, in addition to or instead of all other remedies available under this chapter, impose on the person a civil penalty that does not exceed ten thousand dollars ($10,000) per violation.
As added by P.L.90-2008, SEC.54. Amended by P.L.35-2010, SEC.179.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-39. Confidentiality of Records; Exceptions; Safeguarding of Personal Records; Release of Information to Supervisory Agencies

Sec. 39. (a) Records and information generated by licensees in the course of their business are confidential under IC 5-14-3-4.
(b) A law enforcement or prosecutorial official may obtain or receive records and information described in subsection (a) relating to pawnbroking transactions for use in the official law enforcement purpose of investigating crime.
(c) Law enforcement officials may disclose the name and address of the pawnbroker to an adverse claimant in the case of a dispute over ownership of property in possession of the pawnbroker.
(d) A person licensed or required to be licensed under this chapter is subject to IC 28-1-2-30.5 with respect to any records maintained by the person.
(e) The director may provide for the release of information under this chapter to representatives of state, federal, or foreign:
(1) financial institution; or
(2) money services business;
supervisory agencies.
As added by P.L.163-2001, SEC.7. Amended by P.L.90-2008, SEC.55.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 1. Bank Service Corporations › 28-8-1-1. Definitions

Sec. 1. For the purposes of this chapter:
(a) "Department" shall mean the department of financial institutions for the state of Indiana.
(b) "Bank services" shall mean check and deposit sorting and posting, computation and posting of interest and other credits and charges, preparation and mailing of checks, statements, notices, and similar items, or any other clerical, bookkeeping, accounting, statistical, or similar functions performed for a bank or trust company.
(c) "Bank service corporation" shall mean a corporation organized to perform bank services for two or more banks or trust companies, each of which owns a portion of the capital stock of such corporation.
(d) "Invest" shall include any advance of funds to a bank service corporation, whether by the purchase of stock, the making of a loan or loans, or otherwise; provided, however, payment for rent earned, goods sold and delivered, or services rendered prior to the making of such payment shall not be deemed an investment.
Formerly: Acts 1963, c.359, s.1. As amended by P.L.263-1985, SEC.201.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 1. Bank Service Corporations › 28-8-1-1.5. Investment in Corporation by Bank or Trust Company Authorized

Sec. 1.5. Notwithstanding any limitation or prohibition otherwise imposed by any provision of the laws of this state, any bank or trust company may invest in a bank service corporation upon the same terms and conditions as are provided by Section 709 of the Garn-St. Germain Depository Institutions Act of 1982 (Public Law 97-320; 96 Stat. 1469) for federally insured banks, and any such bank service corporation may perform the same functions, subject to the same limitations and restrictions, as are prescribed by the Garn-St. Germain Depository Institutions Act of 1982.
As added by P.L.267-1983, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 1. Bank Service Corporations › 28-8-1-2. Authority of Two or More Banks and Trust Companies to Invest

Sec. 2. Any two (2) or more banks or trust companies may invest in a bank service corporation an amount not to exceed ten percent (10%) of the capital and surplus of each of them as defined in IC 28-1-1.
Formerly: Acts 1963, c.359, s.2. As amended by P.L.263-1985, SEC.202; P.L.213-2007, SEC.75; P.L.217-2007, SEC.73.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 1. Bank Service Corporations › 28-8-1-3. Continuation With Single Bank or Trust Company as Sole Stockholders

Sec. 3. In the event the stock of a bank service corporation is held by two (2) banks or trust companies, one (1) of the banks or trust companies ceases to use the services of the bank service corporation and ceases to hold stock in such corporation thereby leaving the other bank or trust company the sole stockholder in such corporation, the bank service corporation may continue to function as such and the remaining bank may continue to hold stock in such corporation.
Formerly: Acts 1963, c.359, s.3.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 1. Bank Service Corporations › 28-8-1-4. Application of Competitive Nonmember Bank or Trust Company for Service; Duties

Sec. 4. Whenever any bank or trust company requests bank service from a bank service corporation which supplies the same type of bank service to other banks or trust companies and the applying bank or trust company is competitive with any bank or trust company which holds stock in the bank service corporation, such corporation must agree to render such services, and either
(a) issue stock to the applying bank or trust company and furnish bank services to such applying bank or trust company on the same basis as to other banks or trust companies holding stock in the bank service corporation, or
(b) furnish bank services to the applying bank or trust company at rates no higher than necessary to reflect fairly the cost of such services including the reasonable cost of the capital provided to such corporation by its stockholders, at the option of the banking service corporation, unless comparable services at a competitive overall cost are available to the applying bank or trust company from another source, or unless the furnishing of the services sought by the applying bank or trust company would be beyond the practical capacity of the bank service corporation.
In any action or proceeding to enforce the duty imposed by this section, or for damages for the breach thereof, the burden shall be upon the bank service corporation to prove the availability of bank services from another source.
Formerly: Acts 1963, c.359, s.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 1. Bank Service Corporations › 28-8-1-5. Regulation and Examination

Sec. 5. No bank or trust company subject to examination by the department may cause to be performed, by contract or otherwise, any bank services for itself, either on or off its premises, until such time as assurances are furnished to the department by the bank or trust company and the bank service corporation performing such bank services that the performance thereof will be subject to regulation and examination by the department to the same extent as if such bank services were being performed by the bank or trust company on its own premises.
Formerly: Acts 1963, c.359, s.5.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-1. Applicability

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 1. This chapter does not apply to the following:
(1) The United States or an instrumentality of the United States.
(2) The state, a political subdivision of the state, or an instrumentality of the state or of a political subdivision of the state.
(3) A bank, a bank holding company, an industrial loan and investment company, a credit union, a savings association, a savings bank, a mutual bank, or a mutual savings bank organized under the laws of any state or the United States.
(4) A stored value card, credit card, or debit card issued by a state or federally chartered financial institution.
As added by P.L.42-1993, SEC.85. Amended by P.L.172-1997, SEC.23; P.L.79-1998, SEC.81; P.L.258-2003, SEC.16; P.L.10-2006, SEC.51 and P.L.57-2006, SEC.51; P.L.89-2011, SEC.55; P.L.216-2013, SEC.39.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-2. Applicant

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 2. As used in this chapter, "applicant" means a person filing an application for a license under this chapter.
As added by P.L.42-1993, SEC.85.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-3. Authorized Delegate

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 3. As used in this chapter, "authorized delegate" means an entity designated by a licensee to:
(1) sell or issue payment instruments; or
(2) engage in the business of transmitting money on behalf of the licensee.
As added by P.L.42-1993, SEC.85.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-3.5. Closed System Stored Value Card

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 3.5. As used in this chapter, "closed system stored value card" refers to a stored value card the use of which is limited to one (1) or more specified merchants or locations.
As added by P.L.10-2006, SEC.52 and P.L.57-2006, SEC.52.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-4. Control

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 4. As used in this chapter, "control" means:
(1) ownership; or
(2) the power to vote at least twenty-five percent (25%);
of the outstanding voting securities of a licensee or controlling person.
As added by P.L.42-1993, SEC.85.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-5. Controlling Person

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 5. As used in this chapter, "controlling person" means a person in control of a licensee.
As added by P.L.42-1993, SEC.85.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-6. Department

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 6. As used in this chapter, "department" means the members of the department of financial institutions.
As added by P.L.42-1993, SEC.85.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-7. Director

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 7. As used in this chapter, "director" has the meaning set forth in IC 28-11-2-1.
As added by P.L.42-1993, SEC.85.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-8. Executive Officer

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 8. As used in this chapter, "executive officer" means a person who is or performs the duties of the licensee's:
(1) president;
(2) chief executive officer;
(3) treasurer; or
(4) chief financial officer.
As added by P.L.42-1993, SEC.85.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-8.5. Individual

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 8.5. As used in this chapter, "individual" means a natural person.
As added by P.L.216-2013, SEC.40.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-9. Key Shareholder

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 9. As used in this chapter, "key shareholder" means:
(1) a person who owns; or
(2) a group of persons acting as a unit that own;
at least twenty-five percent (25%) of a class of an applicant's stock.
As added by P.L.42-1993, SEC.85.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-10. Licensed Activities

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 10. As used in this chapter, "licensed activities" means money transmission activities:
(1) that a licensee engages in:
(A) from a place of business in Indiana; or
(B) with a consumer who is a resident of Indiana and who enters into the transaction in Indiana; and
(2) for which a licensee has obtained a license under this chapter.
As added by P.L.42-1993, SEC.85. Amended by P.L.216-2013, SEC.41.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-11. Licensee

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 11. As used in this chapter, "licensee" means a person licensed under this chapter.
As added by P.L.42-1993, SEC.85.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-12. Material Litigation

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 12. As used in this chapter, "material litigation" means litigation that under United States generally accepted accounting principles is considered significant to the financial health of a business and would be required to be referenced in a corporation's or business's annual audited financial statements, report to shareholders, or a similar document.
As added by P.L.42-1993, SEC.85. Amended by P.L.69-2018, SEC.60.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-13. Money Transmission

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 13. (a) As used in this chapter, "money transmission" means an activity that:
(1) involves:
(A) the sale or issuance of payment instruments primarily for personal, family, or household purposes; or
(B) engaging in the business of:
(i) receiving money for transmission from; or
(ii) transmitting money to;
any location and by any means, including a payment instrument, wire, facsimile, or electronic transfer, primarily for personal, family, or household purposes; and
(2) is performed:
(A) from an office or place of business, wherever located; or
(B) over the Internet or by any other means of transmission.
(b) The term includes any activity described in subsection (a) that is performed by an authorized delegate, wherever located.
As added by P.L.42-1993, SEC.85. Amended by P.L.89-2011, SEC.56; P.L.216-2013, SEC.42.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-13.8. Organization

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 13.8. As used in this chapter, "organization" means a corporation, a government or governmental subdivision, an agency, a trust, an estate, a partnership, a limited liability company, a cooperative, an association, a joint venture, an unincorporated organization, or any other entity, however organized.
As added by P.L.216-2013, SEC.43.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-14. Outstanding Payment Instrument

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 14. As used in this chapter, "outstanding payment instrument" means a payment instrument issued by the licensee that:
(1) has been sold in the United States;
(2) has been sold:
(A) by the licensee; or
(B) by an authorized delegate of the licensee and has been reported to the licensee as having been sold; and
(3) has not been paid by or on behalf of the licensee.
As added by P.L.42-1993, SEC.85.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-15. Payment Instrument

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 15. (a) As used in this chapter, "payment instrument" means:
(1) a check;
(2) a draft;
(3) a money order;
(4) a traveler's check;
(5) a stored value card, other than a closed system stored value card; or
(6) an instrument or written order for the transmission or payment of money;
sold or issued to one (1) or more persons, whether such instrument is negotiable.
(b) As used in this chapter, "payment instrument" does not include:
(1) a credit card voucher;
(2) a letter of credit;
(3) an instrument that is redeemable by the issuer in goods or services; or
(4) a closed system stored value card.
As added by P.L.42-1993, SEC.85. Amended by P.L.10-2006, SEC.53 and P.L.57-2006, SEC.53; P.L.129-2020, SEC.19; P.L.29-2022, SEC.11.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-16. Permissible Investments

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 16. As used in this chapter, "permissible investments" means:
(1) cash;
(2) certificates of deposit or other debt obligations of a financial institution, either domestic or foreign;
(3) bills of exchange or time drafts drawn on and accepted by a commercial bank, otherwise known as bankers' acceptances, that are eligible for purchase by member banks of the Federal Reserve system;
(4) an investment bearing a rating of one (1) of the three (3) highest grades as defined by a nationally recognized organization that rates such securities;
(5) investment securities that are obligations of the United States, its agencies or instrumentalities, or obligations that are guaranteed fully as to principal and interest by the United States, or any obligations of any state, municipality, or any political subdivision thereof;
(6) shares in a money market mutual fund, interest-bearing bills or notes or bonds, debentures or stock traded on any national securities exchange or on a national over-the-counter market, or mutual funds primarily composed of such securities;
(7) a demand borrowing agreement or agreements made to a corporation or a subsidiary of a corporation whose capital stock is listed on a national exchange;
(8) receivables that are due to a licensee from the licensee's authorized delegates under a contract described in section 49 of this chapter, which are not past due or doubtful of collection; or
(9) an investment that is approved by the director.
As added by P.L.42-1993, SEC.85.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-17. Person

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 17. As used in this chapter, "person" means an individual or an organization.
As added by P.L.42-1993, SEC.85. Amended by P.L.216-2013, SEC.44.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-19. The State

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 19. As used in this chapter, "the state" means Indiana.
As added by P.L.42-1993, SEC.85.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-19.5. Stored Value Card

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 19.5. As used in this chapter, "stored value card" means a card or device that:
(1) may be used by a holder to:
(A) perform financial transactions; or
(B) obtain, purchase, or receive money, goods, or services;
in an amount or having a value that does not exceed the dollar value of the card; and
(2) has a magnetic stripe or computer chip that enables dollar values to be electronically added to or deducted from the dollar value of the card.
As added by P.L.10-2006, SEC.54 and P.L.57-2006, SEC.54. Amended by P.L.129-2020, SEC.20; P.L.32-2021, SEC.86; P.L.29-2022, SEC.12.