2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-48. Suspension or Revocation of License; Order to Show Cause; Order of Suspension or Revocation; Relinquishment of License; Existing Obligations; Emergency Order for Revocation

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 48. (a) The director may issue to a licensee an order to show cause why the licensee's license should not be revoked or suspended for a period determined by the department.
(b) An order issued under subsection (a) must:
(1) include:
(A) a statement of the place, date, and time for a meeting with the department, which date may not be less than ten (10) days from the date of the order;
(B) a description of the action contemplated by the department; and
(C) a statement of the facts or conduct supporting the issuance of the order; and
(2) be accompanied by a notice stating that the licensee is entitled to:
(A) a reasonable opportunity to be heard; and
(B) show the licensee's compliance with all lawful requirements for retention of the license;
at the meeting described in subdivision (1)(A).
(c) After the meeting described in subsection (b)(1)(A), the department may revoke or suspend the license if the department finds that:
(1) the licensee has repeatedly and willfully violated:
(A) this chapter or any applicable rule, order, or guidance document adopted or issued by the department; or
(B) any other state or federal law, regulation, or rule applicable to the business of money transmission;
(2) the licensee does not meet the licensing qualifications set forth in this chapter;
(3) the licensee obtained the license for the benefit of, or on behalf of, a person who does not qualify for the license;
(4) the licensee knowingly or intentionally made material misrepresentations to, or concealed material information from, the department; or
(5) facts or conditions exist that, had they existed at the time the licensee applied for the license, would have been grounds for the department to deny the issuance of the license.
(d) Whenever the department revokes or suspends a license, the department shall enter an order to that effect and notify the licensee of:
(1) the revocation or suspension;
(2) if a suspension has been ordered, the duration of the suspension;
(3) the procedure for appealing the revocation or suspension under IC 4-21.5-3-6; and
(4) any other terms and conditions that apply to the revocation or suspension.
Not later than five (5) days after the entry of the order, the department shall deliver to the licensee a copy of the order and the findings supporting the order.
(e) Any person holding a license to engage in the business of money transmission may relinquish the license by notifying the department in writing of the relinquishment. However, a relinquishment under this subsection does not affect the person's liability for acts previously committed and coming within the scope of this chapter.
(f) If the director determines it to be in the public interest, the director may pursue the revocation of a license of a licensee that has relinquished the license under subsection (e).
(g) If a person's license is revoked, suspended, or relinquished, the revocation, suspension, or relinquishment does not impair or affect any obligation owed by any person under any existing lawful contract.
(h) If the director of the department has just cause to believe an emergency exists from which it is necessary to protect the interests of the public, the director may proceed with the revocation of a license through an emergency or another temporary order under IC 4-21.5-4.
As added by P.L.42-1993, SEC.85. Amended by P.L.80-1998, SEC.20; P.L.27-2012, SEC.101; P.L.186-2015, SEC.46.