2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-504. Required Information for Individuals; Investigative Background Reports; Director's Authority to Waive or Substitute Requirements

Effective 1-1-2024.
Sec. 504. (a) An individual in control of a licensee or an applicant, an individual who seeks to acquire control of a licensee, and each key individual with respect to a licensee or an applicant shall furnish to the department through the NMLS the following items:
(1) The individual's fingerprints for submission to the Federal Bureau of Investigation and the department for purposes of a national criminal history background check unless the person currently resides outside the United States and has resided outside the United States for the last ten (10) years.
(2) Personal history and experience, in a form and by a medium prescribed by the director, including the following:
(A) An independent credit report from a consumer reporting agency unless the individual does not have a Social Security number, in which case a credit report is not required.
(B) Information related to any criminal convictions with respect to, or pending charges against, the individual.
(C) Information related to any:
(i) regulatory or administrative action; or
(ii) civil litigation;
involving claims of fraud, misrepresentation, conversion, mismanagement of funds, breach of fiduciary duty, or breach of contract.
(b) If an individual described in subsection (a) has resided outside the United States at any time in the last ten (10) years, the individual shall also provide an investigative background report prepared by an independent search firm that meets the following requirements:
(1) At a minimum, the search firm shall:
(A) demonstrate that it has sufficient knowledge and resources, and employs accepted and reasonable methodologies, to conduct the research for the background report; and
(B) not be affiliated with, or have an interest with respect to, the individual it is researching.
(2) The investigative background report must be written in the English language and must, at a minimum, contain the following information with respect to the individual during the ten (10) years covered by the investigative background report:
(A) If available in the individual's current jurisdiction of residency, a comprehensive credit report, or any equivalent information obtained or generated by the independent search firm to produce such a report, including a search of court data in the countries, provinces, states, cities, towns, and contiguous areas, as applicable, in which the individual resided and worked.
(B) Criminal records information, including convictions for felonies or misdemeanors, or similar convictions for violations of law, in the countries, provinces, states, cities, towns, and contiguous areas, as applicable, in which the individual resided and worked.
(C) Employment history.
(D) Media history, including an electronic search of national and local publications, wire services, and business applications.
(E) Regulatory history in the financial services industry, including money transmission, securities, banking, insurance, and mortgage related industries.
(c) The director may:
(1) waive one (1) or more requirements set forth in subsection (a) or (b); or
(2) permit an applicant to submit other information instead of one (1) or more of the requirements set forth in subsection (a) or (b).
As added by P.L.198-2023, SEC.4.