reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-404. Director's Authority to Participate in Multistate Supervisory Processes; Authority to Take Independent Action Not Waived

Effective 1-1-2024.
Sec. 404. (a) To efficiently and effectively administer and enforce this chapter and to minimize regulatory burden, the director may participate in multistate supervisory processes established between states and coordinated through the Conference of State Bank Supervisors, the Money Transmitter Regulators Association, and the affiliates and successors of either organization, for all licensees that hold licenses in Indiana and other states. As a participant in multistate supervision, the director may:
(1) cooperate, coordinate, and share information with other state and federal regulators in accordance with section 402 of this chapter;
(2) enter into written cooperation, coordination, or information sharing contracts or agreements with organizations the membership of which is made up of state or federal governmental agencies; and
(3) cooperate, coordinate, and share information with organizations the membership of which is made up of state or federal governmental agencies, as long as the organizations agree in writing to maintain the confidentiality and security of the shared information in accordance with section 402 of this chapter.
(b) The director may not waive, and nothing in this section constitutes a waiver of, the director's authority to conduct an examination or investigation or to otherwise take independent action authorized by this chapter, or by a rule adopted or order issued under this chapter, to enforce compliance with applicable state or federal law.
(c) The performance of a joint examination or investigation, or acceptance of an examination or investigation report, does not waive the director's authority to perform an examination assessment provided for in this chapter.
As added by P.L.198-2023, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-405. Federal Law Governing Money Transmission; State Law Preempted to Extent of Inconsistency; Director's Authority to Provide Interpretive Guidance

Effective 1-1-2024.
Sec. 405. (a) In the event state money transmission jurisdiction is conditioned on a federal law, any inconsistencies between a provision of this chapter and the federal law governing money transmission shall be governed by the applicable federal law to the extent of the inconsistency.
(b) In the event of any inconsistencies between this chapter and a federal law that governs under subsection (a), the director may provide interpretive guidance that:
(1) identifies the inconsistency; and
(2) identifies the appropriate means of compliance with federal law.
As added by P.L.198-2023, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-406. Outside Vendor Providing Services to Licensee; Department's Authority to Examine; Expense of Examination; Refusal to Permit Examination

Effective 1-1-2024.
Sec. 406. If a licensee contracts with an outside vendor to provide a service that would otherwise be undertaken internally by the licensee and be subject to the department's routine examination procedures, the person that provides the service to the licensee shall, at the request of the director, submit to an examination by the department. If the director determines that an examination under this section is necessary or desirable, the examination may be made at the expense of the person to be examined. If the person to be examined under this section refuses to permit the examination to be made, the director may order any licensee that receives services from the person refusing the examination to:
(1) discontinue receiving one (1) or more services from the person; or
(2) otherwise cease conducting business with the person.
As added by P.L.198-2023, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-501. Engaging in the Business of Money Transmission; License Required; Exceptions; License Not Transferrable or Assignable

Effective 1-1-2024.
Sec. 501. (a) A person may not:
(1) engage in the business of money transmission; or
(2) advertise, solicit, or hold itself out as providing money transmission;
unless the person is licensed under this chapter.
(b) Subsection (a) does not apply to:
(1) a person that is:
(A) an authorized delegate of a person licensed under this chapter; and
(B) acting within the scope of authority conferred by a written contract with the licensee; or
(2) a person that is exempt under section 301 of this chapter and does not engage in money transmission outside the scope of the exemption.
(c) A license issued under section 505 of this chapter is not transferable or assignable.
As added by P.L.198-2023, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-502. Multistate Licensing Processes and Nationwide Protocols for Licensing; Director's Authority to Use the Nmls

Effective 1-1-2024.
Sec. 502. (a) To establish consistent licensing between this state and other states, the director may:
(1) implement all licensing provisions of this chapter in a manner that is consistent with other states that have adopted:
(A) a law containing the same provisions of this chapter; or
(B) multistate licensing processes; and
(2) participate in nationwide protocols for licensing cooperation and coordination among state regulators if those protocols are consistent with this chapter.
(b) To fulfill the purposes of this chapter, the director may establish relationships or contracts with the NMLS or other entities designated by the NMLS to enable the director to:
(1) collect and maintain records;
(2) coordinate multistate licensing processes and supervision processes;
(3) process fees; and
(4) facilitate communication between the state and licensees or other persons subject to this chapter.
(c) The director may use the NMLS for all aspects of licensing in accordance with this chapter, including license applications, applications for acquisitions of control, surety bonds, reporting, criminal history background checks, credit checks, fee processing, and examinations.
(d) The director may use NMLS forms, processes, and functionalities in accordance with this chapter. If the NMLS does not provide functionality, forms, or processes for a provision of this chapter, the director may implement the requirements in a manner that facilitates uniformity with respect to licensing, supervision, reporting, and regulation of licensees that are licensed in multiple jurisdictions.
(e) For the purpose of participating in the NMLS, the director is authorized to waive or modify, in whole or in part, by rule, regulation or order, any or all of the requirements for licensure and to establish new requirements as reasonably necessary to participate in the NMLS.
As added by P.L.198-2023, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-506. Annual License Renewal; Fee; Term of Renewal; Renewal Report; Director's Use of the Nmls

Effective 1-1-2024.
Sec. 506. (a) A license under this chapter shall be renewed annually as follows:
(1) An annual renewal fee, as set by the department, shall be paid not later than December 31 of each year.
(2) The renewal term is for a period of one (1) year and:
(A) begins on January 1 of each year after the initial license term; and
(B) expires on December 31 of the year the renewal term begins.
(b) A licensee shall submit a renewal report with the renewal fee, in a form and by a medium prescribed by the director. The renewal report must state or contain a description of each material change in the information submitted by the licensee in its original license application, if such change has not been previously reported to the department.
(c) The director may grant an extension of the renewal date for good cause.
(d) The director may use the NMLS to process license renewals, as long as the functionality of the NMLS for such purpose is consistent with this section.
As added by P.L.198-2023, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-507. Department's Authority to Suspend or Revoke License; Obligation to Meet Tangible Net Worth, Surety Bond, and Permissible Investment Requirements

Effective 1-1-2024.
Sec. 507. (a) If a licensee does not continue to meet the qualifications or satisfy the requirements that apply to an applicant for a new money transmission license, the department may suspend or revoke the licensee's license in accordance with the procedures established by this chapter or other applicable state law for such suspension or revocation.
(b) An applicant for a money transmission license must demonstrate that it meets or will meet, and a money transmission licensee must at all times meet, the requirements set forth in sections 1001, 1002, and 1003 of this chapter.
As added by P.L.198-2023, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-602. Adding or Replacing Key Individual; Notice to Department; Department's Authority to Disapprove; Time Frames; Licensee Subject to Multistate Licensing Process

Effective 1-1-2024.
Sec. 602. (a) A licensee adding or replacing any key individual shall:
(1) provide notice in a manner prescribed by the director not later than fifteen (15) days after the effective date of the key individual's appointment; and
(2) provide information as required by section 504 of this chapter not later than forty-five (45) days after the effective date.
(b) Not later than ninety (90) days after the date on which a notice provided under subsection (a) is determined by the director to be complete, the department may issue a notice of disapproval of a key individual if the competence, experience, character, or integrity of the individual would not be in the best interests of:
(1) the public; or
(2) the customers of the licensee;
so as to permit the individual to be a key individual of such licensee.
(c) A notice of disapproval under subsection (b) must contain a statement of the basis for disapproval and shall be sent to the licensee and the disapproved individual. A licensee that receives a notice of disapproval under subsection (b) may appeal the denial to the department for an administrative review under IC 4-21.5-3.
(d) If a notice provided under subsection (a) is not disapproved within ninety (90) days after the date on which the notice was determined by the director to be complete, the key individual is considered approved.
(e) If a multistate licensing process includes a key individual notice and review and approval process as described in this section, and a licensee avails itself or is otherwise subject to the multistate licensing process:
(1) the director may accept the determination of another state if the investigating state has sufficient staffing, expertise, and minimum standards for the purpose of this section; or
(2) if Indiana is a lead investigative state, the director may investigate the applicant pursuant to this section and to the time frames established by agreement through the multistate licensing process.
As added by P.L.198-2023, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-701. Quarterly Report of Conditions; Contents

Effective 1-1-2024.
Sec. 701. (a) A licensee shall submit a report of condition not later than forty-five (45) days after the end of each calendar quarter, or within any extended time as the director may prescribe.
(b) A report of condition under this section must include the following:
(1) Financial information at the licensee level.
(2) Nationwide and state specific money transmission transaction information in every jurisdiction in the United States in which the licensee is licensed to engage in money transmission.
(3) A permissible investments report.
(4) Transaction destination country reporting for money received for transmission, if applicable.
(5) Any other information the director reasonably requires with respect to the licensee. The director:
(A) may use the NMLS for the submission of the report required by this section; and
(B) is authorized to change or update as necessary the requirements of this section to carry out the purposes of this chapter and maintain consistency with NMLS reporting.
(c) The information required by subsection (b)(4) must only be included in a report of condition submitted not later than forty-five (45) days after the end of the fourth calendar quarter.
As added by P.L.198-2023, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-702. Annual Audited Financial Statement; Accountant's Certificate of Opinion

Effective 1-1-2024.
Sec. 702. (a) A licensee shall, not later than ninety (90) days after the end of each fiscal year, or within any extended time as the director may prescribe, file with the director the following:
(1) An audited financial statement of the licensee for the fiscal year just ended, prepared in accordance with United States generally accepted accounting principles.
(2) Any other information as the director may reasonably require.
(b) An audited financial statement required under this section shall be prepared by:
(1) an independent certified public accountant; or
(2) an independent public accountant;
who is satisfactory to the director.
(c) An audited financial statement required under this section must include or be accompanied by a certificate of opinion, of the independent certified public accountant or independent public accountant, that is satisfactory in form and content to the director. If the certificate or opinion is qualified, the director may order the licensee to take any action that the director finds necessary to enable the independent certified public accountant or independent public accountant to remove the qualification.
As added by P.L.198-2023, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-703. Quarterly Report of Authorized Delegates; Contents

Effective 1-1-2024.
Sec. 703. (a) A licensee shall submit a report of authorized delegates not later than forty-five (45) days after the end of each calendar quarter. The director may use the NMLS for the submission of the report required by this section, as long as the functionality of the NMLS for such purpose is consistent with this section.
(b) An authorized delegate report under this section must include, at a minimum, the following information for each authorized delegate:
(1) Company legal name.
(2) Taxpayer employer identification number.
(3) Principal provider identifier.
(4) Physical address.
(5) Mailing address.
(6) Any business conducted in other states.
(7) Any fictitious or trade name.
(8) The name, telephone number, and electronic mail address for the authorized delegate's contact person.
(9) Start date as the licensee's authorized delegate.
(10) End date for acting as licensee's authorized delegate, if applicable.
(11) Court orders issued under section 803 of this chapter against the authorized delegate.
(12) Any other information the director reasonably requires with respect to the authorized delegate.
As added by P.L.198-2023, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-704. Civil and Criminal Proceedings; Licensee's Notice to Director

Effective 1-1-2024.
Sec. 704. (a) A licensee shall file a report with the director not later than one (1) business day after the licensee has reason to know of the occurrence of any of the following events:
(1) The filing of a petition by or against the licensee under the federal Bankruptcy Code (11 U.S.C. 101-110) for bankruptcy or reorganization.
(2) The filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for its dissolution or reorganization, or the making of a general assignment for the benefit of its creditors.
(3) The commencement of a proceeding to revoke or suspend the licensee's license in a state or country in which the licensee engages in business or is licensed.
(b) A licensee shall file a report with the director not later than three (3) business days after the licensee has reason to know of the occurrence of any of the following events:
(1) A charge or conviction of:
(A) the licensee;
(B) a key individual with respect to the licensee; or
(C) a person in control of the licensee;
for a felony.
(2) A charge or conviction of an authorized delegate for a felony.
As added by P.L.198-2023, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-705. Duty to Comply With Federal and State Reporting Requirements Pertaining to Money Laundering

Effective 1-1-2024.
Sec. 705. A licensee and an authorized delegate shall file all reports required by federal currency reporting, record keeping, and suspicious activity reporting requirements as set forth in the Bank Secrecy Act and other federal and state laws pertaining to money laundering. The timely filing of a complete and accurate report required under this section with the appropriate federal agency satisfies the requirements of this section.
As added by P.L.198-2023, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-706. Record Keeping; Required Information; Retention

Effective 1-1-2024.
Sec. 706. (a) A licensee shall maintain the following records, for use in determining its compliance with this chapter, for at least three (3) years:
(1) A record of each outstanding money transmission obligation sold.
(2) A general ledger, posted at least monthly, containing all asset, liability, capital, income, and expense accounts.
(3) Bank statements and bank reconciliation records.
(4) Records of outstanding money transmission obligations.
(5) Records of each outstanding money transmission obligation paid during the three (3) year period described in this section.
(6) A list of known names and addresses of all the licensee's authorized delegates.
(7) Any other records the director reasonably requires by rule.
(b) The items described in subsection (a) may be maintained in any form of record.
(c) The records described in this section may be maintained outside Indiana if they are made accessible to the department upon at least seven (7) business days advance notice that is sent by the director in a record.
(d) All records maintained by the licensee under this section are open to inspection by the department under section 403(a) of this chapter.
As added by P.L.198-2023, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-802. Money Transmission on Behalf of Unlicensed or Nonexempt Person Prohibited; Joint and Several Liability

Effective 1-1-2024.
Sec. 802. (a) A person shall not engage in the business of money transmission on behalf of a person who is not:
(1) licensed under this chapter; or
(2) exempt under section 301 of this chapter.
(b) A person that engages in the business of money transmission on behalf of a person described in subsection (a)(1) or (a)(2):
(1) provides money transmission to the same extent as if the person were a licensee; and
(2) is jointly and severally liable with the unlicensed or nonexempt person.
As added by P.L.198-2023, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-803. Action by Licensee Against Authorized Delegate; Jurisdiction; Equitable or Legal Relief; Reporting of Court Order; Authorized Delegate's Knowing Failure to Remit Money Held in Trust; Criminal Offense

Effective 1-1-2024.
Sec. 803. (a) In an action brought by a licensee against an authorized delegate, the circuit or superior court of Marion County shall have jurisdiction to grant appropriate equitable or legal relief, including:
(1) prohibiting the authorized delegate from directly or indirectly acting as an authorized delegate for any licensee in Indiana; and
(2) ordering the payment of restitution, damages, or other monetary relief;
if the court finds that the authorized delegate failed to remit money in accordance with the written contract required by section 801(b)(2) of this chapter, or as otherwise directed by the licensee or required by law.
(b) If the court issues an order under subsection (a) prohibiting a person from acting as an authorized delegate for any licensee, the licensee that brought the action shall:
(1) report the order to the director not later than thirty (30) days after the issuance of the order; and
(2) report the order through the NMLS not later than ninety (90) days after the issuance of the order.
(c) An authorized delegate who:
(1) holds money in trust for the benefit of a licensee; and
(2) knowingly fails to remit any amount of such money;
commits a Class A misdemeanor, if the amount of money described in subdivision (2) is not more than seven hundred fifty dollars ($750).
(d) An authorized delegate who:
(1) holds money in trust for the benefit of a licensee; and
(2) knowingly fails to remit any amount of such money;
commits a Level 6 felony, if the amount of money described in subdivision (2) is more than seven hundred fifty dollars ($750) but less than fifty thousand dollars ($50,000).
(e) An authorized delegate who:
(1) holds money in trust for the benefit of a licensee; and
(2) knowingly fails to remit any amount of such money;
commits a Level 5 felony, if the amount of money described in subdivision (2) is at least fifty thousand dollars ($50,000).
As added by P.L.198-2023, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-901. Licensee's Duty to Forward Money Received for Transmission; Exception

Effective 1-1-2024.
Sec. 901. (a) A licensee shall forward all money received for transmission in accordance with the terms of the agreement between the licensee and the sender unless the licensee has a reasonable belief or a reasonable basis to believe that:
(1) the sender may be a victim of fraud; or
(2) a crime or violation of a law, rule, or regulation has occurred, is occurring, or may occur.
(b) If a licensee fails to forward money received for transmission in accordance with this section, the licensee must respond to inquiries from the sender by providing the reason for the failure unless providing a response would violate a state or federal law, rule, or regulation.
As added by P.L.198-2023, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-902. Duty to Refund Money Received for Transmission; Exceptions

Effective 1-1-2024.
Sec. 902. (a) This section does not apply to the following:
(1) Money received for transmission that is subject to the federal Remittance Rule (12 CFR Part 1005, Subpart B).
(2) Money received for transmission pursuant to a written agreement between the licensee and payee to process payments for goods or services provided by the payee.
(b) A licensee shall refund to a sender, not later than ten (10) days after receipt of the sender's written request for a refund, any and all money received for transmission, unless any of the following occurs:
(1) The money has been forwarded within ten (10) days after the date on which the money was received for transmission.
(2) Instructions have been given committing an equivalent amount of money to the person designated by the sender within ten (10) days after the date on which the money was received for transmission.
(3) The agreement between the licensee and the sender instructs the licensee to forward the money at a time that is more than ten (10) days after the date on which the money was received for transmission, and the money has been forwarded in accordance with the terms of the agreement. However, if funds have not yet been forwarded in accordance with the terms of the agreement between the licensee and the sender, the licensee shall issue a refund in accordance with the other provisions of this section.
(4) The refund is requested for a transaction that the licensee has not completed based on a reasonable belief or a reasonable basis to believe that a crime or violation of law, rule, or regulation has occurred, is occurring, or may occur.
(5) The refund request does not enable the licensee to:
(A) identify the sender's name and:
(i) address; or
(ii) telephone number; or
(B) identify the particular transaction to be refunded if the sender has multiple transactions outstanding.
As added by P.L.198-2023, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-903. Receipts for Money Received for Transmission; Form; Required Information

Effective 1-1-2024.
Sec. 903. (a) This section does not apply to the following:
(1) Money received for transmission that is subject to the federal Remittance Rule (12 CFR Part 1005, Subpart B).
(2) Money received for transmission that is not primarily for personal, family, or household purposes.
(3) Money received for transmission pursuant to a written agreement between the licensee and payee to process payments for goods or services provided by the payee.
(b) As used in this section, "receipt", with respect to a transaction, means:
(1) a paper receipt;
(2) an electronic record; or
(3) another written confirmation.
(c) A licensee or the licensee's authorized delegate shall provide a sender a receipt for money received for transmission. For a transaction conducted in person, a receipt may be provided electronically if the sender requests or agrees to receive an electronic receipt. For a transaction conducted electronically or by telephone, a receipt may be provided electronically. All electronic receipts shall be provided in a retainable form.
(d) The receipt required by this section must contain the following information, as applicable:
(1) The name of the sender.
(2) The name of the designated recipient.
(3) The date of the transaction.
(4) The unique transaction or identification number.
(5) The name of the licensee, the licensee's NMLS unique identification number, the licensee's business address, and the licensee's customer service telephone number.
(6) The amount of the transaction in United States dollars.
(7) Any fee charged by the licensee to the sender for the transaction.
(8) Any taxes collected by the licensee from the sender for the transaction.
(e) The receipt required by this section must be in:
(1) English; and
(2) the language principally used by the licensee or authorized delegate to advertise, solicit, or negotiate, either orally or in writing, for a transaction conducted in person, electronically, or by phone, if other than English.
As added by P.L.198-2023, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-1001. Duty to Maintain Tangible Net Worth; Amount; Director's Authority to Exempt Applicant or Licensee

Effective 1-1-2024.
Sec. 1001. (a) A licensee under this chapter shall maintain at all times a tangible net worth of at least the greater of:
(1) one hundred thousand dollars ($100,000); or
(2) the total of the following:
(A) Three percent (3%) of the first one hundred million dollars ($100,000,000) of the licensee's total assets.
(B) Two percent (2%) of additional assets that are greater than one hundred million dollars ($100,000,000) but not greater than one billion dollars ($1,000,000,000).
(C) One-half of one percent (0.5%) of additional assets that are greater than one billion dollars ($1,000,000,000).
(b) Tangible net worth must be demonstrated at the time of an initial application for licensure by means of the applicant's most recent audited or unaudited financial statements under section 503(b)(6) of this chapter, as applicable.
(c) Notwithstanding subsections (a) and (b), the director may, for good cause shown, exempt, in whole or in part, any applicant or licensee from the requirements of this section.
As added by P.L.198-2023, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-1002. Surety Bond; Amount of Required Security

Effective 1-1-2024.
Sec. 1002. (a) An applicant for a money transmission license must provide, and a licensee at all times must maintain, security consisting of a surety bond in a form satisfactory to the director.
(b) Subject to subsections (c) and (d), the amount of the required security under this section is the greater of:
(1) three hundred thousand dollars ($300,000); or
(2) an amount equal to the licensee's average daily money transmission liability in Indiana calculated for the most recently completed calendar quarter, up to a maximum of five hundred thousand dollars ($500,000).
(c) A licensee that maintains a bond in the maximum amount of five hundred thousand dollars ($500,000) set forth in subsection (b)(2) is not required to calculate the licensee's average daily money transmission liability in Indiana for purposes of this section.
(d) A licensee may exceed the maximum required bond amount pursuant to section 1004(a)(5) of this chapter.
As added by P.L.198-2023, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-1005. Policy of Insurance Against Loss by Criminal Act or Act of Dishonesty; Required Sum

Effective 1-1-2024.
Sec. 1005. A licensee shall maintain a policy of insurance, issued by an insurer authorized to do business in Indiana, that insures the applicant against loss by a criminal act or by an act of dishonesty. The principal sum of the policy shall be at least equal to the amount of the surety bond required under section 1002 of this chapter.
As added by P.L.198-2023, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-1103. Failure to Renew License; Revocation or Suspension of License; Reinstatement; Right to Appeal

Effective 1-1-2024.
Sec. 1103. (a) A license issued by the department under this chapter may be revoked or suspended by the department if the person fails to:
(1) file any renewal form required by the department; or
(2) pay any license renewal fee described under section 506(a)(1) of this chapter;
not later than sixty (60) days after the due date.
(b) A person whose license is revoked or suspended under this section may:
(1) pay all delinquent fees and apply for a reinstatement of the person's license; or
(2) appeal the revocation or suspension to the department for an administrative review under IC 4-21.5-3.
Pending the decision resulting from a hearing under IC 4-21.5-3 concerning license revocation or suspension, a license remains in force.
As added by P.L.198-2023, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-1104. Applicability of Law Governing Administrative Orders and Procedures; Venue

Effective 1-1-2024.
Sec. 1104. 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.198-2023, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-1105. Violations; Department's Authority to Impose Civil Penalty; Amount

Effective 1-1-2024.
Sec. 1105. (a) If the department determines, after notice and an 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 upon the person a civil penalty not greater than ten thousand dollars ($10,000) per violation.
(b) A penalty collected under this section shall be deposited into the financial institutions fund established by IC 28-11-2-9.
As added by P.L.198-2023, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-1106. Violations; Director's Authority to Compromise, Settle, and Collect Civil Penalties

Effective 1-1-2024.
Sec. 1106. The director, in the exercise of reasonable judgment, is authorized to compromise, settle, and collect civil penalties from a person for a violation of:
(1) a provision of this chapter; or
(2) an order issued or promulgated pursuant to this chapter.
As added by P.L.198-2023, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-1107. Violations; Director's Authority to Apply for Injunctive Relief

Effective 1-1-2024.
Sec. 1107. If it appears to the director that a person has committed or is about to commit a violation of a provision of this chapter or an order of the director, the director may apply to a court having jurisdiction for:
(1) an order enjoining such person from violating or continuing to violate this chapter or such other order as the nature of the case may require; or
(2) injunctive or such other relief as the nature of the case may require.
As added by P.L.198-2023, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-1108. Consent Order; Not an Admission or Finding of Violation

Effective 1-1-2024.
Sec. 1108. (a) The director may enter into a consent order with a person to resolve a matter arising under this chapter.
(b) A consent order must:
(1) be signed by the person to whom it is issued or an authorized representative of that person; and
(2) indicate agreement to the terms contained within the consent order.
(c) A consent order does not:
(1) constitute an admission by a person that a provision of this chapter or an order promulgated or issued under this chapter has been violated; or
(2) constitute a finding by the director that the person has violated a provision of this chapter or an order promulgated or issued under this chapter.
(d) Notwithstanding the issuance of a consent order, the director may seek civil or criminal penalties or compromise civil penalties concerning matters encompassed by the consent order, unless the consent order by its terms expressly precludes the director from doing so.
As added by P.L.198-2023, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-1109. Material, False Statements, or Omissions in Documents; Failure to File Required Documents; Criminal Offense

Effective 1-1-2024.
Sec. 1109. (a) A person who knowingly or intentionally:
(1) makes a material, false statement, or omits a material entry, in a document filed or required to be filed under this chapter, with the intent to deceive the recipient of the document; or
(2) fails to file a document required to be filed under this chapter;
commits a Class A misdemeanor, except as otherwise provided in this section.
(b) The offense described in subsection (a) is a Level 6 felony if one (1) or more of the following apply:
(1) The offense is committed not later than seven (7) years from the date the person:
(A) was convicted of a prior unrelated offense under this chapter or under IC 35-43; or
(B) was released from a term of incarceration, probation, or parole (whichever occurred last) imposed for a prior unrelated conviction for an offense under this chapter or under IC 35-43;
whichever occurred last.
(2) The amount of money or property involved is at least seven hundred fifty dollars ($750) but less than fifty thousand dollars ($50,000).
(3) The victim is:
(A) an endangered adult (as defined in IC 12-10-3-2(a)); or
(B) less than eighteen (18) years of age.
(4) The offense is committed by a person who is confined in:
(A) the department of correction;
(B) a county jail; or
(C) a secure juvenile facility.
(c) The offense described in subsection (a) is a Level 5 felony if one (1) or more of the following apply:
(1) The amount of money or property involved is at least fifty thousand dollars ($50,000).
(2) The amount of money or property involved is at least seven hundred fifty dollars ($750) and the victim is:
(A) an endangered adult (as defined in IC 12-10-3-2(a)); or
(B) less than eighteen (18) years of age.
As added by P.L.198-2023, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-1110. Applicability of Rulemaking Statute; Notice to Licensees and License Applicants

Effective 1-1-2024.
Sec. 1110. (a) Rules and regulations promulgated by the director or the department under authority conferred by this chapter must be adopted in accordance with IC 4-22-2.
(b) At the time the director or department files a notice of proposed adoption, amendment, or repeal of a rule under this chapter for public comment, a copy of the notice must be sent by first class mail postage prepaid to all licensees and applicants for licenses under this chapter as of the time the notice is sent.
As added by P.L.198-2023, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-1201. Applying and Construing Law; Consideration of Uniformity of Law Among Enacting States

Effective 1-1-2024.
Sec. 1201. In applying and construing this chapter, consideration may be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.
As added by P.L.198-2023, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-1202. Severability of Provisions

Effective 1-1-2024.
Sec. 1202. The provisions of this chapter are severable in the manner provided by IC 1-1-1-8(b).
As added by P.L.198-2023, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-1203. Persons Licensed to Engage in Money Transmission Before January 1, 2024; Amendment of Authorized Delegate Contracts; Authorized Delegate's Duty to Comply

Effective 1-1-2024.
Sec. 1203. (a) A person licensed in Indiana to engage in the business of money transmission under IC 24-8-4 (before its repeal on January 1, 2024) is not subject to the provisions of this chapter, to the extent that the provisions of this chapter:
(1) conflict with IC 24-8-4 (before its repeal on January 1, 2024); or
(2) establish new requirements not imposed under IC 24-8-4 (before its repeal on January 1, 2024);
until after December 31, 2023.
(b) Notwithstanding subsection (a), a person licensed in Indiana to engage in the business of money transmission under IC 24-8-4 (before its repeal on January 1, 2024) shall be required to amend its authorized delegated contracts so that such contracts comply with this chapter only with respect to contracts entered into or amended after December 31, 2023.
(c) Nothing in this section shall be construed as limiting an authorized delegate's obligations to operate in full compliance with this chapter, as required by section 801(c) of this chapter, after December 31, 2023.
As added by P.L.198-2023, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-1204. Corporations and Limited Liability Companies as Licensees; Good Standing in State of Incorporation

Effective 1-1-2024.
Sec. 1204. A licensee that is a corporation or a limited liability company must at all times be in good standing with the secretary of state of the state in which the licensee was incorporated.
As added by P.L.198-2023, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-1205. Person on Tax Warrant List; Issuance or Renewal of License Prohibited; Notice of Release of Warrant

Effective 1-1-2024.
Sec. 1205. If the department of state revenue notifies the department that a person is on the most recent tax warrant list, the department shall not issue or renew the person's license until:
(1) the person provides to the department a statement from the department of state revenue that the person's tax warrant has been satisfied; or
(2) the department receives a notice from the commissioner of the department of state revenue under IC 6-8.1-8-2(k).
As added by P.L.198-2023, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-1206. Administration by Division of Consumer Credit

Effective 1-1-2024.
Sec. 1206. The division of consumer credit within the department is responsible for the administration of this chapter.
As added by P.L.198-2023, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 5. Cashing Checks › 28-8-5-1. Application of Chapter

Sec. 1. (a) This chapter does not apply to a financial institution organized under IC 28 or federal law.
(b) This chapter does not apply to a person principally engaged in the bona fide retail sale of goods or services if:
(1) the person, either incidental to or independent of a retail sale of goods or services, from time to time cashes checks; and
(2) the consideration (as defined in section 3 of this chapter) charged for cashing checks does not exceed five dollars ($5).
As added by P.L.42-1993, SEC.86. Amended by P.L.122-1994, SEC.104; P.L.213-2007, SEC.85; P.L.217-2007, SEC.83; P.L.89-2011, SEC.62.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 5. Cashing Checks › 28-8-5-2. Check or Checks

Sec. 2. As used in this chapter, "check" or "checks" includes a check, draft, or money order.
As added by P.L.42-1993, SEC.86. Amended by P.L.54-2021, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 5. Cashing Checks › 28-8-5-2.5. Check Cashing Transaction

Sec. 2.5. As used in this chapter, "check cashing transaction" means a transaction under this chapter in which there is no written or implied agreement to hold the check for more than three (3) business days.
As added by P.L.80-1998, SEC.21.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 5. Cashing Checks › 28-8-5-3. Consideration

Sec. 3. As used in this chapter, "consideration" includes a premium charged for the sale of goods or services in excess of the cash price of the sale of such goods or services.
As added by P.L.42-1993, SEC.86.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 5. Cashing Checks › 28-8-5-6. Licensed Casher of Checks

Sec. 6. As used in this chapter, "licensed casher of checks" means a person licensed by the department to engage in business pursuant to the provisions of this chapter.
As added by P.L.42-1993, SEC.86.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 5. Cashing Checks › 28-8-5-9. Person

Sec. 9. As used in this chapter, "person" means any individual, sole proprietorship, partnership, trust, joint venture, limited liability company, corporation, unincorporated organization, or other form of entity, however organized.
As added by P.L.42-1993, SEC.86. Amended by P.L.90-2008, SEC.62.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 5. Cashing Checks › 28-8-5-11. License Required; Application; Contents; Tax Warrant List; Application Fee

Sec. 11. (a) A person shall not engage in the business of cashing checks for consideration without first obtaining a license.
(b) Each application for a license shall be in writing in such form as the director may prescribe and shall include all of the following:
(1) The following information pertaining to the applicant:
(A) Name.
(B) Residence address.
(C) Business address.
(2) The following information pertaining to any individual described in section 12(b)(1) of this chapter:
(A) Name.
(B) Residence address.
(C) Business address.
(D) Whether the person:
(i) is, at the time of the application, under indictment for a felony under the laws of Indiana or any other jurisdiction; or
(ii) has been convicted of a felony under the laws of Indiana or any other jurisdiction.
(3) The address where the applicant's office or offices will be located.
(4) If the department of state revenue notifies the department that a person is on the most recent tax warrant list, the department shall not issue or renew the person's license until:
(A) the person provides to the department a statement from the department of state revenue that the person's tax warrant has been satisfied; or
(B) the department receives a notice from the commissioner of the department of state revenue under IC 6-8.1-8-2(k).
(5) Such other data, financial statements, and pertinent information as the director may require.
(c) The application shall be filed with a nonrefundable fee fixed by the department under IC 28-11-3-5.
As added by P.L.42-1993, SEC.86. Amended by P.L.122-1994, SEC.105; P.L.10-2006, SEC.62 and P.L.57-2006, SEC.62; P.L.213-2007, SEC.86; P.L.217-2007, SEC.84; P.L.90-2008, SEC.63; P.L.35-2010, SEC.185; P.L.172-2011, SEC.135; P.L.137-2014, SEC.34; P.L.159-2017, SEC.49.