2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-503. Application for License; Contents; Applications by Business Entities; Required Fees; Director's Authority to Waive or Substitute Requirements

Effective 1-1-2024.
Sec. 503. (a) Applicants for a license shall apply in a form and by a medium prescribed by the director. Each application must contain the content set forth by rule, regulation, instruction, or procedure of the department. The required content for an application may be changed or updated in accordance with applicable law in order to carry out the purposes of this chapter and maintain consistency with NMLS licensing standards and practices. Each application submitted to the department must state or contain the following, as applicable:
(1) The legal name and residential and business addresses of the applicant and any fictitious or trade name used by the applicant in conducting its business.
(2) A list of any criminal convictions of the applicant and any material litigation in which the applicant has been involved in the ten (10) year period immediately preceding the submission of the application.
(3) A description of any money transmission previously provided by the applicant and the money transmission that the applicant seeks to provide in Indiana.
(4) A list of the applicant's proposed authorized delegates and the locations in Indiana where the applicant and its authorized delegates propose to engage in money transmission.
(5) A list of other states in which the applicant is licensed to engage in money transmission and any license revocations, suspensions, or other disciplinary action taken against the applicant in another state.
(6) Information concerning any bankruptcy or receivership proceedings affecting the applicant or a person in control of the applicant.
(7) A sample contract form for authorized delegates, if applicable.
(8) A form of payment instrument or stored value, as applicable.
(9) The name and address of any federally insured depository financial institution through which the applicant plans to conduct money transmission.
(10) Any other information the director or the NMLS reasonably requires with respect to the applicant.
(b) If an applicant is a corporation, limited liability company, partnership, or another legal entity, the applicant shall also provide the following:
(1) The:
(A) date of the applicant's incorporation or formation; and
(B) state or country of incorporation or formation.
(2) If applicable, a certificate of good standing from the state or country in which the applicant was incorporated or formed.
(3) A brief description of the structure or organization of the applicant, including any parents or subsidiaries of the applicant, and whether any parents or subsidiaries are publicly traded.
(4) For the ten (10) year period immediately preceding the submission of the application, the legal name, any fictitious or trade name, all business and residential addresses, and the employment, as applicable, of each:
(A) key individual with respect to; and
(B) person in control of:
the applicant.
(5) For the ten (10) year period immediately preceding the submission of the application, a list of any criminal convictions and material litigation in which a person, other than an individual, in control of the applicant has been involved.
(6) A copy of audited financial statements of the applicant for the most recent fiscal year and for the two (2) year period immediately preceding the submission of the application or, if determined to be acceptable by the director, certified unaudited financial statements for the most recent fiscal year or for another period acceptable to the director.
(7) A certified copy of unaudited financial statements of the applicant for the most recent fiscal quarter.
(8) If the applicant is a publicly traded corporation, a copy of the most recent report filed with the United States Securities and Exchange Commission under Section 13 of the federal Securities Exchange Act of 1934 (15 U.S.C. 78m).
(9) If the applicant is a wholly owned subsidiary of:
(A) a corporation publicly traded in the United States, a copy of audited financial statements for the parent corporation for the most recent fiscal year or a copy of the parent corporation's most recent report filed under Section 13 of the federal Securities Exchange Act of 1934 (15 U.S.C. 78m); or
(B) a corporation publicly traded outside the United States, a copy of similar documentation filed with the regulator of the parent corporation's domicile outside the United States.
(10) The name and address of the applicant's registered agent in Indiana.
(11) Any other information the director reasonably requires with respect to the applicant.
(c) A nonrefundable application fee, as set by the department, and a license fee, as set by the department, must accompany an application for a license under this section.
(d) 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.