reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-20. License Required; Application; Felonies; Evidence of Compliance; Criminal Background Checks; Tax Warrant List

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 20. (a) A person may not engage in the business of money transmission:
(1) from a place of business in Indiana; or
(2) with a consumer who is a resident of Indiana and who enters into the transaction in Indiana;
without a license required by this chapter.
(b) An application for a license must be:
(1) submitted on a form prescribed by the director and must include the information required by the director; and
(2) accompanied by a nonrefundable application fee as fixed by the department under IC 28-11-3-5.
(c) An application submitted under this section must indicate whether any individuals described in section 35(b)(2) or 35(b)(3) of this chapter have been convicted of a felony under the laws of Indiana or any other jurisdiction.
(d) The director may request evidence of compliance with this section at:
(1) the time of application;
(2) the time of renewal of a license; or
(3) any other time considered necessary by the director.
(e) For purposes of subsection (d), evidence of compliance may include:
(1) criminal background checks, including a national criminal history background check (as defined in IC 10-13-3-12) by the Federal Bureau of Investigation for an individual described in section 35(b)(2) or 35(b)(3) of this chapter;
(2) credit histories; and
(3) other background checks considered necessary by the director.
If the director requests a national criminal history background check under subdivision (1) for an individual described in that subdivision, the director shall require the individual to submit fingerprints to the department or to the state police department, as appropriate, at the time evidence of compliance is requested under subsection (d). The individual to whom the request is made shall pay any fees or costs associated with the fingerprints and the national criminal history background check. The national criminal history background check may be used by the director to determine the individual's compliance with this section. The director or the department may not release the results of the national criminal history background check to any private entity.
(f) 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.42-1993, SEC.85. Amended by P.L.63-2001, SEC.20 and P.L.134-2001, SEC.22; P.L.10-2006, SEC.55 and P.L.57-2006, SEC.55; P.L.90-2008, SEC.56; P.L.35-2010, SEC.180; P.L.172-2011, SEC.134; P.L.216-2013, SEC.46.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-21. Form of License Applications; Surety Bond; Fee

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 21. (a) An application for a license under this chapter must be:
(1) in writing;
(2) under oath; and
(3) in a form prescribed by the director.
(b) An application for a license must be accompanied by the following:
(1) A surety bond as required by section 27 of this chapter. If requested, the director may permit corporations that are directly or indirectly commonly controlled to engage in activities under this chapter pursuant to a single surety bond filed under section 27 of this chapter.
(2) A nonrefundable license fee as fixed by the department under IC 28-11-3-5.
As added by P.L.42-1993, SEC.85. Amended by P.L.216-2013, SEC.48.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-24. Contents of License Applications

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 24. An application for licensure under this chapter must contain the following:
(1) The name of the applicant.
(2) The applicant's principal address.
(3) A fictitious or trade name, if any, used by the applicant in the conduct of its business.
(4) The location of the applicant's business records.
(5) The history of the applicant's:
(A) material litigation; and
(B) criminal convictions for felonies involving fraud, deceit, or misrepresentation under the laws of Indiana or any other jurisdiction.
(6) A description of:
(A) the activities conducted by the applicant;
(B) the applicant's history of operations; and
(C) the business activities in which the applicant seeks to be engaged in Indiana.
(7) A list identifying the applicant's proposed authorized delegates in Indiana.
(8) A sample authorized delegate contract, if applicable.
(9) A sample form of payment instrument, if applicable.
(10) The location or locations at which the applicant and its authorized delegates propose to conduct the licensed activities in Indiana.
(11) The name and address of the clearing bank or banks on which the applicant's payment instruments will be drawn or through which such payment instruments will be payable.
(12) Documents revealing that the applicant has a net worth of at least six hundred thousand dollars ($600,000), calculated in accordance with United States generally accepted accounting principles or in any other form that may be accepted at the discretion of the director.
As added by P.L.42-1993, SEC.85. Amended by P.L.10-2006, SEC.56 and P.L.57-2006, SEC.56; P.L.213-2007, SEC.76; P.L.217-2007, SEC.74; P.L.216-2013, SEC.49; P.L.159-2017, SEC.45; P.L.69-2018, SEC.61.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-26. Repealed

As added by P.L.42-1993, SEC.85. Amended by P.L.213-2007, SEC.78; P.L.217-2007, SEC.76. Repealed by P.L.90-2008, SEC.80.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-32. Repealed

As added by P.L.42-1993, SEC.85. Amended by P.L.213-2007, SEC.79; P.L.217-2007, SEC.77; P.L.35-2010, SEC.181. Repealed by P.L.216-2013, SEC.56.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-33. Conduct of Business; Insurance; Permissible Investments; Good Standing

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 33. (a) A license granted under this chapter permits a licensee to conduct business:
(1) at one (1) or more locations directly or indirectly owned by the licensee; or
(2) through one (1) or more authorized delegates.
(b) Each 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 act of dishonesty. The principal sum of the policy shall be equivalent to the amount of the surety bond required under section 27 of this chapter.
(c) A licensee must at all times possess permissible investments with an aggregate market value calculated in accordance with United States generally accepted accounting principles, or in any other form that may be preapproved at the discretion of the director, of not less than the aggregate face amount of all outstanding payment instruments issued or sold by the licensee or an authorized delegate of the licensee in the United States.
(d) 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.42-1993, SEC.85. Amended by P.L.73-2004, SEC.39; P.L.216-2013, SEC.57; P.L.69-2018, SEC.63.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-34. Commonly Controlled Corporations or Organizations

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 34. The director may permit corporations or other organizations that are directly or indirectly commonly controlled to engage in activities under this chapter, pursuant to a surety bond required under section 27 of this chapter.
As added by P.L.42-1993, SEC.85. Amended by P.L.216-2013, SEC.58.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-35. Investigations by Director; Issuance of Licenses; Controlling Persons; Denial of Applications

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 35. (a) The director shall begin an investigation after an application for licensure under this chapter is complete.
(b) The director shall investigate the financial condition and responsibility, financial and business experience, and character and general fitness of:
(1) the applicant and any significant affiliate of the applicant;
(2) each executive officer, director, or manager of the applicant, or any other individual having a similar status or performing a similar function for the applicant; and
(3) if known, each controlling person.
(c) The director may conduct an onsite investigation of the applicant, the reasonable cost of which shall be borne by the applicant.
(d) The director shall issue a license to an applicant authorizing the applicant to engage in the licensed activities in Indiana for a term expiring December 31 of the year in which the license is issued if the director finds that:
(1) the applicant's business will be conducted honestly, fairly, and in a manner commanding the confidence and trust of the community; and
(2) the applicant has fulfilled the requirements imposed by this chapter.
(e) Upon application, the director shall determine whether a particular person qualifies as a controlling person. The director may waive any or all requirements of this chapter pertaining to a controlling person for good cause shown.
(f) If the director finds that:
(1) an applicant does not satisfy the requirements in subsection (d); or
(2) an application was submitted for the benefit of, or on behalf of, a person who does not qualify for a license;
the director may deny the application. The director must set forth the reasons for the denial in writing and send a copy of the reasons to the applicant.
As added by P.L.42-1993, SEC.85. Amended by P.L.10-2006, SEC.57 and P.L.57-2006, SEC.57; P.L.90-2008, SEC.58; P.L.216-2013, SEC.59.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-36. Contesting Denial of License Applications

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 36. (a) An applicant that is denied a license under section 35(f) of this chapter may, not more than thirty (30) days after receipt of written notice of the denial, contest the denial by serving a response on the director.
(b) The serving of a response on the director automatically stays the denial of the license until a final ruling in the hearing is announced.
(c) The director shall set a date for a hearing not less than sixty (60) days after service of the response. A later date may be set with the denied applicant's consent.
As added by P.L.42-1993, SEC.85.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-37. License Renewal Fees

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 37. The department shall fix an annual fee for renewal of a license under IC 28-11-3-5. The annual fee shall be paid on or before December 31 of each year.
As added by P.L.42-1993, SEC.85. Amended by P.L.213-2007, SEC.80; P.L.217-2007, SEC.78; P.L.216-2013, SEC.60.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-38. License Renewal; Annual Requirements; Financial Statements; Fee

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 38. A licensee may renew a license by complying with the following:
(1) Filing with the director or the director's designee the annual renewal in the form that is prescribed by the director and sent by the director to each licensee not later than December 31 of each year. The renewal must include the following, which, except for the financial statements described in clause (A), must be filed not later than December 31:
(A) Either:
(i) a copy of the licensee's most recent audited consolidated annual financial statements, including a balance sheet, a statement of income or loss, a statement of changes in shareholder equity, and a statement of changes in financial position; or
(ii) if the licensee is a wholly owned subsidiary, the parent corporation's or parent organization's most recently prepared consolidated audited annual financial statements, or the parent corporation's or parent organization's most recent Form 10K report filed with the Securities and Exchange Commission, along with the licensee's unaudited annual financial statements.
The audited financial statements required to be submitted under this clause must be prepared, by an independent certified public accountant authorized to do business in the United States, in accordance with AICPA Statements on Standards for Accounting and Review Services (SSARS) and in accordance with United States generally accepted accounting principles, and must be filed with the director or the director's designee not later than one hundred twenty (120) days after the close of the calendar or fiscal year covered by the statements.
(B) The number of payment instruments sold by the licensee in Indiana, the dollar amount of those instruments, and the dollar amount of outstanding payment instruments sold by the licensee calculated from the most recent quarter for which data is available before the date of the filing of the renewal application, but in no event more than one hundred twenty (120) days before the renewal date.
(C) Material changes to the information submitted by the licensee on its original application or as part of a renewal that have not been reported previously to the director on any other report or renewal required to be filed under this chapter.
(D) A list of the licensee's permissible investments.
(E) A list of the locations within Indiana at which business regulated by this chapter will be conducted by either the licensee or its authorized delegate.
(2) Paying the annual renewal fee described under section 37 of this chapter.
As added by P.L.42-1993, SEC.85. Amended by P.L.10-2006, SEC.58 and P.L.57-2006, SEC.58; P.L.1-2007, SEC.188; P.L.213-2007, SEC.81; P.L.217-2007, SEC.79; P.L.216-2013, SEC.61; P.L.137-2014, SEC.32; P.L.186-2015, SEC.44; P.L.159-2017, SEC.46; P.L.69-2018, SEC.64.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-39. Written Reports Following Bankruptcies or Reorganizations, License Revocations or Suspensions, and Felony Indictments and Convictions

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 39. A licensee shall file a written report with the director not later than fifteen (15) days after the occurrence of one (1) or more of the following events:
(1) The filing for bankruptcy or reorganization by the licensee.
(2) The institution of revocation or suspension proceedings against the licensee by a state or governmental authority with regard to the licensee's money transmission activities.
(3) A felony indictment of the licensee or of a key officer or director of the licensee related to money transmission activities.
(4) A felony conviction of the licensee or a key officer or director of the licensee related to money transmission activities.
The written report must give details concerning the event.
As added by P.L.42-1993, SEC.85.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-40.1. License Not Transferable or Assignable

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 40.1. Except in a transaction approved under section 40.2 of this chapter, a license is not transferable or assignable.
As added by P.L.89-2011, SEC.58.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-40.4. Carrying on Other Business

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 40.4. A licensee may carry on other business at a location where the licensee conducts the business of money transmission unless the licensee carries on other business for the purpose of evasion or violation of this chapter.
As added by P.L.159-2017, SEC.47.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-40.5. Repealed

As added by P.L.10-2006, SEC.59 and P.L.57-2006, SEC.59. Amended by P.L.213-2007, SEC.82; P.L.217-2007, SEC.80. Repealed by P.L.159-2017, SEC.48.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-40.6. Felony Convictions; Notice to Department

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 40.6. (a) This section applies if, after a person has been issued a license or renewal license under this chapter, the licensee, or any individual described in section 35(b)(2) or 35(b)(3) of this chapter, has been convicted of a felony under the laws of Indiana or any other jurisdiction.
(b) If this section applies, the licensee shall provide to the department the information required under section 24(5)(B) or 25(6)(B) of this chapter, whichever applies:
(1) not later than thirty (30) days after the licensee or individual described in section 35(b)(2) or 35(b)(3) of this chapter has been convicted of the felony; or
(2) if the licensee's next license renewal fee under section 37 of this chapter is due before the date described in subdivision (1), along with the licensee's next license renewal fee under section 37 of this chapter.
As added by P.L.213-2007, SEC.83; P.L.217-2007, SEC.81. Amended by P.L.90-2008, SEC.59; P.L.35-2010, SEC.182; P.L.216-2013, SEC.62.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-42. Suspected Violations; Request for Additional Financial Data; Onsite Examinations Without Notice; Fees

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 42. (a) If the director has a reasonable basis to believe that a licensee or an authorized delegate of a licensee is in violation of this chapter, the director may:
(1) request financial data from the licensee in addition to that required under section 38(a)(1) of this chapter; or
(2) conduct an in-state, onsite examination of an authorized delegate's operation or a licensee's location without prior notice to the authorized delegate or licensee.
(b) All reasonable costs of an examination incurred under subsection (a)(2) shall be paid by the:
(1) authorized delegate whose operation is examined; or
(2) the licensee whose location is examined;
in accordance with the fee schedule adopted under IC 28-11-3-5. A fee established by the department under IC 28-11-3-5 may be charged for each day a fee under this section is delinquent.
As added by P.L.42-1993, SEC.85. Amended by P.L.27-2012, SEC.100.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-43. Making, Keeping, and Preserving Records

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 43. A licensee shall make, keep, and preserve the following for three (3) years:
(1) A record or records of payment instruments sold.
(2) A general ledger containing all asset, liability, capital income, and expense accounts for which a general ledger shall be posted at least monthly.
(3) Settlement sheets, if received from authorized delegates.
(4) Bank statements and bank reconciliation records.
(5) Records of outstanding payment instruments.
(6) Records of each payment instrument paid within the three (3) years.
(7) A list of the names and addresses of all of the licensee's authorized delegates, as well as a copy of each authorized delegate's contract.
As added by P.L.42-1993, SEC.85.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-44. Maintenance and Availability of Records

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 44. (a) The records maintained under section 43 of this chapter shall be:
(1) maintained in conformity with United States generally accepted accounting principles and practices, or in any other form that may be preapproved at the discretion of the director, in a manner that will enable the director to determine whether the licensee is complying with the provisions of this chapter; and
(2) made reasonably available to the director.
(b) The director shall determine the sufficiency of the records and whether the licensee has made the required information reasonably available.
As added by P.L.42-1993, SEC.85. Amended by P.L.69-2018, SEC.65.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-45. Maintenance of Records at Foreign Locations

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 45. Records maintained under section 43 of this chapter may be maintained at a location that is outside Indiana if the records are made accessible to the director after the director has given fifteen (15) days written notice.
As added by P.L.42-1993, SEC.85.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-45.5. Duty to Safeguard Personal Records

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 45.5. The following persons are subject to IC 28-1-2-30.5 with respect to any records maintained by the person:
(1) A person licensed or required to be licensed under this chapter.
(2) An authorized delegate of a person described in subdivision (1).
As added by P.L.90-2008, SEC.60.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-46. Compliance With Money Laundering Laws; Investigation and Enforcement by Department

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 46. (a) The licensee or an authorized delegate shall comply with all state and federal money laundering statutes and regulations, including the following:
(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 or an authorized delegate.
(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.42-1993, SEC.85. Amended by P.L.10-2006, SEC.61 and P.L.57-2006, SEC.61.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-47. Confidentiality of Information; Exceptions

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 47. (a) Notwithstanding any other provision of law, all information or reports obtained by the director from an applicant, a licensee, or an authorized delegate, whether obtained through reports, applications, examination, audits, investigation, or otherwise, including:
(1) all information contained in or related to:
(A) examination;
(B) investigation;
(C) operation; or
(D) condition;
reports prepared by, on behalf of, or for the use of the director; or
(2) financial statements, balance sheets, or authorized delegate information;
are confidential and may not be disclosed or distributed outside the department by the director or any officer or employee of the department, except as provided in subsection (b).
(b) The director may provide for the release of information to representatives of:
(1) financial institution and money services business supervisory agencies;
(2) law enforcement agencies; or
(3) prosecutorial agencies or offices;
of a state (as defined in IC 28-2-17-19), the United States, or a foreign country. An agency or office that receives information from the director under this subsection shall maintain the confidentiality of the information as described in IC 28-1-2-30.
(c) Nothing in this section shall prohibit the director from releasing to the public a list of persons licensed under this chapter or from releasing aggregated financial data on such licensees.
As added by P.L.42-1993, SEC.85. Amended by P.L.258-2003, SEC.17; P.L.213-2007, SEC.84; P.L.217-2007, SEC.82; P.L.90-2008, SEC.61.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-48.1. Failure to File Renewal Form or Pay Renewal Fee; Revocation or Suspension of License

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 48.1. (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 37 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.176-1996, SEC.24. Amended by P.L.89-2011, SEC.60.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-49. Authorized Delegates; Written Contract Required; Contents; Exemption From Licensing Requirements; Resignation, Discharge or Termination; Notice to Department

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 49. (a) Licensees desiring to conduct licensed activities through authorized delegates shall authorize each delegate to operate pursuant to an express written contract, which shall provide for the following:
(1) That the licensee appoints the person as its delegate with authority to sell payment instruments and accept funds to be transmitted by or on behalf of the licensee.
(2) That neither a licensee nor an authorized delegate may authorize a subdelegate without the written consent of the director.
(3) That licensees are subject to supervision and regulation by the director.
(4) An acknowledgment that the authorized delegate consents to the director's inspection, with or without prior notice to the licensee or authorized delegate, of the books, records, and accounts of an authorized delegate of the licensee when the director has a reasonable basis to believe that the licensee or authorized delegate is in violation of this chapter.
(5) That authorized delegates are under a duty to act only as authorized under the contract with the licensee and that an authorized delegate who exceeds the delegate's authority is subject to cancellation of the delegate's contract and disciplinary action by the director.
(b) Subject to sections 50 and 51 of this chapter, an authorized delegate of a licensee or of a person exempt from licensure under section 1 of this chapter is exempt from the licensing requirements of this chapter if the authorized delegate acts within the scope of the written contract executed under subsection (a) between the authorized delegate and the licensee or exempt person.
(c) A licensee shall give the department written notice of the resignation, discharge, or termination of an authorized delegate against whom allegations were made that accused the authorized delegate of:
(1) violating this chapter or other laws, regulations, rules, or industry standards of conduct applicable to money transmission; or
(2) fraud, dishonesty, theft, or the wrongful taking of property.
The licensee shall provide the department the notice required under this subsection not later than thirty (30) days after the effective date of the resignation, discharge, or termination.
As added by P.L.42-1993, SEC.85. Amended by P.L.27-2012, SEC.102; P.L.216-2013, SEC.63.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-50. Compliance by Authorized Delegates

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 50. (a) An authorized delegate may not make any fraudulent or false statement or misrepresentation to a licensee or to the director.
(b) An authorized delegate must comply with the following:
(1) All money transmission or sale or issuance of payment instrument activities conducted by an authorized delegate shall be strictly in accordance with the licensee's written procedures provided to the authorized delegate.
(2) An authorized delegate shall remit all money owing to the licensee in accordance with the terms of the contract between the licensee and the authorized delegate. The failure of an authorized delegate to remit all money owing to a licensee within the time presented shall result in liability of the authorized delegate to the licensee for three (3) times the licensee's actual damages.
(3) All funds, less fees, received by an authorized delegate of a licensee from the sale or delivery of a payment instrument issued by a licensee or received by an authorized delegate for transmission shall, from the time the funds are received by the authorized delegate until the funds or an equivalent amount are remitted by the authorized delegate to the licensee, constitute trust funds owned by and belonging to the licensee. If an authorized delegate commingles any of the funds with any other funds or property owned or controlled by the authorized delegate, all commingled proceeds and other property shall be impressed with a trust in favor of the licensee in an amount equal to the amount of the proceeds due the licensee.
(4) An authorized delegate shall report to the licensee the theft or loss of payment instruments not more than twenty-four (24) hours after the time the authorized delegate knew or should have known of the theft or loss.
As added by P.L.42-1993, SEC.85.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-51. Suspension and Barring of Authorized Delegates

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 51. (a) If, after notice and a hearing, the director finds that an authorized delegate of a licensee or a director, an officer, an employee, or a controlling person of the authorized delegate:
(1) has violated any provision of this chapter or order issued under this chapter;
(2) has engaged or participated in any unsafe or unsound act with respect to the business of:
(A) selling or issuing payment instruments of the licensee; or
(B) money transmission;
(3) has made or caused to be made in an application or report filed with the director or in any proceeding before the director, any statement that was at the time and in the circumstances under which it was made, false or misleading with respect to any material fact; or
(4) has omitted to state in an application or report filed with the director a material fact that is required to be stated in the application or report;
the director may issue an order suspending or barring such authorized delegate from becoming or continuing to be an authorized delegate of a licensee during the period for which such order is in effect.
(b) Upon issuance of an order under subsection (a), the licensee shall terminate the licensee's relationship with the authorized delegate according to the terms of the order.
(c) Any authorized delegate to whom an order is issued under this section may apply to the director to modify or rescind the order. The director shall not grant such application unless the director finds that it is in the public interest to do so and that it is reasonable to believe that the person will, if and when the person is permitted to resume being an authorized delegate of a licensee, comply with all applicable provisions of this chapter and of any regulation and order issued under this chapter.
(d) The right of an authorized delegate to whom an order is issued under this section to petition for judicial review of an order shall not be affected by the failure of the authorized delegate to apply to the director to modify or rescind the order.
As added by P.L.42-1993, SEC.85. Amended by P.L.136-2018, SEC.213.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-52. Applicability of Law Governing Administrative Orders and Procedures; Venue

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 52. 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.42-1993, SEC.85. Amended by P.L.35-2010, SEC.184.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-53. Civil Penalties

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 53. (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.42-1993, SEC.85. Amended by P.L.89-2011, SEC.61.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-54. Claims Against Licensees and Authorized Delegates

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 54. A claim against a licensee or its authorized delegate may be brought by:
(1) the claimant filing suit against the surety bond provided for in section 27 of this chapter; or
(2) the director filing suit on behalf of a claimant, in one (1) action or in successive actions.
As added by P.L.42-1993, SEC.85. Amended by P.L.216-2013, SEC.64.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-55. Compromise, Settlement, and Collection of Civil Penalties

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 55. 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.42-1993, SEC.85.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-56. Injunctions

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 56. 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.42-1993, SEC.85.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-57. Consent Orders

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 57. (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 comply with the following provisions:
(1) Be signed by the person to whom it is issued or an authorized representative.
(2) Indicate agreement to the terms contained within the consent.
(c) A consent order need not:
(1) constitute an admission by a person that a provision of this chapter or an order promulgated or issued thereunder has been violated; or
(2) constitute a finding by the director that such person has violated a provision of this chapter or an order promulgated or issued thereunder.
(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.42-1993, SEC.85.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-58. Violations

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 58. (a) A person who knowingly or intentionally violates a provision of this chapter for which a penalty is not specifically provided commits a Class A misdemeanor.
(b) A person who knowingly or intentionally makes a material, false statement in a document filed or required to be filed under this chapter, with the intent to deceive the recipient of the document, commits a Level 5 felony.
(c) A person who knowingly or intentionally fails to file a document required to be filed under this chapter commits a Level 5 felony.
As added by P.L.42-1993, SEC.85. Amended by P.L.158-2013, SEC.301.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4. Money Transmitters › 28-8-4-59. Rules and Regulations

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 59. (a) Rules and regulations promulgated by the director pursuant to authority conferred by this chapter will be pursuant to IC 4-22-2.
(b) At the time the director files a notice of proposed adoption, amendment, or repeal of a rule for public comment under this chapter, a copy of the notice will be sent by first class mail postage prepaid to all then current licensees and applicants for licenses 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 › 28-8-4-60. Jurisdiction

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 60. A licensee, an authorized delegate, or a person who knowingly engages in business activities that are regulated under this chapter, with or without filing an application, is considered to have consented to the jurisdiction of the courts of Indiana for all actions arising 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 › 28-8-4-61. Administration of Chapter

Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.
Sec. 61. The division of consumer credit shall have charge of the administration of this chapter.
As added by P.L.42-1993, SEC.85.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 4.1. Money Transmission Modernization Act › 28-8-4.1-101. Citation as Money Transmission Modernization Act

Effective 1-1-2024.
Sec. 101. This chapter shall be known as and may be cited as the Money Transmission Modernization Act.
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 › 28-8-4.1-102. Purposes and Policies

Effective 1-1-2024.
Sec. 102. This chapter is designed to replace state money transmission laws codified at IC 28-8-4 (before its repeal on January 1, 2024). The underlying purposes and policies of this chapter are to:
(1) ensure states can coordinate in all areas of regulation, licensing, and supervision to eliminate unnecessary regulatory burden and more effectively use regulatory resources;
(2) enforce compliance with applicable state and federal laws;
(3) standardize the types of activities that are subject to licensing or otherwise exempt from licensing; and
(4) modernize safety and soundness requirements to ensure customer funds are protected in an environment that supports innovative and competitive business practices.
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 › 28-8-4.1-302. Person Claiming Exemption; Director's Authority to Require Information and Documentation

Effective 1-1-2024.
Sec. 302. The director may require any person claiming to be exempt from licensing under section 301 of this chapter to provide information and documentation to the director demonstrating that the person qualifies for any claimed exemption.
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 › 28-8-4.1-401. Authority of Director of Department of Financial Institutions; Authority of Department

Effective 1-1-2024.
Sec. 401. (a) To carry out the purposes of this chapter, the director may, subject to section 402(a) and 402(b) of this chapter, do any of the following:
(1) Enter into agreements or relationships with other government officials or federal and state regulatory agencies and regulatory associations in order to improve efficiencies and reduce regulatory burden by:
(A) standardizing methods or procedures; and
(B) sharing resources, records, or related information obtained under this chapter.
(2) Use, contract for, or employ analytical systems, methods, or software to examine or investigate any person subject to this chapter.
(3) Accept, from other state or federal government agencies or officials, licensing, examination, or investigation reports made by those other state or federal government agencies or officials.
(4) Accept audit reports made by an independent certified public accountant or another qualified third party auditor for an applicant or licensee and incorporate the audit report in any report of examination or investigation.
(b) The department has broad administrative authority to:
(1) administer, interpret, and enforce this chapter;
(2) promulgate rules or regulations implementing this chapter; and
(3) recover the cost of administering and enforcing this chapter by imposing and collecting proportionate and equitable fees and costs associated with applications, examinations, investigations, and other actions required to achieve the purpose 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 › 28-8-4.1-403. Director's Authority to Conduct Examinations and Investigations; Access to Records; Costs of Examination; Persons Operating Without a License

Effective 1-1-2024.
Sec. 403. (a) The director may conduct an examination or investigation of a licensee or an authorized delegate or otherwise take independent action authorized by this chapter, or by a rule adopted or order issued under this chapter, as reasonably necessary or appropriate to administer and enforce this chapter, regulations implementing this chapter, and other applicable law, including the Bank Secrecy Act and the USA Patriot Act of 2001 (P.L. 107-56). The director may:
(1) conduct an examination either onsite or offsite as the director may reasonably require;
(2) conduct an examination in conjunction with an examination conducted by other state agencies or agencies of another state or of the federal government;
(3) accept the examination report of another state agency or an agency of another state or of the federal government, or a report prepared by an independent accounting firm, with any such report considered, upon being accepted and for all purposes, as an official report of the director; and
(4) summon and examine under oath a key individual or employee of a licensee or authorized delegate and require the person to produce records regarding any matter related to the condition and business of the licensee or authorized delegate.
(b) A licensee or an authorized delegate shall provide, and the director shall have full and complete access to, all records the director may reasonably require to conduct a complete examination. The records must be provided at the location and in the format specified by the director. The director may use multistate record production standards and examination procedures when those standards will reasonably achieve the purposes of this subsection.
(c) Unless otherwise directed by the director, a licensee shall pay all costs reasonably incurred in connection with an examination of the licensee or the licensee's authorized delegates.
(d) The director shall determine the sufficiency of the licensee's records and whether the licensee has made the required information reasonably available.
(e) To discover violations of this chapter, the director may investigate and examine the records of any person the director believes is operating without a license, when a license is required under this chapter. The person examined must pay the reasonably incurred costs of the examination.
As added by P.L.198-2023, SEC.4.