Title 28, FINANCIAL INSTITUTIONS

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 followin…

Sec. 12. (a) The department shall determine the financial responsibility, business experience, character, and general fitness of the applicant before issuing the license. (b) The department may refuse to issue a license for any of the following reasons: (1) Any of the following h…

Sec. 13. Except in a transaction approved under section 13.1 of this chapter, a license is not transferable or assignable. As added by P.L.42-1993, SEC.86. Amended by P.L.89-2011, SEC.63.

Sec. 13.1. (a) As used in this section, "control" means possession of the power directly or indirectly to: (1) direct or cause the direction of the management or policies of a licensee, whether through the beneficial ownership of voting securities, by contract, or otherwise; or (…

Sec. 14. A license issued pursuant to this chapter expires on January 1 of the year following the date of issuance unless earlier suspended, relinquished, or revoked. As added by P.L.42-1993, SEC.86. Amended by P.L.27-2012, SEC.103; P.L.137-2014, SEC.35; P.L.69-2018, SEC.66.

Sec. 15. (a) To remain in force, a license must be renewed not later than December 31 of each year, beginning with the year following the date of issuance, as set forth in section 14 of this chapter. A licensee may renew a license issued under this chapter by filing a renewal app…

Sec. 16. (a) A licensee must do the following: (1) Conspicuously display at each place of business a notice to the public stating the maximum charges for cashing checks. (2) Make payment to a customer for whom a check is being cashed upon presentment of the check. (3) Endorse the…

Sec. 17. (a) Except as otherwise provided in this chapter, a licensee may not charge check cashing fees in excess of: (1) the greater of ten dollars ($10) or ten percent (10%) of the face amount of a check, in the case of a personal check; or (2) the greater of five dollars ($5) …

Sec. 18. (a) A licensee shall keep its books, accounts, and records satisfactory to the department for each transaction for at least three (3) years from the transaction date. (b) A licensee shall keep its books, accounts, and records separate from those of any other type of busi…

Sec. 18.2. A licensee may carry on other business at a location where the licensee conducts the business of cashing checks 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.50.

Sec. 18.4. (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 11(b)(2) of this chapter, has been convicted of or pleaded guilty to a felony under the laws of Indiana or …

Sec. 18.5. The check in a check cashing transaction, to the best of the licensee's knowledge, must be drawn on a valid, open, and active account and must be deposited by the licensee into a financial institution with the intent to draw the funds of that check. As added by P.L.80-…

Sec. 19. (a) The department may examine the books, accounts, and records of a licensee and may make investigations to determine compliance. (b) If the department examines the books, accounts, and records of a licensee, the licensee shall pay all reasonably incurred costs of the e…

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.

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.

Sec. 20. In making investigations concerning the compliance of a licensee the department may: (1) administer oaths; (2) subpoena witnesses; and (3) require the production of: (A) books, documents, or other tangible items; and (B) information pertaining to the identity of and loca…

Sec. 21. If the licensee's records are located outside Indiana, the licensee shall either make them available to the department at a convenient location within Indiana or pay the reasonable and necessary expenses for the department or its representative to examine them at the pla…

Sec. 21.1. 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.35-…

of suspension or revocation; relinquishment of license; existing obligations; emergency order for revocation Sec. 22. (a) The department may issue to a licensee an order to show cause why the licensee's license should not be revoked or suspended for a period determined by the dep…

Sec. 22.5. (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 applications prescribed by the director; or (2) pay any license renewal fee described under section 15 of this chapter; …

Sec. 23. (a) If the department determines that a reasonable belief exists that a person is operating without a valid license or in violation of this chapter, the department may investigate the person. (b) If a person knowingly acts as a casher of checks without the license requir…

Sec. 24. (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 th…

Sec. 24.5. (a) A licensee 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 requ…

Sec. 25. A licensee who violates the provisions of this chapter commits a Class A misdemeanor. As added by P.L.42-1993, SEC.86.

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.

Sec. 4. As used in this chapter, "department" means the members of the department of financial institutions. As added by P.L.42-1993, SEC.86.

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.

Sec. 7. As used in this chapter, "licensee" means a licensed casher of checks. As added by P.L.42-1993, SEC.86.

Sec. 8. As used in this chapter, "location" means a fixed or ambulatory place of business approved by the department. As added by P.L.42-1993, SEC.86.

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…

Sec. 1. (a) A depository financial institution that, in good faith, places a hold on, or otherwise restricts withdrawals from, a deposit account under IC 28-9-4-1(a), under IC 28-9-4-2(a), or in response to the process prescribed in IC 28-9-3-3(b)(2) is immune from civil liabilit…

Sec. 2. If a depository financial institution: (1) has responded in good faith to an adverse claimant under this article; and (2) is held liable to a depositor or another person by reason of the failure of the depository financial institution to treat a deposit account in accorda…

Sec. 3. This article does not prevent a depository financial institution from interpleading and paying the funds that are the subject of an adverse claim into a court. If a depository financial institution pays the funds to the court, the depository financial institution is entit…

Sec. 1. This chapter applies to the following financial institutions: (1) A bank. (2) A savings association. (3) A credit union. (4) A savings bank. (5) A trust company. (6) A corporate fiduciary. As added by P.L.42-1993, SEC.91. Amended by P.L.262-1995, SEC.78; P.L.79-1998, SEC.…

Sec. 10. (a) Subject to subsection (g), a financial institution described in section 1 of this chapter that is subject to this chapter may: (1) be organized as a limited liability company; (2) convert to a limited liability company; or (3) merge with or into a limited liability c…

Sec. 2. (a) A financial institution may not be organized, incorporated, or engage in business in Indiana until the department has approved the following: (1) The articles of incorporation of the proposed financial institution. (2) The organization and establishment of the financi…

Sec. 3. (a) A request to establish a financial institution must be set forth in an application: (1) prescribed by the department; and (2) containing the information required by the department. (b) Within twenty (20) business days after receiving an application under this section,…

Sec. 4. (a) Upon the acceptance of an application under section 3 of this chapter, the department shall investigate and consider all of the following: (1) The financial standing and character of the incorporators, organizers, directors, principal shareholders, or controlling corp…

Sec. 4.5. (a) To obtain additional information for the purposes of section 4 of this chapter, the director may require: (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; (2)…

Sec. 5. (a) The department may hold a hearing to determine whether to approve an application filed under section 3 of this chapter. (b) A hearing may not be held until ten (10) days after the date of the publication of the notice required by section 6 of this chapter. (c) If the …

Sec. 6. (a) If a public hearing is held under section 5 of this chapter, the applicant shall give notice of the application by publication one (1) time in a newspaper of general circulation in the city or town in which the applicant proposes to establish the financial institution…

Sec. 7. (a) This section applies only if the department holds a hearing under section 5 of this chapter. (b) At the time and place designated in the notice, any of the following may conduct the hearing: (1) All the members of the department. (2) Any number of the members. (3) The…

Sec. 8. Within a reasonable time after the application is accepted by the department for processing, but not more than one hundred twenty (120) days from the later of: (1) the date on which the application is accepted by the department; or (2) the date on which the hearing is hel…

Sec. 9. (a) The applicants shall pay all expenses incurred by the department in performing its duty under this chapter. (b) At the time of filing the application, the applicants shall deposit with the department the amount of money fixed by the department necessary to defray the …

Sec. 1. (a) If the department approves the application, the department shall write or stamp on the articles of incorporation the following: (1) The words "Approved by the Department of Financial Institutions of the State of Indiana". (2) The date of the approval. (b) The departme…

Sec. 2. If the articles of incorporation are approved by the department, the department shall deliver four (4) copies of the articles of incorporation to the secretary of state for filing, together with the fees that are required. As added by P.L.14-1992, SEC.162.