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Indiana Statutes, Title 28

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Indiana/Statutes

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Title 28, FINANCIAL INSTITUTIONS

149 chapters · 1,498 sections in this title.

All chapters in Title 281,498 Ch 1, Definitions and Application of Article178 Ch 5, Banks, Trust Companies, and Building…137 Ch 2, Powers and Duties of the Department104 Ch 6, Effective Date of Incorporation80 Ch 3, Reporting of Reportable Cyber Incidents75 Ch 7, Merger and Consolidation of Banks, T…71 Ch 13, Loans and Investments of Banks and T…61 Ch 4.1, Money Transmission Modernization Act53 Ch 11, Powers of Banks and Trust Companies51 Ch 9, Voluntary Dissolution of Banks, Trus…47 Ch 14, Amendment of Articles of Incorporation47 Ch 18, Interstate Bank Branching44 Ch 4, Enforcement Powers of the Department43 Ch 10, Emergency Bylaws40

1,498 sections·Filtered byTitle 28✕

Ind. Code § 28-8-4.1-101 Citation as Money Transmission Modernization Act
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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.
Ind. Code § 28-8-4.1-102 Purposes and policies
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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 super…
Ind. Code § 28-8-4.1-1101 Revocation or suspension of license; order to show cause; findings by the department; entry of order; relinquishment of license; existing contractual obligations; emergency or temporary order
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Sec. 1101. (a) The director 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 department. (b) An order issued under subsection (a) must: (1) include: (A) a statement of the place, date, and …
Ind. Code § 28-8-4.1-1102 Prohibition against designating current authorized delegate; order to show cause; findings by the department; entry of order; relinquishment of designation as authorized agent; existing contractual obligations; emergency or temporary order

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Sec. 1102. (a) The director may issue to a licensee an order to show cause why the licensee should not be prohibited from designating a current authorized delegate of the licensee as an authorized delegate, or from having the licensee's ability to designate a current authorized d…

Ind. Code § 28-8-4.1-1103 Failure to renew license; revocation or suspension of license; reinstatement; right to appeal

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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; n…

Ind. Code § 28-8-4.1-1104 Applicability of law governing administrative orders and procedures; venue

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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…

Ind. Code § 28-8-4.1-1105 Violations; department's authority to impose civil penalty;

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amount 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 g…

Ind. Code § 28-8-4.1-1106 Violations; director's authority to compromise, settle, and collect civil penalties

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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…

Ind. Code § 28-8-4.1-1107 Violations; director's authority to apply for injunctive relief

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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 conti…

Ind. Code § 28-8-4.1-1108 Consent order; not an admission or finding of violation

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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 te…

Ind. Code § 28-8-4.1-1109 Material, false statements, or omissions in documents; failure to file required documents; criminal offense

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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 requ…

Ind. Code § 28-8-4.1-1110 Applicability of rulemaking statute; notice to licensees and license applicants

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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 rul…

Ind. Code § 28-8-4.1-1201 Applying and construing law; consideration of uniformity of law among enacting states

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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.

Ind. Code § 28-8-4.1-1202 Severability of provisions

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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.

Ind. Code § 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

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Sec. 1203. (a) A person licensed in Indiana to engage in the business of money transmission under IC 28-8-4 (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 28-8-4 (bef…

Ind. Code § 28-8-4.1-1204 Corporations and limited liability companies as licensees; good standing in state of incorporation

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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.

Ind. Code § 28-8-4.1-1205 Person on tax warrant list; issuance or renewal of license prohibited; notice of release of warrant

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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 reven…

Ind. Code § 28-8-4.1-1206 Administration by division of consumer credit

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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.

Ind. Code § 28-8-4.1-201 Definitions; applicability

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Sec. 201. The following definitions apply throughout this chapter: (1) "Acting in concert" means persons knowingly acting together with a common goal of jointly acquiring control of a licensee whether or not pursuant to an express agreement. (2) "Authorized delegate" means a pers…

Ind. Code § 28-8-4.1-301 Exempt persons

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Sec. 301. This chapter does not apply to the following: (1) An operator of a payment system, to the extent that the operator provides processing, clearing, or settlement services, between or among licensees or persons exempt under this section, in connection with wire transfers, …

Ind. Code § 28-8-4.1-302 Person claiming exemption; director's authority to require information and documentation

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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.

Ind. Code § 28-8-4.1-401 Authority of director of department of financial institutions; authority of department

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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 regula…

Ind. Code § 28-8-4.1-402 Confidential information; reporting violations and complaints to the NMLS; director's authority to use the NMLS; information or material subject to privilege or confidentiality; release of information

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Sec. 402. (a) Except as provided in subsection (b), the following are confidential: (1) All information or reports obtained by the department from an applicant, licensee, or authorized delegate. (2) All information contained in or related to an examination, investigation, operati…

Ind. Code § 28-8-4.1-403 Director's authority to conduct examinations and investigations; access to records; costs of examination; persons operating without a license

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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 admin…

Ind. Code § 28-8-4.1-404 Director's authority to participate in multistate supervisory processes; authority to take independent action not waived

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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 Mo…

Ind. Code § 28-8-4.1-405 Federal law governing money transmission; state law preempted to extent of inconsistency; director's authority to provide interpretive guidance

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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 inconsis…

Ind. Code § 28-8-4.1-406 Outside vendor providing services to licensee; department's authority to examine; expense of examination; refusal to permit examination

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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 reques…

Ind. Code § 28-8-4.1-501 Engaging in the business of money transmission; license required; exceptions; license not transferrable or assignable

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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 au…

Ind. Code § 28-8-4.1-502 Multistate licensing processes and nationwide protocols for licensing; director's authority to use the NMLS

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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 chapt…

Ind. Code § 28-8-4.1-503 Application for license; contents; applications by business entities; required fees; director's authority to waive or substitute requirements

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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…

Ind. Code § 28-8-4.1-504 Required information for individuals; investigative background reports; director's authority to waive or substitute requirements

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Sec. 504. (a) An individual in control of a licensee or an applicant, an individual who seeks to acquire control of a licensee, and each key individual with respect to a licensee or an applicant shall furnish to the department through the NMLS the following items: (1) The individ…

Ind. Code § 28-8-4.1-505 Department's approval or denial of application; time frame; conditions for approval; applicant subject to multistate licensing process; written notice of denial; term of license

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Sec. 505. (a) Subject to subsection (b), when an application for an original license under this chapter appears to include all the items, and to address all the matters, that are required for an application under this chapter, as determined by the director, the application is con…

Ind. Code § 28-8-4.1-506 Annual license renewal; fee; term of renewal; renewal report; director's use of the NMLS

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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 y…

Ind. Code § 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

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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 …

Ind. Code § 28-8-4.1-601 Acquiring control of licensee; application to department; time frame for approval or denial; conditions for approval; applicant subject to multistate licensing process; written notice of denial; exempt persons and transactions; advance determination of control status

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Sec. 601. (a) Any person, or group of persons acting in concert, seeking to acquire control of a licensee shall obtain the written approval of the department before acquiring control. An individual: (1) is not considered to acquire control of a licensee; and (2) is not subject to…

Ind. Code § 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

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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 o…

Ind. Code § 28-8-4.1-701 Quarterly report of conditions; contents

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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) Financia…

Ind. Code § 28-8-4.1-702 Annual audited financial statement; accountant's certificate of opinion

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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, p…

Ind. Code § 28-8-4.1-703 Quarterly report of authorized delegates; contents

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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…

Ind. Code § 28-8-4.1-704 Civil and criminal proceedings; licensee's notice to director

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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…

Ind. Code § 28-8-4.1-705 Duty to comply with federal and state reporting requirements pertaining to money laundering

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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 …

Ind. Code § 28-8-4.1-706 Record keeping; required information; retention

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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…

Ind. Code § 28-8-4.1-801 Authorized delegate; required contract; contents; notice of action taken against license; money held in trust for benefit of licensee; subdelegates prohibited

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Sec. 801. (a) As used in this section, "remit" means to: (1) make direct payments of money to a licensee or its representative authorized to receive money; or (2) deposit money in a bank in an account specified by the licensee. (b) Before conducting business through an authorized…

Ind. Code § 28-8-4.1-802 Money transmission on behalf of unlicensed or nonexempt person prohibited; joint and several liability

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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 …

Ind. Code § 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

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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 a…

Ind. Code § 28-8-4.1-901 Licensee's duty to forward money received for transmission; exception

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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;…

Ind. Code § 28-8-4.1-902 Duty to refund money received for transmission; exceptions

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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 proc…

Ind. Code § 28-8-4.1-903 Receipts for money received for transmission; form; required information

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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)…

Ind. Code § 28-1-7.1-1 "Depository financial institution"

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Sec. 1. As used in this chapter, "depository financial institution" has the meaning set forth in IC 28-1-1-6, but does not include a credit union. As added by P.L.89-2011, SEC.33.

Ind. Code § 28-1-7.1-10 Denial of application; findings by director

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Sec. 10. The director may not approve an application to engage in a voluntary supervisory conversion if the director makes any of the following findings: (1) That the depository financial institution does not meet the eligibility requirements for a voluntary supervisory conversio…