IC 28-8-4.1 – Money Transmission Modernization Act | Midpage

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Indiana Code

Chapter 4.1

IC 28-8-4.1

Money Transmission Modernization Act

101Citation as Money Transmission Modernization Act 102Purposes and policies 201Definitions; applicability 301Exempt persons 302Person claiming exemption; director's authority to require information and documentation 401Authority of director of department of financial institutions; authority of department 402Confidential 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 informati 403Director's authority to conduct examinations and investigations; access to records; costs of examination; persons operating without a license 404Director's authority to participate in multistate supervisory processes; authority to take independent action not waived 405Federal law governing money transmission; state law preempted to extent of inconsistency; director's authority to provide interpretive guidance 406Outside vendor providing services to licensee; department's authority to examine; expense of examination; refusal to permit examination 501Engaging in the business of money transmission; license required; exceptions; license not transferrable or assignable 502Multistate licensing processes and nationwide protocols for licensing; director's authority to use the NMLS 503Application for license; contents; applications by business entities; required fees; director's authority to waive or substitute requirements 504Required information for individuals; investigative background reports; director's authority to waive or substitute requirements 505Department's approval or denial of application; time frame; conditions for approval; applicant subject to multistate licensing process; written notice of denial; term of license 506Annual license renewal; fee; term of renewal; renewal report; director's use of the NMLS 507Department's authority to suspend or revoke license; obligation to meet tangible net worth, surety bond, and permissible investment requirements 601Acquiring 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; exe 602Adding or replacing key individual; notice to department; department's authority to disapprove; time frames; licensee subject to multistate licensing process 701Quarterly report of conditions; contents 702Annual audited financial statement; accountant's certificate of opinion 703Quarterly report of authorized delegates; contents 704Civil and criminal proceedings; licensee's notice to director 705Duty to comply with federal and state reporting requirements pertaining to money laundering 706Record keeping; required information; retention 801Authorized delegate; required contract; contents; notice of action taken against license; money held in trust for benefit of licensee; subdelegates prohibited 802Money transmission on behalf of unlicensed or nonexempt person prohibited; joint and several liability 803Action 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 offens 901Licensee's duty to forward money received for transmission; exception 902Duty to refund money received for transmission; exceptions 903Receipts for money received for transmission; form; required information 1001Duty to maintain tangible net worth; amount; director's authority to exempt applicant or licensee 1002Surety bond; amount of required security 1003Permissible investments; statutory trust 1004Enumeration of permissible investments; letter of credit naming department as beneficiary; enumeration of permissible investments subject to limitations 1005Policy of insurance against loss by criminal act or act of dishonesty; required sum 1101Revocation 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 1102Prohibition against designating current authorized delegate; order to show cause; findings by the department; entry of order; relinquishment of designation as authorized agent; existing contractual 1103Failure to renew license; revocation or suspension of license; reinstatement; right to appeal 1104Applicability of law governing administrative orders and procedures; venue 1105Violations; department's authority to impose civil penalty; amount 1106Violations; director's authority to compromise, settle, and collect civil penalties 1107Violations; director's authority to apply for injunctive relief 1108Consent order; not an admission or finding of violation 1109Material, false statements, or omissions in documents; failure to file required documents; criminal offense 1110Applicability of rulemaking statute; notice to licensees and license applicants 1201Applying and construing law; consideration of uniformity of law among enacting states 1202Severability of provisions 1203Persons licensed to engage in money transmission before January 1, 2024; amendment of authorized delegate contracts; authorized delegate's duty to comply 1204Corporations and limited liability companies as licensees; good standing in state of incorporation 1205Person on tax warrant list; issuance or renewal of license prohibited; notice of release of warrant 1206Administration by division of consumer credit