Sec. 5. No bank or trust company subject to examination by the department may cause to be performed, by contract or otherwise, any bank services for itself, either on or off its premises, until such time as assurances are furnished to the department by the bank or trust company and the bank service corporation performing such bank services that the performance thereof will be subject to regulation and examination by the department to the same extent as if such bank services were being performed by the bank or trust company on its own premises. Formerly: Acts 1963, c.359, s.5. IC 28-8-2 Chapter 2. Repealed IC 28-8-3 Chapter 3. Repealed IC 28-8-4 Chapter 4. Repealed IC 28-8-4.1 Chapter 4.1. Money Transmission Modernization Act 28-8-4.1-101 Citation as Money Transmission Modernization Act 28-8-4.1-102 Purposes and policies 28-8-4.1-201 Definitions; applicability 28-8-4.1-301 Exempt persons 28-8-4.1-302 Person claiming exemption; director's authority to require information and documentation 28-8-4.1-401 Authority of director of department of financial institutions; authority of department 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 28-8-4.1-403 Director's authority to conduct examinations and investigations; access to records; costs of examination; persons operating without a license 28-8-4.1-404 Director's authority to participate in multistate supervisory processes; authority to take independent action not waived 28-8-4.1-405 Federal law governing money transmission; state law preempted to extent of inconsistency; director's authority to provide interpretive guidance 28-8-4.1-406 Outside vendor providing services to licensee; department's authority to examine; expense of examination; refusal to permit examination 28-8-4.1-501 Engaging in the business of money transmission; license required; exceptions; license not transferrable or assignable 28-8-4.1-502 Multistate licensing processes and nationwide protocols for licensing; director's authority to use the NMLS 28-8-4.1-503 Application for license; contents; applications by business entities; required fees; director's authority to waive or substitute requirements 28-8-4.1-504 Required information for individuals; investigative background reports; director's authority to waive or substitute requirements 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 28-8-4.1-506 Annual license renewal; fee; term of renewal; renewal report; director's use of the NMLS 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 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 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 28-8-4.1-701 Quarterly report of conditions; contents 28-8-4.1-702 Annual audited financial statement; accountant's certificate of opinion 28-8-4.1-703 Quarterly report of authorized delegates; contents 28-8-4.1-704 Civil and criminal proceedings; licensee's notice to director 28-8-4.1-705 Duty to comply with federal and state reporting requirements pertaining to money laundering 28-8-4.1-706 Record keeping; required information; retention 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 28-8-4.1-802 Money transmission on behalf of unlicensed or nonexempt person prohibited; joint and several liability 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 28-8-4.1-901 Licensee's duty to forward money received for transmission; exception 28-8-4.1-902 Duty to refund money received for transmission; exceptions 28-8-4.1-903 Receipts for money received for transmission; form; required information 28-8-4.1-1001 Duty to maintain tangible net worth; amount; director's authority to exempt applicant or licensee 28-8-4.1-1002 Surety bond; amount of required security 28-8-4.1-1003 Permissible investments; statutory trust 28-8-4.1-1004 Enumeration of permissible investments; letter of credit naming department as beneficiary; enumeration of permissible investments subject to limitations 28-8-4.1-1005 Policy of insurance against loss by criminal act or act of dishonesty; required sum 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 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 28-8-4.1-1103 Failure to renew license; revocation or suspension of license; reinstatement; right to appeal 28-8-4.1-1104 Applicability of law governing administrative orders and procedures; venue 28-8-4.1-1105 Violations; department's authority to impose civil penalty; amount 28-8-4.1-1106 Violations; director's authority to compromise, settle, and collect civil penalties 28-8-4.1-1107 Violations; director's authority to apply for injunctive relief 28-8-4.1-1108 Consent order; not an admission or finding of violation 28-8-4.1-1109 Material, false statements, or omissions in documents; failure to file required documents; criminal offense 28-8-4.1-1110 Applicability of rulemaking statute; notice to licensees and license applicants 28-8-4.1-1201 Applying and construing law; consideration of uniformity of law among enacting states 28-8-4.1-1202 Severability of provisions 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 28-8-4.1-1204 Corporations and limited liability companies as licensees; good standing in state of incorporation 28-8-4.1-1205 Person on tax warrant list; issuance or renewal of license prohibited; notice of release of warrant 28-8-4.1-1206 Administration by division of consumer credit
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