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.
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