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2024 Indiana Code
Title 28. Financial Institutions
Article 8. Financial Services
Chapter 4.1. Money Transmission Modernization Act
28-8-4.1-1002. Surety Bond; Amount of Required Security

Universal Citation:
IN Code § 28-8-4.1-1002 (2024)
Learn more This media-neutral citation is based on the American Association of Law Libraries Universal Citation Guide and is not necessarily the official citation.
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Sec. 1002. (a) An applicant for a money transmission license must provide, and a licensee at all times must maintain, security consisting of a surety bond in a form satisfactory to the director.

(b) Subject to subsections (c) and (d), the amount of the required security under this section is the greater of:

(1) three hundred thousand dollars ($300,000); or

(2) an amount equal to the licensee's average daily money transmission liability in Indiana calculated for the most recently completed calendar quarter, up to a maximum of five hundred thousand dollars ($500,000).

(c) A licensee that maintains a bond in the maximum amount of five hundred thousand dollars ($500,000) set forth in subsection (b)(2) is not required to calculate the licensee's average daily money transmission liability in Indiana for purposes of this section.

(d) A licensee may exceed the maximum required bond amount pursuant to section 1004(a)(5) of this chapter.

As added by P.L.198-2023, SEC.4.

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