Indiana Code
Chapter 4. Money Transmitters
28-8-4-35. Investigations by Director; Issuance of Licenses; Controlling Persons; Denial of Applications

Sec. 35. (a) The director shall begin an investigation after an application for licensure under this chapter is complete.
(b) The director shall investigate the financial condition and responsibility, financial and business experience, and character and general fitness of:
(1) the applicant and any significant affiliate of the applicant;
(2) each executive officer, director, or manager of the applicant, or any other individual having a similar status or performing a similar function for the applicant; and
(3) if known, each controlling person.
(c) The director may conduct an onsite investigation of the applicant, the reasonable cost of which shall be borne by the applicant.
(d) The director shall issue a license to an applicant authorizing the applicant to engage in the licensed activities in Indiana for a term expiring December 31 of the year in which the license is issued if the director finds that:
(1) the applicant's business will be conducted honestly, fairly, and in a manner commanding the confidence and trust of the community; and
(2) the applicant has fulfilled the requirements imposed by this chapter.
(e) Upon application, the director shall determine whether a particular person qualifies as a controlling person. The director may waive any or all requirements of this chapter pertaining to a controlling person for good cause shown.
(f) If the director finds that:
(1) an applicant does not satisfy the requirements in subsection (d); or
(2) an application was submitted for the benefit of, or on behalf of, a person who does not qualify for a license;
the director may deny the application. The director must set forth the reasons for the denial in writing and send a copy of the reasons to the applicant.
As added by P.L.42-1993, SEC.85. Amended by P.L.10-2006, SEC.57 and P.L.57-2006, SEC.57; P.L.90-2008, SEC.58; P.L.216-2013, SEC.59.

Structure Indiana Code