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Indiana Code Title 28. Financial Institutions § 28-8-6-503

Current as of January 02, 2024 | Updated by Findlaw Staff

<Section effective January 1, 2026.>

Sec. 503. (a) The department shall receive and act on all applications for licenses to offer or provide earned wage access services.  Applications must be made as prescribed by the director.  If, at any time, the information or record contained in:

(1) an application filed under this section;  or

(2) a renewal application filed under section 506 of this chapter;

is or becomes inaccurate or incomplete in a material respect, the applicant shall promptly file a correcting amendment with the department.

(b) A license may not be issued unless the department finds that the professional training and experience, financial responsibility, character, and fitness of:

(1) 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 person directly or indirectly owning of record or owning beneficially at least ten percent (10%) of the outstanding shares of any class of equity security of the applicant;

are such as to warrant belief that the business will be operated honestly and fairly.

(c) The director is entitled to request evidence of compliance with this section at:

(1) the time of application;

(2) the time of renewal of a license;  or

(3) any other time considered necessary by the director.

(d) Evidence of compliance with this section must include:

(1) criminal background checks, as described in section 504 of this chapter, including a national criminal history background check (as defined in IC 10-13-3-12) by the Federal Bureau of Investigation, for any individual described in subsection (b);

(2) credit histories as described in section 504 of this chapter;

(3) surety bond requirements as described in section 505 of this chapter;

(4) a review of licensure actions in Indiana and in other states;  and

(5) other background checks considered necessary by the director.

(e) For purposes of this section and in order to reduce the points of contact that the director has to maintain under this section, the director may use the NMLSR as a channeling agent for requesting and distributing information to and from any source as directed by the director.

(f) The department may deny an application under this section if the director of the department determines that the application was submitted for the benefit of, or on behalf of, a person who does not qualify for a license.

(g) Upon written request, an applicant is entitled to a hearing, in the manner provided in IC 4-21.5, on the question of the qualifications of the applicant for a license.

(h) An applicant shall pay the following fees at the time designated by the department:

(1) An initial license fee as established by the department under IC 28-11-3-5, which shall not exceed two thousand five hundred dollars ($2,500).  Until the department establishes an initial license fee under IC 28-11-3-5, the initial license fee shall be one thousand five hundred dollars ($1,500).

(2) Examination fees as established by the department under IC 28-11-3-5, which shall not exceed one hundred dollars ($100) per hour.  Until the department establishes an examination fee schedule under IC 28-11-3-5 that is applicable to an applicant under this chapter, the examination fee schedule shall be the fee schedule applicable to persons licensed under IC 24-4.5-7.

(3) An annual renewal fee as established by the department under IC 28-11-3-5, which shall not exceed two thousand five hundred dollars ($2,500).  Until the department establishes an annual renewal fee under IC 28-11-3-5, the annual renewal fee shall be one thousand five hundred dollars ($1,500).

(i) A fee as established by the department under IC 28-11-3-5 may be charged for each day a fee under subsection (h)(2) or (h)(3) is delinquent.  The fee described in this subsection shall not exceed fifty dollars ($50) per day.

(j) Except in a transaction approved under section 601 of this chapter, a license issued under this section is not assignable or transferable.

(k) If the department of state revenue notifies the department that a person is on the most recent tax warrant list, the department shall not issue or renew the person's license until:

(1) the person provides to the department a statement from the department of state revenue that the person's tax warrant has been satisfied;  or

(2) the department receives a notice from the commissioner of the department of state revenue under IC 6-8.1-8-2(k).

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Cite this article: FindLaw.com - Indiana Code Title 28. Financial Institutions § 28-8-6-503 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-28-financial-institutions/in-code-sect-28-8-6-503/

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