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Indiana Code Title 28. Financial Institutions § 28-8-6-602

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

<Section effective January 1, 2026.>

Sec. 602. (a) A licensee adding or replacing any key individual shall:

(1) provide notice in a manner prescribed by the director not later than fifteen (15) days after the effective date of the key individual's appointment;  and

(2) provide information as required by section 504 of this chapter not later than forty-five (45) days after the effective date of the key individual's appointment.

(b) Not later than ninety (90) days after the date on which a notice provided under subsection (a) is determined by the director to be complete, the department may issue a notice of disapproval of a key individual if the competence, experience, character, or integrity of the individual would not be in the best interests of:

(1) the public;  or

(2) the customers of the licensee;

so as to permit the individual to be a key individual of such licensee.

(c) A notice of disapproval under subsection (b) must contain a statement of the basis for disapproval and shall be sent to the licensee and the disapproved individual.  A licensee that receives a notice of disapproval under subsection (b) may appeal the denial to the department for an administrative review under IC 4-21.5-3.

(d) If a notice provided under subsection (a) is not disapproved within ninety (90) days after the date on which the notice was determined by the director to be complete, the key individual is considered approved.

(e) If a multistate licensing process includes a key individual notice and review and approval process as described in this section, and a licensee avails itself of, or is otherwise subject to, the multistate licensing process:

(1) the director may accept the determination of another state if the investigating state has sufficient staffing, expertise, and minimum standards for the purpose of this section;  or

(2) if Indiana is a lead investigative state, the director may investigate the applicant pursuant to this section and to the time frames established by agreement through the multistate licensing process.

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Cite this article: FindLaw.com - Indiana Code Title 28. Financial Institutions § 28-8-6-602 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-28-financial-institutions/in-code-sect-28-8-6-602/

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