§ 24-4.5-3-503.6 — License renewal; revocation or suspension of license not renewed; reinstatement or appeal; correcting amendments

Indiana § 24-4.5-3-503.6

• Jurisdiction: Indiana
• Art. 4.5: UNIFORM CONSUMER CREDIT CODE
• Ch. 3: Loans

Text

6. (1) A license issued under this article
must be renewed not later than December 31 of each calendar year. A
license issued under section 502.1 of this chapter must be renewed
through the NMLSR. The minimum standards for license renewal for
a creditor include the following:
(a) If the creditor is licensed in accordance with section 502 of
this chapter, the creditor has:
(i) paid all required fees for renewal of the license; and
(ii) filed all reports and information required by the director.
(b) If the creditor is licensed under section 502.1 of this chapter,
the following:
(i) The creditor has continued to meet the surety bond
requirement under section 503.3 of this chapter.
(ii) The creditor has filed the creditor's call report in a manner
that satisfies section 505(4) of this chapter.
(iii) The creditor has paid all required fees for renewal of the
license.
(iv) The creditor and individuals described in section 503(2) of
this chapter have certified to the department that they continue
to meet all the standards for licensing established under section
503 of this chapter.
(v) The creditor has filed all reports and information required
by the director.
(vi) The creditor has provided in the creditor's renewal
application any information describing material changes in the
information contained in the creditor's original application for
licensure, or in any previous application, including any
previous renewal application, along with any other information
the director requires in order to evaluate the renewal of the
license issued under this article.
(2) A license issued by the department authorizing a person to
engage as a creditor in consumer loans or consumer credit sales under
this article may be revoked or suspended by the department if the
person fails to:
(a) file any renewal form required by the department; or
(b) pay any license renewal fee described under section 503(8)(c)
of this chapter;
not later than sixty (60) days after the due date.
(3) A person whose license is revoked or suspended under this
section may do either of the following:
(a) Pay all delinquent fees and apply for reinstatement of the
license.
(b) Appeal the revocation or suspension to the department for an
administrative review under IC 4-21.5-3.
Pending the decision from a hearing under IC 4-21.5-3 concerning
license revocation or suspension, a license remains in force.
(4) If, at any time, the information or record contained in:
(a) an original application for licensure filed under section 502 or
502.1 of this chapter; or
(b) a renewal application filed under this section;
is or becomes inaccurate or incomplete in a material respect, the
applicant shall promptly file a correcting amendment with the
department.

Legislative History

As added by P.L.35-2010, SEC.58. Amended by P.L.89-2011, SEC.18; P.L.27-2012, SEC.21.