Indiana § 28-8-4.1-1001 Duty to maintain tangible net worth; amount; director's authority to
exempt applicant or licensee

Indiana Statutes

§ 28-8-4.1-1001 — Duty to maintain tangible net worth; amount; director's authority to exempt applicant or licensee

Indiana § 28-8-4.1-1001

Art. 8FINANCIAL SERVICES

Ch. 4.1Money Transmission Modernization Act

This text of Indiana § 28-8-4.1-1001 (Duty to maintain tangible net worth; amount; director's authority to exempt applicant or licensee) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 28-8-4.1-1001 (2026).

Text

(a)A licensee under this chapter shall maintain at all times a tangible net worth of at least the greater of:

(1)one hundred thousand dollars ($100,000); or

(2)the total of the following:

(A)Three percent (3%) of the first one hundred million dollars ($100,000,000) of the licensee's total assets.

(B)Two percent (2%) of additional assets that are greater than one hundred million dollars ($100,000,000) but not greater than one billion dollars ($1,000,000,000).

(C)One-half of one percent (0.5%) of additional assets that are greater than one billion dollars ($1,000,000,000).

(b)Tangible net worth must be demonstrated at the time of an initial application for licensure by means of the applicant's most recent audited or unaudited financial statements under section 503(b)(6) of this chapte

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(a) A licensee under this chapter shall
maintain at all times a tangible net worth of at least the greater of:
(1) one hundred thousand dollars ($100,000); or
(2) the total of the following:
(A) Three percent (3%) of the first one hundred million dollars
($100,000,000) of the licensee's total assets.
(B) Two percent (2%) of additional assets that are greater than
one hundred million dollars ($100,000,000) but not greater than
one billion dollars ($1,000,000,000).
(C) One-half of one percent (0.5%) of additional assets that are
greater than one billion dollars ($1,000,000,000).
(b) Tangible net worth must be demonstrated at the time of an initial
application for licensure by means of the applicant's most recent
audited or unaudited financial statements under section 503(b)(6) of
this chapter, as applicable.
(c) Notwithstanding subsections (a) and (b), the director may, for
good cause shown, exempt, in whole or in part, any applicant or
licensee from the requirements of this section.