Indiana § 28-8-4.1-1002 Surety bond; amount of required security

Indiana Statutes

§ 28-8-4.1-1002 — Surety bond; amount of required security

Indiana § 28-8-4.1-1002

Art. 8FINANCIAL SERVICES

Ch. 4.1Money Transmission Modernization Act

This text of Indiana § 28-8-4.1-1002 (Surety bond; amount of required security) 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 § 28-8-4.1-1002 (2026).

Text

(a)An applicant for a money transmission license must provide, and a licensee at all times must maintain, security consisting of a surety bond in a form satisfactory to the director.

(b)Subject to subsections (c) and (d), the amount of the required security under this section is the greater of:

(1)three hundred thousand dollars ($300,000); or

(2)an amount equal to the licensee's average daily money transmission liability in Indiana calculated for the most recently completed calendar quarter, up to a maximum of five hundred thousand dollars ($500,000).

(c)A licensee that maintains a bond in the maximum amount of five hundred thousand dollars ($500,000) set forth in subsection (b)(2) is not required to calculate the licensee's average daily money transmission liability in Indiana for pu

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(a) An applicant for a money
transmission license must provide, and a licensee at all times must
maintain, security consisting of a surety bond in a form satisfactory to
the director.
(b) Subject to subsections (c) and (d), the amount of the required
security under this section is the greater of:
(1) three hundred thousand dollars ($300,000); or
(2) an amount equal to the licensee's average daily money
transmission liability in Indiana calculated for the most recently
completed calendar quarter, up to a maximum of five hundred
thousand dollars ($500,000).
(c) A licensee that maintains a bond in the maximum amount of five
hundred thousand dollars ($500,000) set forth in subsection (b)(2) is
not required to calculate the licensee's average daily money
transmission liability in Indiana for purposes of this section.
(d) A licensee may exceed the maximum required bond amount
pursuant to section 1004(a)(5) of this chapter.