§ 28-8-4.1-504 — Required information for individuals; investigative background reports; director's authority to waive or substitute requirements

Indiana § 28-8-4.1-504

• Jurisdiction: Indiana
• Art. 8: FINANCIAL SERVICES
• Ch. 4.1: Money Transmission Modernization Act

Text

(a) An individual in control of a licensee
or an applicant, an individual who seeks to acquire control of a
licensee, and each key individual with respect to a licensee or an
applicant shall furnish to the department through the NMLS the
following items:
(1) The individual's fingerprints for submission to the Federal
Bureau of Investigation and the department for purposes of a
national criminal history background check unless the person
currently resides outside the United States and has resided outside
the United States for the last ten (10) years.
(2) Personal history and experience, in a form and by a medium
prescribed by the director, including the following:
(A) An independent credit report from a consumer reporting
agency unless the individual does not have a Social Security
number, in which case a credit report is not required.
(B) Information related to any criminal convictions with respect
to, or pending charges against, the individual.
(C) Information related to any:
(i) regulatory or administrative action; or
(ii) civil litigation;
involving claims of fraud, misrepresentation, conversion,
mismanagement of funds, breach of fiduciary duty, or breach of
contract.
(b) If an individual described in subsection (a) has resided outside
the United States at any time in the last ten (10) years, the individual
shall also provide an investigative background report prepared by an
independent search firm that meets the following requirements:
(1) At a minimum, the search firm shall:
(A) demonstrate that it has sufficient knowledge and resources,
and employs accepted and reasonable methodologies, to
conduct the research for the background report; and
(B) not be affiliated with, or have an interest with respect to, the
individual it is researching.
(2) The investigative background report must be written in the
English language and must, at a minimum, contain the following
information with respect to the individual during the ten (10)
years covered by the investigative background report:
(A) If available in the individual's current jurisdiction of
residency, a comprehensive credit report, or any equivalent
information obtained or generated by the independent search
firm to produce such a report, including a search of court data
in the countries, provinces, states, cities, towns, and contiguous
areas, as applicable, in which the individual resided and
worked.
(B) Criminal records information, including convictions for
felonies or misdemeanors, or similar convictions for violations
of law, in the countries, provinces, states, cities, towns, and
contiguous areas, as applicable, in which the individual resided
and worked.
(C) Employment history.
(D) Media history, including an electronic search of national
and local publications, wire services, and business applications.
(E) Regulatory history in the financial services industry,
including money transmission, securities, banking, insurance,
and mortgage related industries.
(c) The director may:
(1) waive one (1) or more requirements set forth in subsection (a)
or (b); or
(2) permit an applicant to submit other information instead of one
(1) or more of the requirements set forth in subsection (a) or (b).

Legislative History

As added by P.L.198-2023, SEC.4.