(a)Subject to subsection (b), when an
application for an original license under this chapter appears to include
all the items, and to address all the matters, that are required for an
application under this chapter, as determined by the director, the
application is considered complete, and the director shall promptly
notify the applicant, in a record, of the date on which the application is
determined to be complete, and:
(1)the department shall approve or deny the application not later
than one hundred twenty (120) days after the completion date, as
determined in accordance with this subsection; or
(2)if the application is not approved or denied not later than one
hundred twenty (120) days after the completion date:
(A)the application is considered approved; and
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(a) Subject to subsection (b), when an
application for an original license under this chapter appears to include
all the items, and to address all the matters, that are required for an
application under this chapter, as determined by the director, the
application is considered complete, and the director shall promptly
notify the applicant, in a record, of the date on which the application is
determined to be complete, and:
(1) the department shall approve or deny the application not later
than one hundred twenty (120) days after the completion date, as
determined in accordance with this subsection; or
(2) if the application is not approved or denied not later than one
hundred twenty (120) days after the completion date:
(A) the application is considered approved; and
(B) the license takes effect as of the first business day after
expiration of the one hundred twenty (120) day period.
However, the director may for good cause extend the one hundred
twenty (120) day period described in this subsection.
(b) A determination by the director that an application is complete
and is accepted for processing means only that the application, on its
face, appears to:
(1) include all of the items, including the criminal background
check response from the Federal Bureau of Investigations; and
(2) address all of the matters;
that are required for an application for an original license under this
chapter, and is not an assessment of the substance of the application or
of the sufficiency of the information provided.
(c) When an application is filed and considered complete under this
section, the director shall investigate the applicant's financial condition
and responsibility, financial and business experience, character, and
general fitness. The director may conduct an onsite investigation of the
applicant, the reasonable cost of which the applicant shall pay. The
department shall issue a license to an applicant under this section if the
department finds that all of the following conditions have been met:
(1) The applicant has complied with sections 503 and 504 of this
chapter.
(2) Both the:
(A) financial condition and responsibility, financial and
business experience, competence, character, and general fitness
of the applicant; and
(B) competence, experience, character, and general fitness of
the key individuals with respect to, and persons in control of,
the applicant;
indicate that it is in the interest of the public to permit the
applicant to engage in money transmission.
(d) If an applicant avails itself or is otherwise subject to a multistate
licensing process:
(1) the director may accept the investigation results of a lead
investigative state for the purpose of subsection (c), if the lead
investigative state has sufficient staffing, expertise, and minimum
standards; or
(2) if Indiana is a lead investigative state, the director may
investigate the applicant pursuant to subsection (c) and to the
timeframes established by agreement through the multistate
licensing process, as long as the time frames established comply
with the time frame set forth subsection (a)(1) for the approval or
denial of the application.
(e) The department shall issue a formal written notice of the denial
of a license application not later than thirty (30) days after the decision
to deny the application. The department shall set forth in the notice of
denial the specific reasons for the denial of the application. An
applicant whose application is denied by the department under this
subsection may appeal the denial to the department for an
administrative review under IC 4-21.5-3.
(f) The initial license term begins on the day the application is
approved. The license expires on December 31 of the year in which the
license term begins, unless the initial license date is between
November 1 and December 31, in which case the initial license term
runs through December 31 of the following year.