Indiana § 28-8-4.1-602 Adding or replacing key individual; notice to department; department's
authority to disapprove; time frames; licensee subject to multistate
licensing process

Indiana Statutes

§ 28-8-4.1-602 — Adding or replacing key individual; notice to department; department's authority to disapprove; time frames; licensee subject to multistate licensing process

Indiana § 28-8-4.1-602

Art. 8FINANCIAL SERVICES

Ch. 4.1Money Transmission Modernization Act

This text of Indiana § 28-8-4.1-602 (Adding or replacing key individual; notice to department; department's authority to disapprove; time frames; licensee subject to multistate licensing process) 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 § 28-8-4.1-602 (2026).

Text

(a)A licensee adding or replacing any key individual shall:

(1)provide notice in a manner prescribed by the director not later than fifteen (15) days after the effective date of the key individual's appointment; and

(2)provide information as required by section 504 of this chapter not later than forty-five (45) days after the effective date.

(b)Not later than ninety (90) days after the date on which a notice provided under subsection (a) is determined by the director to be complete, the department may issue a notice of disapproval of a key individual if the competence, experience, character, or integrity of the individual would not be in the best interests of:

(1)the public; or

(2)the customers of the licensee; so as to permit the individual to be a key individual of such licensee. (

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(a) A licensee adding or replacing any
key individual shall:
(1) provide notice in a manner prescribed by the director not later
than fifteen (15) days after the effective date of the key
individual's appointment; and
(2) provide information as required by section 504 of this chapter
not later than forty-five (45) days after the effective date.
(b) Not later than ninety (90) days after the date on which a notice
provided under subsection (a) is determined by the director to be
complete, the department may issue a notice of disapproval of a key
individual if the competence, experience, character, or integrity of the
individual would not be in the best interests of:
(1) the public; or
(2) the customers of the licensee;
so as to permit the individual to be a key individual of such licensee.
(c) A notice of disapproval under subsection (b) must contain a
statement of the basis for disapproval and shall be sent to the licensee
and the disapproved individual. A licensee that receives a notice of
disapproval under subsection (b) may appeal the denial to the
department for an administrative review under IC 4-21.5-3.
(d) If a notice provided under subsection (a) is not disapproved
within ninety (90) days after the date on which the notice was
determined by the director to be complete, the key individual is
considered approved.
(e) If a multistate licensing process includes a key individual notice
and review and approval process as described in this section, and a
licensee avails itself or is otherwise subject to the multistate licensing
process:
(1) the director may accept the determination of another state if
the investigating state has sufficient staffing, expertise, and
minimum standards for the purpose of this section; or
(2) if Indiana is a lead investigative state, the director may
investigate the applicant pursuant to this section and to the time
frames established by agreement through the multistate licensing
process.