§ 28-8-4.1-704 — Civil and criminal proceedings; licensee's notice to director

Indiana § 28-8-4.1-704

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

Text

(a) A licensee shall file a report with the
director not later than one (1) business day after the licensee has reason
to know of the occurrence of any of the following events:
(1) The filing of a petition by or against the licensee under the
federal Bankruptcy Code (11 U.S.C. 101-110) for bankruptcy or
reorganization.
(2) The filing of a petition by or against the licensee for
receivership, the commencement of any other judicial or
administrative proceeding for its dissolution or reorganization, or
the making of a general assignment for the benefit of its creditors.
(3) The commencement of a proceeding to revoke or suspend the
licensee's license in a state or country in which the licensee
engages in business or is licensed.
(b) A licensee shall file a report with the director not later than three
(3) business days after the licensee has reason to know of the
occurrence of any of the following events:
(1) A charge or conviction of:
(A) the licensee;
(B) a key individual with respect to the licensee; or
(C) a person in control of the licensee;
for a felony.
(2) A charge or conviction of an authorized delegate for a felony.

Legislative History

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