§ 28-8-4.1-803 — Action by licensee against authorized delegate; jurisdiction; equitable or legal relief; reporting of court order; authorized delegate's knowing failure to remit money held in trust; criminal offense

Indiana § 28-8-4.1-803

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

Text

(a) In an action brought by a licensee
against an authorized delegate, the circuit or superior court of Marion
County shall have jurisdiction to grant appropriate equitable or legal
relief, including:
(1) prohibiting the authorized delegate from directly or indirectly
acting as an authorized delegate for any licensee in Indiana; and
(2) ordering the payment of restitution, damages, or other
monetary relief;
if the court finds that the authorized delegate failed to remit money in
accordance with the written contract required by section 801(b)(2) of
this chapter, or as otherwise directed by the licensee or required by law.
(b) If the court issues an order under subsection (a) prohibiting a
person from acting as an authorized delegate for any licensee, the
licensee that brought the action shall:
(1) report the order to the director not later than thirty (30) days
after the issuance of the order; and
(2) report the order through the NMLS not later than ninety (90)
days after the issuance of the order.
(c) An authorized delegate who:
(1) holds money in trust for the benefit of a licensee; and
(2) knowingly fails to remit any amount of such money;
commits a Class A misdemeanor, if the amount of money described in
subdivision (2) is not more than seven hundred fifty dollars ($750).
(d) An authorized delegate who:
(1) holds money in trust for the benefit of a licensee; and
(2) knowingly fails to remit any amount of such money;
commits a Level 6 felony, if the amount of money described in
subdivision (2) is more than seven hundred fifty dollars ($750) but less
than fifty thousand dollars ($50,000).
(e) An authorized delegate who:
(1) holds money in trust for the benefit of a licensee; and
(2) knowingly fails to remit any amount of such money;
commits a Level 5 felony, if the amount of money described in
subdivision (2) is at least fifty thousand dollars ($50,000).

Legislative History

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