§ 28-8-5-19 — Examination of books, accounts, and records; fees; department's investigatory and enforcement authority; examination of vendors

Indiana § 28-8-5-19

• Jurisdiction: Indiana
• Art. 8: FINANCIAL SERVICES
• Ch. 5: Cashing Checks

Text

(a) The department may examine the books,
accounts, and records of a licensee and may make investigations to
determine compliance.
(b) If the department examines the books, accounts, and records of
a licensee, the licensee shall pay all reasonably incurred costs of the
examination in accordance with the fee schedule adopted under IC 28-11-3-5. Any costs required to be paid under this section shall be
paid not later than sixty (60) days after the person receives a notice
from the department of the costs being assessed. The department may
impose a fee, in an amount fixed by the department under IC 28-11-3-5, for each day that the assessed costs are not paid, beginning
on the first day after the sixty (60) day period described in this
subsection.
(c) To discover violations of this chapter or to secure information
necessary for the enforcement of this chapter, the department may
investigate any:
(1) licensee; or
(2) person that the department suspects to be operating:
(A) without a license, when a license is required under this
chapter; or
(B) otherwise in violation of this chapter.
The department has all investigatory and enforcement authority under
this chapter that the department has under IC 28-11 with respect to
financial institutions. If the department conducts an investigation under
this section, the licensee or other person investigated shall pay all
reasonably incurred costs of the investigation in accordance with the
fee schedule adopted under IC 28-11-3-5. Any costs required to be paid
under this section shall be paid not later than sixty (60) days after the
person receives a notice from the department of the costs being
assessed. The department may impose a fee, in an amount fixed by the
department under IC 28-11-3-5, for each day that the assessed costs are
not paid, beginning on the first day after the sixty (60) day period
described in this subsection.
(d) If a licensee contracts with an outside vendor to provide a
service that would otherwise be undertaken internally by the licensee
and be subject to the department's routine examination procedures, the
person that provides the service to the licensee shall, at the request of
the director, submit to an examination by the department. If the director
determines that an examination under this subsection is necessary or
desirable, the examination may be made at the expense of the person
to be examined. If the person to be examined under this subsection
refuses to permit the examination to be made, the director may order
any licensee that receives services from the person refusing the
examination to:
(1) discontinue receiving one (1) or more services from the
person; or
(2) otherwise cease conducting business with the person.

Legislative History

As added by P.L.42-1993, SEC.86. Amended by P.L.10-2006, SEC.65 and P.L.57-2006, SEC.65; P.L.35-2010, SEC.189; P.L.27-2012, SEC.104; P.L.137-2014, SEC.37; P.L.5-2015, SEC.62; P.L.186-2015, SEC.48; P.L.149-2016, SEC.81.