§ 28-8-6-505 — Surety bond; requirements; amount

Indiana § 28-8-6-505

• Jurisdiction: Indiana
• Art. 8: FINANCIAL SERVICES
• Ch. 6: Indiana Earned Wage Access Act

Text

Effective 1-1-2026.
Sec. 505. (a) An applicant for an earned wage access
services license must provide, and a licensee at all times must
maintain, security consisting of a surety bond in a form satisfactory to
the director.
(b) Subject to subsections (c) and (d), the amount of the required
security under this section is the greater of:
(1) one hundred thousand dollars ($100,000); or
(2) an amount equal to the licensee's average daily provision of
proceeds to Indiana consumers, as calculated for the most recently
completed calendar quarter, up to a maximum of two hundred
fifty thousand dollars ($250,000).
(c) A licensee that maintains a bond in the maximum amount of two
hundred fifty thousand dollars ($250,000) set forth in subsection (b)(2)
is not required to calculate the licensee's average daily provision of
proceeds to Indiana consumers for purposes of this section.
(d) A licensee may exceed the maximum required bond amount of
two hundred fifty thousand dollars ($250,000) set forth in subsection
(b)(2).

Legislative History

As added by P.L.222-2025, SEC.5.