Indiana Money Transmitter Licensing Requirements:
Who needs to be licensed as a money transmitter licensee?
Under Indiana statute, entities must obtain a money transmitter license if engaging in the business of the sale or issuance of payment instruments, receiving money for transmission from, or transmitting to any location and by any means, including a payment instrument, wire, facsimile, or electronic transfer, primarily for personal, family, or household purposes.
Specific license requirements for Indiana money transmitters.
To register as a money transmitter in the state of Indiana requires the following fees and documentation:
What are the Indiana surety bonding requirements?
Bonding requirements for Indiana money transmitter license include:
Requirements in the state of Indiana are determined by a strict formula. See the link below for more information.
Additional resources: Indiana Money Transmitters Act
Who needs to be licensed as a money transmitter licensee?
Under Indiana statute, entities must obtain a money transmitter license if engaging in the business of the sale or issuance of payment instruments, receiving money for transmission from, or transmitting to any location and by any means, including a payment instrument, wire, facsimile, or electronic transfer, primarily for personal, family, or household purposes.
Specific license requirements for Indiana money transmitters.
To register as a money transmitter in the state of Indiana requires the following fees and documentation:
- Documentation of number of locations in Indiana, number of proposed delegates in Indiana, and a sample delegate contract
- Identifying information of officers, directors, members, and entities or persons owning 10% of applicant, history of material litigation or conviction 5 years prior, employment history for 5 years prior
- Three references speaking to financial responsibility, character, and fitness of applicant (one reference must be a financial institution)
- Description of business plan, history of operations, and prospective business activities in the state
- List of branch locations
- Sample form of payment instrument
- Name and addresses of clearing banks
- List of other states where operating as a money transmitter, providing state agency, date licensed, contact person, and telephone number
- Insurance policy against loss by a criminal or dishonest act, equivalent to the amount of the required security device or the deposit
- All business entities’ audited financial statements for current year and last two years, balance sheet, income statement, statement of changes in shareholder equity, statement of changes in financial position
- If available, parent company’s current financial statements or parent’s 10K for the last three years, unaudited financial statements, copy of the most recent peer review letter that CPA received
- If not a corporate, provide identification information and financial statements of person in charge of money transmission activities
What are the Indiana surety bonding requirements?
Bonding requirements for Indiana money transmitter license include:
Requirements in the state of Indiana are determined by a strict formula. See the link below for more information.
Additional resources: Indiana Money Transmitters Act
