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Can I obtain a money transmitter license in Indiana? What are the requirements?

Requirements for Obtaining a Money Transmitter License in Indiana

To obtain a money transmitter license in Indiana, you must comply with the requirements set forth in Indiana Code (IC) 28-8-4.5 and submit an application to the Indiana Department of Financial Institutions (DFI). Additionally, you must meet the following requirements:

  1. Register with the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury and obtain a FinCEN registration number.
  2. Maintain a minimum net worth of $100,000.
  3. Obtain and maintain a surety bond in the amount of $300,000 or an amount equal to the average daily outstanding payment instruments and stored value obligations in Indiana, whichever is greater.
  4. Maintain a permissible investment portfolio.
  5. Comply with all applicable state and federal laws and regulations.

For more information on the requirements for obtaining a money transmitter license in Indiana, please refer to [IC 28-8-4.5][2.1].

Conclusion

To obtain a money transmitter license in Indiana, you must comply with the requirements set forth in IC 28-8-4.5 and submit an application to the DFI. Additionally, you must maintain a minimum net worth, obtain a surety bond, maintain a permissible investment portfolio, and comply with all applicable state and federal laws and regulations. For more information, please refer to [IC 28-8-4.5][2.1].