Indiana's Department of Financial Institutions supervises and regulates money transmitter businesses under the Indiana Money Transmitter Act. Out-of-state locations that do business with Indiana residents are subject to the Indiana Money Transmitter Act and its licensing requirements.
Money transmitters sell or issue payment instruments, or engage in the business of receiving money for transmission from, or transmitting money to another location by any means, including a payment instrument, wire, facsimile, or electronic transfer.
A payment instrument can include a check, draft, money order, traveler's check, or an instrument or written order for the transmission or payment of money. It does not include a credit card voucher, a letter of credit, or an instrument that is redeemable by the issuer in goods or services.
A part of the application process includes obtaining a $300,000 surety bond or other type of security.
The Indiana Department of Financial Institutions is the obligee requiring a $300,000 surety bond or other security device. The security guarantees the faithful performance of the licensee's obligations to receive, handle, transmit, and pay money. A surety bond must be secured through a company that is authorized to do business in Indiana. SuretyGroup.com fulfills that requirement.
Initial license applications must include an application fee of $1,000, paid for with a check or money order to the Department of Financial Institutions. Renewals are due by Dec.31 each year with a fee of $500 plus $10 per authorized delegated agent, to a total maximum fee of $2,000.
Requirements to be completed in NMLS:
Requirements submitted outside of NMLS:
The premium that you pay for an Indiana Money Transmitter or Servicer Surety Bond is dependent on credit and the bond amount required. Personal and business financial statements will be required for the underwriting process.
The Director may conduct annual on-site examinations of licensees or delegates, with a 45-day written notice.
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
For a downloadable application