Eric Bassler
- Republican
- Senator
- District 39
Author
Effective January 1, 2024, repeals the Indiana Code chapter governing the licensing and regulation of money transmitters by the department of financial institutions (department). Adds to the Indiana Code a new chapter codifying the Money Transmission Modernization Act (Act), to take effect January 1, 2024, and to be administered by the division of consumer credit within the department. Sets forth provisions contained in the Act that address the following: (1) Purposes of the Act. (2) Definitions of terms. (3) Exemptions from the Act's requirements. (4) The supervisory authority of the department under the Act. (5) The licensing of money transmitters. (6) The acquisition of control of a licensee. (7) Reporting and records requirements. (8) Authorized delegates of licensees. (9) Refunds of, and receipts for, money received for transmission. (10) Prudential standards for licensees. (11) The enforcement authority of the department. (12) The application of the Act to licensees that have been issued a license under the current statute. (13) Criminal penalties. Makes conforming references to provisions in the Indiana Code that cite the current money transmission statute.
Public Law 198
Signed by the Governor
Signed by the Speaker
Signed by the President of the Senate
Signed by the President Pro Tempore
Senate concurred in House amendments; Roll Call 460: yeas 33, nays 7
Motion to concur filed
Third reading: passed; Roll Call 367: yeas 84, nays 3
Returned to the Senate with amendments
Second reading: ordered engrossed
Committee report: amend do pass, adopted
First reading: referred to Committee on Financial Institutions
Referred to the House
House sponsor: Representative Speedy
Third reading: passed; Roll Call 146: yeas 45, nays 0
Amendment #2 (Young M) prevailed; voice vote
Reread second time: amended, ordered engrossed
Amendment #3 (Bassler) prevailed; voice vote
Second reading: ordered engrossed
Placed back on second reading
Senator Randolph added as coauthor
Senator Gaskill added as second author
Committee report: amend do pass, adopted
First reading: referred to Committee on Insurance and Financial Institutions
Authored by Senator Bassler
| Bill Text Versions | Format |
|---|---|
| Introduced Senate Bill (S) | |
| Senate Bill (S) | |
| Engrossed Senate Bill (S) | |
| Senate Bill (H) | |
| Enrolled Senate Bill (S) |
| Document | Format |
|---|---|
| Fiscal Note: SB0458.05.ENRH.FN001 |
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