Sec. 102. This chapter is designed to replace state money transmission laws codified at IC 28-8-4 (before its repeal on January 1, 2024). The underlying purposes and policies of this chapter are to:
(1) ensure states can coordinate in all areas of regulation, licensing, and supervision to eliminate unnecessary regulatory burden and more effectively use regulatory resources;
(2) enforce compliance with applicable state and federal laws;
(3) standardize the types of activities that are subject to licensing or otherwise exempt from licensing; and
(4) modernize safety and soundness requirements to ensure customer funds are protected in an environment that supports innovative and competitive business practices.