Ind. Code § 28-8-4.1-802

Money transmission on behalf of unlicensed or nonexempt person prohibited; joint and several liability

Known as the Money Transmission Modernization Act

The act spans §§ 28-8-4.1-1001 to 28-8-4.1-903 (53 sections).

As added by P.L.198-2023, SEC.4.

Sec. 802. (a) A person shall not engage in the business of money transmission on behalf of a person who is not:

(1) licensed under this chapter; or

(2) exempt under section 301 of this chapter.

(b) A person that engages in the business of money transmission on behalf of a person described in subsection (a)(1) or (a)(2):

(1) provides money transmission to the same extent as if the person were a licensee; and

(2) is jointly and severally liable with the unlicensed or nonexempt person.

Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.