SB 458 IN

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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.

• Eric Bassler Republican · author
• Mike Gaskill Republican · author
• Mike Speedy · sponsor

1. Jan 19, 2023 Authored by Senator Bassler · upper
2. Jan 19, 2023 First reading: referred to Committee on Insurance and Financial Institutions · upper
3. Feb 2, 2023 Committee report: amend do pass, adopted · upper
4. Feb 6, 2023 Senator Gaskill added as second author · upper
5. Feb 9, 2023 Senator Randolph added as coauthor · upper
6. Feb 13, 2023 Second reading: ordered engrossed · upper
7. Feb 13, 2023 Placed back on second reading · upper
8. Feb 20, 2023 Amendment #2 (Young M) prevailed; voice vote · upper
9. Feb 20, 2023 Amendment #3 (Bassler) prevailed; voice vote · upper
10. Feb 20, 2023 Reread second time: amended, ordered engrossed · upper
11. Feb 21, 2023 Third reading: passed; Roll Call 146: yeas 45, nays 0 · upper
12. Feb 21, 2023 House sponsor: Representative Speedy · upper
13. Feb 22, 2023 Referred to the House · upper
14. Feb 28, 2023 First reading: referred to Committee on Financial Institutions · lower
15. Mar 30, 2023 Committee report: amend do pass, adopted · lower
16. Apr 3, 2023 Second reading: ordered engrossed · lower
17. Apr 6, 2023 Third reading: passed; Roll Call 367: yeas 84, nays 3 · lower
18. Apr 6, 2023 Returned to the Senate with amendments · lower
19. Apr 18, 2023 Motion to concur filed · upper
20. Apr 19, 2023 Senate concurred in House amendments; Roll Call 460: yeas 33, nays 7 · upper
21. Apr 24, 2023 Signed by the President Pro Tempore · upper
22. Apr 28, 2023 Signed by the President of the Senate · upper
23. May 1, 2023 Signed by the Speaker · lower
24. May 4, 2023 Public Law 198 · upper
25. May 4, 2023 Signed by the Governor · executive

The published texts of this bill as it moves through the legislature. Each links to the official document on the state legislature site. Data from OpenStates.

• Enrolled Senate Bill (S) · Apr 19, 2023 · PDF
• Introduced Senate Bill (S) · Jan 18, 2023 · PDF
• Senate Bill (S) · Feb 2, 2023 · PDF
• Engrossed Senate Bill (S) · Feb 20, 2023 · PDF
• Senate Bill (H) · Mar 30, 2023 · PDF