Sec. 5. (a) The initial application and any renewal application shall be accompanied by a fee fixed by the department under IC 28-11-3-5. The initial application and any renewal application must include a financial statement that:

(1) is prepared in accordance with standards adopted by the director;

Terms Used In Indiana Code 28-7-5-5

  • Department: means the department of financial institutions. See Indiana Code 28-7-5-2
  • Director: refers to the director of the department. See Indiana Code 28-7-5-2
  • Person: means any individual, limited liability company, sole proprietorship, partnership, trust, joint venture, corporation, unincorporated organization, or other form of entity, however organized. See Indiana Code 28-7-5-2
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
(2) indicates the applicant meets minimum financial responsibility standards adopted by the director; and

(3) is prepared by a third party acceptable to the director.

     (b) The initial application and any renewal application must be accompanied by proof that the applicant:

(1) has executed a bond in accordance with section 5.5 of this chapter and payable to the state, in an amount determined by the director; and

(2) has obtained property and casualty insurance coverage, in an amount determined by the director;

in accordance with standards adopted by the director.

     (c) Any standards adopted by the director and described in subsection (a)(1), (a)(2), or (b) must be made available:

(1) for public inspection and copying at the offices of the department under IC 5-14-3; and

(2) electronically through the computer gateway administered by the office of technology established by IC 4-13.1-2-1.

     (d) If the department of state revenue notifies the department that a person is on the most recent tax warrant list, the department shall not issue or renew the person’s license until:

(1) the person provides to the department a statement from the department of state revenue that the person’s tax warrant has been satisfied; or

(2) the department receives a notice from the commissioner of the department of state revenue under IC 6-8.1-8-2(k).

Formerly: Acts 1935, c.195, s.5. As amended by P.L.14-1992, SEC.134; P.L.42-1993, SEC.75; P.L.45-1995, SEC.23; P.L.80-1998, SEC.12; P.L.10-2006, SEC.40 and P.L.57-2006, SEC.40; P.L.172-2011, SEC.133; P.L.216-2013, SEC.35.

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