Indiana Code 28-1-29-4. Suspension or revocation of license; order to show cause; order of suspension or revocation; relinquishment of license; existing contracts; emergency order for revocation
(b) An order issued under subsection (a) must:
Terms Used In Indiana Code 28-1-29-4
- Agreement: means an agreement between a debt management company and a debtor for the performance of debt management services. See Indiana Code 28-1-29-1
- Contract: A legal written agreement that becomes binding when signed.
- Debt: means an obligation arising out of personal, family, or household use. See Indiana Code 28-1-29-1
- Debt management company: is a ny person doing business as a budget counseling, credit counseling, debt management, or debt pooling service or holding the person out, by words of similar import, as providing services to debtors in the management of their debts, and having a written agreement with the debtor to disburse money or anything of value. See Indiana Code 28-1-29-1
- Department: means the members of the department of financial institutions. See Indiana Code 28-1-29-1
- in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
- License: means a license issued under the provisions of this chapter. See Indiana Code 28-1-29-1
- Licensee: means any person to whom a license has been issued pursuant to the provisions of this chapter. See Indiana Code 28-1-29-1
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes individuals, sole proprietorships, partnerships, limited liability companies, trusts, joint ventures, corporations, unincorporated organizations, other entities, and their affiliates, however organized. See Indiana Code 28-1-29-1
(A) a statement of the place, date, and time for a meeting with the department, which date may not be less than ten (10) days from the date of the order;
(B) a description of the action contemplated by the department; and
(C) a statement of the facts or conduct supporting the issuance of the order; and
(2) be accompanied by a notice stating that the licensee is entitled to:
(A) a reasonable opportunity to be heard; and
(B) show the licensee’s compliance with all lawful requirements for retention of the license;
at the meeting described in subdivision (1)(A).
(c) After the meeting described in subsection (b)(1)(A), the department may revoke or suspend the license if the department finds that:
(1) the licensee has repeatedly and willfully violated:
(A) this chapter or any applicable rule, order, or guidance document adopted or issued by the department; or
(B) any other state or federal law, regulation, or rule applicable to debt management companies;
(2) the licensee does not meet the licensing qualifications set forth in section 5 of this chapter;
(3) the licensee obtained the license for the benefit of, or on behalf of, a person who does not qualify for the license;
(4) the licensee knowingly or intentionally made material misrepresentations to, or concealed material information from, the department; or
(5) facts or conditions exist that, had they existed at the time the licensee applied for the license, would have been grounds for the department to deny the issuance of the license.
(d) Whenever the department revokes or suspends a license, the department shall enter an order to that effect and notify the licensee of:
(1) the revocation or suspension;
(2) if a suspension has been ordered, the duration of the suspension;
(3) the procedure for appealing the revocation or suspension under IC 4-21.5-3-6; and
(4) any other terms and conditions that apply to the revocation or suspension.
Not later than five (5) days after the entry of the order, the department shall deliver to the licensee a copy of the order and the findings supporting the order.
(e) Any person holding a license to operate a debt management company may relinquish the license by notifying the department in writing of the relinquishment. However, a relinquishment under this subsection does not affect the person’s liability for acts previously committed and coming within the scope of this chapter.
(f) If the director determines it to be in the public interest, the director may pursue revocation of a license of a licensee that has relinquished the license under subsection (e).
(g) If a person’s license is revoked, suspended, or relinquished, the revocation, suspension, or relinquishment does not impair or affect any obligation owed by any person under any existing agreement or contract.
(h) If the director of the department has just cause to believe an emergency exists from which it is necessary to protect the interests of the public, the director may proceed with the revocation of a license through an emergency or another temporary order under IC 4-21.5-4.
Formerly: Acts 1971, P.L.397, SEC.1; Acts 1972, P.L.10, SEC.6. As amended by P.L.42-1993, SEC.49; P.L.176-1996, SEC.15; P.L.196-1996, SEC.2; P.L.80-1998, SEC.10; P.L.213-2007, SEC.45; P.L.217-2007, SEC.43; P.L.35-2010, SEC.121; P.L.27-2012, SEC.71; P.L.186-2015, SEC.32.