Indiana Code 28-1-29-5. License application; findings by the department; felonies; financial statements; denial; hearing
(b) The department may not issue a license unless the department finds that the financial responsibility, character, and fitness of:
Terms Used In Indiana Code 28-1-29-5
- Affiliate: means a person that, directly or indirectly, through one (1) or more intermediaries:
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
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- License: means a license issued under the provisions of this chapter. See Indiana Code 28-1-29-1
- 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
- United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(2) each executive officer, director, or manager of the applicant, or any other individual having a similar status or performing a similar function for the applicant;
(3) if known, each person directly or indirectly owning of record or owning beneficially at least ten percent (10%) of the outstanding shares of any class of equity security of the applicant; and
(4) each of the applicant’s:
(A) employees; or
(B) agents;
authorized to initiate transactions involving the trust account required under section 9 of this chapter;
warrant belief that the business will be operated honestly and fairly under this chapter. The department is entitled to request evidence of an applicant’s financial responsibility, character, and fitness.
(c) An application submitted under this section must indicate whether any individuals described in subsection (b)(2), (b)(3), or (b)(4):
(1) are, at the time of the application, under indictment for a felony under Indiana law or the laws of any other jurisdiction; or
(2) have been convicted of a felony under Indiana law or the laws of any other jurisdiction.
(d) Unless waived upon written request to and approval by the director, an application submitted to the department under this section must include copies of the applicant’s audited financial statements for the applicant’s most recently concluded fiscal year and, if available, for the applicant’s two (2) fiscal years immediately preceding the applicant’s most recently concluded fiscal year, including a:
(1) balance sheet;
(2) statement of income or loss;
(3) statement of changes in shareholder equity; and
(4) statement of changes in financial position.
A financial statement required to be submitted under this subsection must be prepared, by an independent certified public accountant authorized to do business in the United States, in accordance with AICPA Statements on Standards for Accounting and Review Services (SSARS) and in accordance with United States generally accepted accounting principles.
(e) The department may deny an application under this section if the director of the department determines that the application was submitted for the benefit of, or on behalf of, a person who does not qualify for a license.
(f) Upon written request, an applicant is entitled to a hearing under IC 4-21.5 on the question of the qualifications of the applicant for a license.
Formerly: Acts 1971, P.L.397, SEC.1; Acts 1972, P.L.10, SEC.6. As amended by P.L.42-1993, SEC.52; P.L.80-1998, SEC.11; P.L.10-2006, SEC.34 and P.L.57-2006, SEC.34; P.L.213-2007, SEC.46; P.L.217-2007, SEC.44; P.L.90-2008, SEC.29; P.L.35-2010, SEC.123; P.L.216-2013, SEC.22; P.L.69-2018, SEC.46.