Indiana Code 9-14.1-3-2. Contracts with qualified persons for partial services
(1) The qualified person must provide one (1) or more of the following services:
Terms Used In Indiana Code 9-14.1-3-2
- Contract: A legal written agreement that becomes binding when signed.
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
(B) Vehicle registration and renewal services.
(2) The qualified person must provide trained personnel to properly process branch transactions.
(3) The qualified person shall do the following:
(A) With respect to each transaction processed at the qualified person’s location, impose and collect all fees and taxes applicable to the transaction.
(B) Deposit the fees and taxes with the bureau for deposit in the appropriate fund or account.
(4) The qualified person shall provide fidelity bond coverage in an amount prescribed by the commission.
(5) The qualified person shall provide:
(A) liability insurance coverage in an amount not to exceed two million dollars ($2,000,000) per occurrence, as prescribed by the commission; and
(B) indemnification of the commission for any liability in excess of the amount of coverage provided under clause (A), not to exceed five million dollars ($5,000,000) per occurrence.
(6) The qualified person shall pay the cost of any post audits conducted by the commission or the state board of accounts on an actual cost basis.
(7) The commission must approve each location and physical facility used by a qualified person.
(8) The term of the contract must be for a fixed period.
[Pre-2016 Revision Citation: 9-16-1-4.5.]
As added by P.L.198-2016, SEC.195.