Indiana Money Transmitter License Overview
Who Controls the Indiana Money Transmitter License
The Indiana Department of Financial Institutions issues a Money Transmitter License to any entity that engages in the business of selling or issuing payment instruments primarily for personal, family, or household purposes. Money transmissions performed by an entity from an office or place of business, or internet, wherever located (inside or outside the United States) by any means, including but not limited to a payment instrument, wire, facsimile, or electronic transfer would be considered money transmission activity.
All money transmitters, including an authorized delegate, with an out-of-state location that engages in consumer-purpose money transmission activities with Indiana residents, are subject to the Indiana Money Transmitter Act and its licensing requirements. A physical presence, such as an office in Indiana and/or the use of Indiana agents or authorized delegates, is not a prerequisite for money transmission activity that requires licensure.
Activities Authorized by the Indiana Money Transmitter License
The Indiana MTL authorizes the transmission of money by any means primarily for personal, family, or household purposes. “Money” is considered fiat currency, but does not currently include virtual currency.
Indiana Money Service License Net Worth and Surety Bond
To acquire a Money Transmitter License in Indiana, you need a minimum tangible net worth of $600,000. You shall also be required to submit a surety bond of $300,000 or a premium in the amount of $7,500.
Indiana Money Transmitter License Cost
The PDF below summarizes the costs associated with acquiring a Money Transmitter License in the state of Indiana. The process will take approximately three months.
This page was last updated on September 22, 2022.