Indiana recently passed amendments to its money transmitter statutes providing for the release of otherwise deemed confidential information to state or federal officials. They are:(a) financial institution supervisory agencies; (b) law enforcement agencies; and (c) prosecutorial agencies or offices. The requirement to give the licensee prior notice before releasing confidential information coupled with an explanation as why the release of such information is necessary for the protection of the public and in the interests of justice was also repealed.
The money transmitter statute was also amended to provide for the automatic administrative corporate dissolution of a money transmitter if it has failed to renew its license or pay any fee owed to the Department of Financial Institutions for a period of two consecutive years.
Finally, Indiana clarified the fact that agents of exempt entities such as banks, are also exempt from licensing requirements.