Surety bond; requirements; amount
Ind. Code § 28-8-6-505
in effectSec. 505. (a) An applicant for an earned wage access services license must provide, and a licensee at all times must maintain, security consisting of a surety bond in a form satisfactory to the director.
(b) Subject to subsections (c) and (d), the amount of the required security under this section is the greater of:
(1) one hundred thousand dollars ($100,000); or
(2) an amount equal to the licensee's average daily provision of proceeds to Indiana consumers, as calculated for the most recently completed calendar quarter, up to a maximum of two hundred fifty thousand dollars ($250,000).
(c) A licensee that maintains a bond in the maximum amount of two hundred fifty thousand dollars ($250,000) set forth in subsection (b)(2) is not required to calculate the licensee's average daily provision of proceeds to Indiana consumers for purposes of this section.
(d) A licensee may exceed the maximum required bond amount of two hundred fifty thousand dollars ($250,000) set forth in subsection (b)(2).
As added by P.L.222-2025, SEC.5.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/28Fetched: 10/17/2026