Money transmitters.
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SB 458 — Money transmitters.
Last action — Signed by the Governor
No card. One bill, free forever — alerts when it moves.
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✓Introduced
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✓In Committee
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✓Passed Senate
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✓Passed House
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✓To Executive
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6Enacted
This bill has been enacted into law. Introduced January 19, 2023. Enacted.
Prognosis
Where this bill stands today.
Odds of enactment
HighHow often bills like it became law.
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Enacted
Current position in the legislative process.
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4 sponsors
3 primary, 1 co-sponsors signed on.
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Bipartisan support
Sponsored across 2 parties (2 R · 1 D) — cross-party backing.
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Cleared a recorded vote
Passed 1 recorded vote so far.
Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.
Summary
Effective January 1, 2024, repeals the Indiana Code chapter governing the licensing and regulation of money transmitters by the department of financial institutions (department). Adds to the Indiana Code a new chapter codifying the Money Transmission Modernization Act (Act), to take effect January 1, 2024, and to be administered by the division of consumer credit within the department. Sets forth provisions contained in the Act that address the following: (1) Purposes of the Act. (2) Definitions of terms. (3) Exemptions from the Act's requirements. (4) The supervisory authority of the department under the Act. (5) The licensing of money transmitters. (6) The acquisition of control of a licensee. (7) Reporting and records requirements. (8) Authorized delegates of licensees. (9) Refunds of, and receipts for, money received for transmission. (10) Prudential standards for licensees. (11) The enforcement authority of the department. (12) The application of the Act to licensees that have been issued a license under the current statute. (13) Criminal penalties. Makes conforming references to provisions in the Indiana Code that cite the current money transmission statute.
Bill Text
We don't have the full text on file for this bill yet.
Read SB 458 on the official Indiana source →Action History
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Signed by the Governor
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Public Law 198
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Signed by the Speaker
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Signed by the President of the Senate
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Signed by the President Pro Tempore
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Senate concurred in House amendments; Roll Call 460: yeas 33, nays 7
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Motion to concur filed
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Returned to the Senate with amendments
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Third reading: passed; Roll Call 367: yeas 84, nays 3
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Second reading: ordered engrossed
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Committee report: amend do pass, adopted
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First reading: referred to Committee on Financial Institutions
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Referred to the House
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House sponsor: Representative Speedy
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Third reading: passed; Roll Call 146: yeas 45, nays 0
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Reread second time: amended, ordered engrossed
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Amendment #3 (Bassler) prevailed; voice vote
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Amendment #2 (Young M) prevailed; voice vote
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Placed back on second reading
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Second reading: ordered engrossed
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Senator Randolph added as coauthor
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Senator Gaskill added as second author
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Committee report: amend do pass, adopted
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First reading: referred to Committee on Insurance and Financial Institutions
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Authored by Senator Bassler
Sponsors
- Mike Speedy · Primary
- Lonnie Randolph · Cosponsor
- Mike Gaskill · Primary
- Eric Bassler · Primary
Sponsorship breakdown
Export CSV (upgrade) →3 sponsors · 1 co-sponsors · 146 not signed on · 3 voted No
Sponsors (3)
- Mike Speedy
- Mike Gaskill Republican
- Eric Bassler Republican
Co-sponsors (1)
- Lonnie Randolph Democrat
Not signed on (146)
146 members have not signed on to this bill.
Show all 146 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Votes
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Republican | 50 | 3 | 0 | 6 |
| Democrat | 23 | 0 | 0 | 2 |
| Unaffiliated | 11 | 0 | 0 | 5 |
| Total | 84 | 3 | 0 | 13 |
| % of votes cast | 84% | 3% | 0% | 13% |
How each member voted (100)
| Member | Party | Vote |
|---|---|---|
| Goodrich | — | Yea |
| Schaibley | — | Yea |
| Lyness | — | Yea |
| Boy | — | Yea |
| Cherry | — | Yea |
| Speedy | — | Yea |
| Morrison | — | Yea |
| Johnson | — | Yea |
| Torr | — | Yea |
| Vermilion | — | Yea |
| Zent | — | Yea |
| Fleming | — | Not Voting |
| Negele | — | Not Voting |
| Frye | — | Not Voting |
| Hatfield | — | Not Voting |
| Garcia Wilburn | — | Not Voting |
| Carey Hamilton | Democrat | Yea |
| Carolyn Jackson | Democrat | Yea |
| Cherrish Pryor | Democrat | Yea |
| Chris Campbell | Democrat | Yea |
| Chuck Moseley | Democrat | Not Voting |
| Earl Harris | Democrat | Yea |
| Edward DeLaney | Democrat | Yea |
| Gregory Porter | Democrat | Yea |
| John Bartlett | Democrat | Yea |
| Justin Moed | Democrat | Yea |
| Kyle Miller | Democrat | Yea |
| Matt Pierce | Democrat | Yea |
| Maureen Bauer | Democrat | Yea |
| Mike Andrade | Democrat | Yea |
| Mitch Gore | Democrat | Yea |
| Philip GiaQuinta | Democrat | Yea |
| Ragen Hatcher | Democrat | Yea |
| Renee Pack | Democrat | Not Voting |
| Robin Shackleford | Democrat | Yea |
| Ryan Dvorak | Democrat | Yea |
| Sheila Klinker | Democrat | Yea |
| Sue Errington | Democrat | Yea |
| Tonya Pfaff | Democrat | Yea |
| Vanessa Summers | Democrat | Yea |
| Vernon Smith | Democrat | Yea |
| Beau Baird | Republican | Yea |
| Becky Cash | Republican | Nay |
| Ben Smaltz | Republican | Yea |
| Brad Barrett | Republican | Yea |
| Bruce Borders | Republican | Yea |
| Chris Jeter | Republican | Yea |
| Chris Judy | Republican | Yea |
| Chris May | Republican | Yea |
| Cindy Ledbetter | Republican | Yea |
| Cory Criswell | Republican | Yea |
| Craig Haggard | Republican | Yea |
| Craig Snow | Republican | Yea |
| Dale DeVon | Republican | Yea |
| Dave Hall | Republican | Yea |
| Dave Heine | Republican | Yea |
| David Abbott | Republican | Yea |
| Doug Miller | Republican | Yea |
| Edmond Soliday | Republican | Yea |
| Edward Clere | Republican | Yea |
| Elizabeth Rowray | Republican | Not Voting |
| Ethan Manning | Republican | Yea |
| Gregory Steuerwald | Republican | Yea |
| Harold Slager | Republican | Yea |
| Heath VanNatter | Republican | Yea |
| J.D. Prescott | Republican | Yea |
| Jack Jordan | Republican | Yea |
| Jake Teshka | Republican | Yea |
| Jeffrey Thompson | Republican | Yea |
| Jennifer Meltzer | Republican | Yea |
| Jim Lucas | Republican | Yea |
| Jim Pressel | Republican | Yea |
| Joanna King | Republican | Yea |
| Julie McGuire | Republican | Not Voting |
| Julie Olthoff | Republican | Yea |
| Karen Engleman | Republican | Yea |
| Kendell Culp | Republican | Yea |
| Kyle Pierce | Republican | Yea |
| Lindsay Patterson | Republican | Yea |
| Lorissa Sweet | Republican | Nay |
| Mark Genda | Republican | Yea |
| Martin Carbaugh | Republican | Yea |
| Matt Hostettler | Republican | Yea |
| Matt Lehman | Republican | Yea |
| Michael Karickhoff | Republican | Yea |
| Michelle Davis | Republican | Yea |
| Mike Aylesworth | Republican | Yea |
| Peggy Mayfield | Republican | Yea |
| Robb Greene | Republican | Yea |
| Robert Behning | Republican | Not Voting |
| Robert Heaton | Republican | Yea |
| Robert Morris | Republican | Not Voting |
| Ryan Lauer | Republican | Yea |
| Shane Lindauer | Republican | Yea |
| Steve Bartels | Republican | Yea |
| Timothy O'Brien | Republican | Yea |
| Timothy Wesco | Republican | Not Voting |
| Todd Huston | Republican | Not Voting |
| Wendy McNamara | Republican | Yea |
| Zach Payne | Republican | Nay |
Subjects
Frequently asked questions
- What does SB 458 do?
- Effective January 1, 2024, repeals the Indiana Code chapter governing the licensing and regulation of money transmitters by the department of financial institutions (department). Adds to the Indiana Code a new chapter codifying the Money Transmission Modernization Act (Act), to take effect January 1, 2024, and to be administered by the division of consumer credit within the department. Sets forth provisions contained in the Act that address the following: (1) Purposes of the Act. (2) Definitions of terms. (3) Exemptions from the Act's requirements. (4) The supervisory authority of the department under the Act. (5) The licensing of money transmitters. (6) The acquisition of control of a licensee. (7) Reporting and records requirements. (8) Authorized delegates of licensees. (9) Refunds of, and receipts for, money received for transmission. (10) Prudential standards for licensees. (11) The enforcement authority of the department. (12) The application of the Act to licensees that have been issued a license under the current statute. (13) Criminal penalties. Makes conforming references to provisions in the Indiana Code that cite the current money transmission statute.
- Who sponsors SB 458?
- SB 458 is sponsored by Mike Speedy, Lonnie Randolph (Democrat), Mike Gaskill (Republican), and Eric Bassler (Republican).
- What is the current status of SB 458?
- This bill has been enacted into law. Introduced January 19, 2023. Enacted.
- Where can I track SB 458?
- Track SB 458 free on One Click Politics — get push/email alerts when it moves.
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