InfoBytes Blog
Filter
Subscribe to our InfoBytes Blog weekly newsletter and other publications for news affecting the financial services industry.
Indiana governor updates stay at home order, creates enforcement team
On April 6, the governor of Indiana issued an executive order updating the terms of previous orders to remain at home. Among other updates, the order instructs professional service providers, such as lawyers, accountants, insurance providers and real estate service providers, to conduct their business virtually or by telephone whenever possible. The order also creates an Enforcement Response Team comprised of state law enforcement to respond to and investigate reports of violations.
Indiana securities regulator alerts registrants to regulatory relief
The Indiana Secretary of State, Securities Division issued a compliance alert to notify registrants that the division granted relief from fingerprinting requirements associated with registration applications for investment adviser representatives. The division indicated that it may provisionally approve an application for registration without fingerprints, provided the applicant submits fingerprints before June 30, 2020.
Indiana securities regulator alerts registrants to regulatory relief
On April 1, the Indiana Secretary of State, Securities Division issued a compliance alert to notify registrants that the division granted relief from fingerprinting requirements associated with registration applications for investment adviser representatives. The division indicated that it may provisionally approve an application for registration without fingerprints, provided the applicant submits fingerprints before June 30, 2020.
Indiana posts statement regarding remote notary technology vendors
On March 26, the Indiana secretary of state posted a statement providing that there are currently no approved remote notary technology vendors. Individuals are encouraged to check the announcement regularly as the secretary of state is working on approving vendors.
Indiana regulator issues branch closure and MLO work location guidance
On March 20, the Indiana Department of Financial Institutions confirmed that because it does not require licenses for mortgage branch locations or require a licensee to work from a specific branch, there are no restrictions on an individual mortgage loan originator (MLO) from working from a home office.
Indiana governor issues stay at home order
On March 24, the Indiana governor issued a Stay at Home Order, for all residents except for those leaving their homes or residences for essential activities, essential governmental functions, or to participate in essential business and operations. Essential business and operations include financial and insurance institutions.
Indiana secretary of state issues work at home guidance for licensees
On March 24, the Indiana secretary of state, Securities Division, issued a Compliance Alert to all licensed loan brokers and collection agencies. The Division encouraged licensees to instruct their employees to work from home and refrain from any in-person meetings whenever possible, and noted that relevant state laws do not prevent individuals of licensed entities from working from their personal residences. The alert also noted that the commissioner would not consider a temporary arrangement where an employee works from home during the COVID-19 outbreak to require licensure as a branch office—provided certain conditions were met—including for proper handling of personal information.
Indiana Securities Division issues notice to permit loan brokers and collection agents to work from home
On March 24, the Indiana Secretary of State, Securities Division (Division), issued guidance to loan broker and collection agencies in response to Covid-19, encouraging licensees to instruct their employees to work from home and refrain from any in-person meetings. The guidance reminds licensees that relevant Indiana laws and regulations place no general prohibition on individuals employed by licensees from performing work remotely from their personal residences. A temporary arrangement where an employee works from home during the Covid-19 outbreak does not require licensure as a branch office. Licensees should continue to take any necessary steps to supervise employees working remotely.
Indiana Securities Commissioner eases certain filing and other requirements for financial professionals
On March 24, the Indiana Securities Commissioner issued an administrative order providing relief to broker-dealers, investment advisers, and their registered agents or investment adviser representatives affected by the Covid-19 outbreak. Among other things, the administrative order provides the following relief:
- creates a temporary exemption from registration where a person is working from a location outside of the jurisdiction where that person is currently registered, as long as the person notifies the Division;
- permits firms to submit Form U4 electronically without obtaining physical signatures until it is practicable to do so;
- grants a 45-day extension of time for state registered investment advisers to adhere to any filing, updating, or customer delivery requirements required by Forms ADV; and
- extends the time to May 15 for any broker-dealer or investment adviser to submit complete responses to the 2020 Investment Adviser/Broker-Dealer Questionnaire.
Indiana Department of Financial Institutions issues statement on essential businesses
On March 23, Indiana Department of Financial Institutions (DFI) issued a statement reiterating that Indiana’s Executive Order 20-08 deems the following financial institutions as essential businesses that are encouraged to stay open and adhere to social distancing guidelines: banks, currency exchanges, consumer lenders, including, but not limited to, credit unions, pawnbrokers, consumer installment lenders and sales finance lenders, title companies, appraisers, financial markets, trading and futures exchanges, payday lenders, affiliates of financial institutions, entities that issue bonds, related financial institutions, and institutions selling financial products.