Indiana Check Casher Bond

Businesses that cash checks for consumers for a fee in Indiana must obtain a check cashing license from the Indiana Department of Financial Institutions (DFI). The DFI may require a surety bond as part of the licensing process. This requirement does not apply to banks regulated under IC 28 or retailers who cash checks for $5 or less as an incidental service to retail sales.

Indiana check casher license applicants must meet several requirements: minimum net worth of $100,000 and $50,000 in liquid assets (verified by CPA-reviewed or audited financial statements), at least 2 years of finance-related experience for managers of Indiana locations, FBI/State Police criminal background checks for principals/officers/managers, tax warrant clearance, and a $1,000 non-refundable application fee. The license must be renewed annually for $500 plus $250 per additional location.

The bond amount is determined by the Indiana Department of Financial Institutions on a case-by-case basis during the licensing review process. While no fixed amount is specified in Indiana Code 28-8-5, industry standards suggest typical bond amounts range from $10,000 to $50,000 depending on factors such as business volume, number of locations, and risk assessment by the DFI.