Indiana § 28-8-6-505 - Surety bond; requirements; amount
Full text of Indiana Indiana Code § 28-8-6-505 — Surety bond; requirements; amount, with citation guidance and answers to common questions.
§ 28-8-6-505. Surety bond; requirements; amount
Sec. 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: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 28-8-6-505
What does Indiana Code § 28-8-6-505 cover?
Section 28-8-6-505 ("Surety bond; requirements; amount") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 28-8-6-505?
A common citation format is "Indiana Code § 28-8-6-505" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 28-8-6-505 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.