Sec. 704. (a) A licensee shall file a report with the director not later than one (1) business day after the licensee has reason to know of the occurrence of any of the following events:

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Terms Used In Indiana Code 28-8-4.1-704

  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Conviction: A judgement of guilt against a criminal defendant.
        (1) The filing of a petition by or against the licensee under the federal Bankruptcy Code (11 U.S.C. §§ 101–110) for bankruptcy or reorganization.

(2) The filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for its dissolution or reorganization, or the making of a general assignment for the benefit of its creditors.

(3) The commencement of a proceeding to revoke or suspend the licensee’s license in a state or country in which the licensee engages in business or is licensed.

     (b) A licensee shall file a report with the director not later than three (3) business days after the licensee has reason to know of the occurrence of any of the following events:

(1) A charge or conviction of:

(A) the licensee;

(B) a key individual with respect to the licensee; or

(C) a person in control of the licensee;

for a felony.

(2) A charge or conviction of an authorized delegate for a felony.

As added by P.L.198-2023, SEC.4.

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