The Securities Division has enacted emergency provisions for operators of Internet websites in Indiana. Operators of funding portals are now required to register with the Securities Division and post a surety bond of at least $50,000, effective June 12, 2015.
What are the changes?
- Internet website operator registration must include a $100 nonrefundable fee
- Internet web site operators must post surety bond in amount satisfactory to Commissioner of Securities Division (minimum $50,000)
- Internet website operators must be U.S. citizens
- Internet website operators must preserve all records for 5 years
- Registered brokers or investment advisors who also serve as Internet website operators have to register as Internet website operators, but the registration fee will be waived with proof of license
This surety bond guarantees Internet website operators will conduct lawful business practices in compliance with the Indiana Code, or else be subject to penalties including license suspension or revocation. Specifically, Internet website operators must adhere to the provisions listed in Title 710, Article 4 (Uniform Securities) of the Indiana Administrative Code. For questions concerning this bond requirement, consult the Securities Division or SuretyBonds.com.
photo credit: blogs.telegraph.co.uk
