Indiana has an unwritten policy of only requiring licenses of companies with a physical presence in the state. Other states (Massachusetts, South Carolina, Mont

Indiana has an unwritten policy of only requiring licenses of companies with a physical presence in the state. Other states (Massachusetts, South Carolina, Montana and New Mexico) do not require licenses for domestic money transmission at all. The other three have likely determined that PayPal does not meet the criteria for licensure in that state. PayPal may very well be exceeding the holding period threshold in some states, but someone would have to bring suit to push the issue.