(1) Each licensee shall pay to the Director of the Department of Consumer and Business Services a nonrefundable annual fee of $500 or such other fee as established by the director by rule, not to exceed $1,000, for renewal of a license.
(2) At the time the licensee pays the renewal fee, the licensee shall submit an annual renewal report in a form prescribed by the director. The annual renewal report shall include:
(a) A copy of the licensee’s most recent audited consolidated annual financial statement, including a balance sheet, statement of income or loss, statement of changes in shareholder equity and statement of changes in financial position. In the case of a licensee that is a wholly owned subsidiary of another corporation, the consolidated audited annual financial statement of the parent corporation may be filed in lieu of the licensee’s audited annual financial statement;
(b) For the most recent quarter for which data are available prior to the date of the renewal application, but not more than 120 days prior to the renewal date, a description of the number of payment instruments sold by the licensee in this state, the dollar amount of those instruments and the dollar amount of those instruments currently outstanding;
(c) A description of any material changes to any of the information submitted by the licensee on the licensee’s original application that have not previously been reported to the director on any other report required to be filed with the director;
(d) A list of the licensee’s permissible investments; and
(e) A list of the locations within this state at which business regulated by ORS 717.200 to 717.320, 717.900 and 717.905 is being conducted by either the licensee or its authorized delegate.
(3) If a licensee has not filed a renewal report or paid the renewal fee before the license expires, and has not been granted an extension of time to do so by the director, the director shall hold a hearing at which the licensee may show cause as to why the license should not be suspended pending compliance with the requirements of this section. The director shall notify the licensee in writing of the licensee’s rights under this subsection. The licensee may waive the hearing. [1999 c.571 §10]Section: Previous 717.205 717.210 717.215 717.220 717.225 717.230 717.235 717.240 717.245 717.250 717.255 717.260 717.265 717.270 717.275 Next
Last modified: August 7, 2008