§489D-12 Renewal of license and annual report.

650 words·~3 min read·/hi/489d-12

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(a)On or before December 31 of each year, each licensee shall pay renewal fees based on the number of annualized money transmissions as follows:

(1)$3,000 for licensees with fewer than 5,000 money transmissions;

(2)$5,000 for licensees with 5,000 or more but fewer than 50,000 money transmissions;

(3)$8,000 for licensees with 50,000 or more but fewer than 100,000 money transmissions;

(4)$16,000 for licensees with 100,000 or more but fewer than 200,000 money transmissions; and

(5)$20,000 for licensees with 200,000 or more money transmissions.

For purposes of this subsection, "annualized money transmissions" means the number of money transmissions reported for the quarter on the report required by subsection (b)(2), multiplied by four.

(b)The annual license fee shall be accompanied by a report, in a form prescribed by the commissioner, which shall include:

(1)A copy of the licensee's most recent audited annual financial statement, including balance sheets, statement of income or loss, statement of changes in shareholder's equity, and statement of cash flows or, if a licensee is a wholly owned subsidiary of another corporation, the consolidated audited annual financial statement of the parent corporation in lieu of the licensee's audited annual financial statement;

(2)For the most recent quarter for which data is available prior to the date of filing the annual report, but in no event more than one hundred twenty days prior to the renewal date, the licensee shall provide the number of money transmissions sold, issued, or received for transmission by the licensee in the State, the dollar amount of those transmissions, and the dollar amounts of outstanding money transmission obligations;

(3)Any material changes to any of the information submitted by the licensee on its original application that have not previously been reported to the commissioner on any other report required to be filed under this chapter;

(4)For the most recent quarter for which data is available prior to the date of filing the annual report, but in no event more than one hundred twenty days prior to the renewal date, a list of the licensee's permissible investments, including the total market value of each type of permissible investment, and the total dollar amount of all outstanding money transmission obligations;

(5)A list of the locations, if any, within this State where business regulated by this chapter is being conducted by either the licensee or the licensee's authorized delegates;

(6)Disclosure of any pending or final suspension, revocation, or other enforcement action by any state or governmental authority;

(7)The licensee's evidence of a valid bond or other security device as required pursuant to section 489D-7; and

(8)Any other information the commissioner may require.

A license may be renewed by filing a renewal statement on a form prescribed by NMLS or by the commissioner and paying a renewal fee at least four weeks prior to the renewal date for licensure for the following year.

(c)A licensee that has not filed an annual report that has been deemed complete by the commissioner or paid its annual license fee by the renewal filing deadline, and has not been granted an extension of time to do so by the commissioner, shall have its license suspended on the renewal date. The licensee shall have thirty days after its license is suspended to file an annual report and pay the annual license fee, plus a late filing fee of $250 for each business day after suspension that the commissioner does not receive the annual report and the annual license fee. The commissioner, for good cause, may grant an extension of the renewal date or reduce or suspend the $250 per day late filing fee. [L 2006, c 153, pt of §1; am L 2008, c 195, §8; am L 2013, c 167, §7; am L 2017, c 45, §4; am L 2023, c 183, §6]