ORS 717.220¹
License application
  • rules

(1) Each application for a license under ORS 717.200 (Definitions) to 717.320 (Short title), 717.900 (Civil penalties) and 717.905 (Criminal penalties) shall be made in writing in a form prescribed by rule by the Director of the Department of Consumer and Business Services.

(2) For all applicants, the application shall contain:

(a) The exact name of the applicant, the applicant’s principal address, any fictitious name, assumed business name or trade name used by the applicant in the conduct of its business and the location of the applicant’s business records;

(b) The history of the applicant’s material litigation and criminal convictions for the five-year period prior to the date of the application;

(c) A history of operations and a description of the business activities in which the applicant seeks to be engaged in this state;

(d) A list identifying the applicant’s proposed authorized delegates in the state, if any, at the time of the filing of the license application;

(e) A sample authorized delegate contract, if applicable;

(f) A sample form of payment instrument, if applicable;

(g) The address of each location at which the applicant and its authorized delegates, if any, propose to conduct a money transmission business in this state;

(h) The name and address of the clearing bank or banks on which the applicant’s payment instruments will be drawn or through which such payment instruments will be payable; and

(i) A business plan.

(3) If the applicant is a corporation, the application shall contain:

(a) The date of the applicant’s incorporation and state of incorporation;

(b) A certificate of good standing from the state in which the applicant was incorporated;

(c) A description of the corporate structure of the applicant, including the identity of any parent or subsidiary of the applicant, and the disclosure of whether any parent or subsidiary is publicly traded on any stock exchange;

(d) The name, business and residence address, and employment history for the past five years of the applicant’s executive officers and the officers or managers who will be in charge of the applicant’s money transmission business;

(e) The name, business and residence address, and employment history for the five-year period prior to the date of the application of any controlling shareholder of the applicant;

(f) The history of material litigation and criminal convictions for the five-year period prior to the date of the application of every executive officer or controlling shareholder of the applicant;

(g) A copy of the applicant’s most recent audited financial statement, including balance sheet, statement of income or loss, statement of changes in shareholder equity and statement of changes in financial position and, if available, a copy of the applicant’s audited financial statements for the immediately preceding two-year period. If the applicant is a wholly owned subsidiary of another corporation, the applicant may submit either the parent corporation’s consolidated audited financial statements for the current year and for the immediately preceding two-year period, or the parent corporation’s Form 10K reports filed with the United States Securities and Exchange Commission for the prior three years, in lieu of the applicant’s financial statements. If the applicant is a wholly owned subsidiary of a corporation having its principal place of business outside the United States, similar documentation filed with the parent corporation’s foreign regulator may be submitted to satisfy the requirements of this paragraph; and

(h) Copies of all filings, if any, made by the applicant with the United States Securities and Exchange Commission, or with a similar regulator in a country other than the United States, within the year preceding the date of the application.

(4) If the applicant is not a corporation, the application shall contain:

(a) The name, business and residence address, personal financial statement and employment history for the past five years of each principal of the applicant and the name, business and residence address, and employment history for the past five years of any other person or persons that will be in charge of the applicant’s money transmission business;

(b) The history of material litigation and criminal convictions for the five-year period prior to the date of the application for each individual having any ownership interest in the applicant and each individual who exercises supervisory responsibility with respect to the applicant’s activities; and

(c) Copies of the applicant’s audited financial statements, including balance sheet, statement of income or loss, and statement of changes in financial position, for the current year and, if available, a copy of the applicant’s audited financial statements for the immediately preceding two-year period.

(5) The director, for good cause shown, may waive any requirement of this section with respect to any license application or may allow an applicant to submit substituted information in a license application in lieu of the information required under subsection (2) of this section. [1999 c.571 §6; 2005 c.21 §12]

1 Legislative Counsel Committee, CHAPTER 717—Money Transmission, https://­www.­oregonlegislature.­gov/­bills_laws/­Archive/­2007ors717.­pdf (2007) (last ac­cessed Feb. 12, 2009).
 
2 OregonLaws.org contains the con­tents of Volume 21 of the ORS, inserted along­side the per­tin­ent statutes. See the preface to the ORS An­no­ta­tions for more information.
 
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent. Currency Information