SECTION 85:15-3-5. Renewal of license

(a)   A licensee shall pay an annual renewal fee of $2,000 plus $50 per authorized delegate existing as of December 31 of each year. The fees shall be due no later than January 31 of each year. If a license is first issued to the licensee on or after October 1, the license shall be effective for the year of issuance and the next calendar year without a requirement to pay renewal fees or file a renewal report on the first January after issuance.

(b)   A licensee shall submit a renewal report with the renewal fee, in a form and in a medium prescribed by the Commissioner. The renewal report must state or contain:

(1)   a copy of the licensee's most recent audited annual financial statement or, if the licensee is a wholly owned subsidiary of another corporation, the most recent audited consolidated annual financial statement of the parent corporation or the licensee's most recent audited consolidated annual financial statement;

(2)   a description of each material change in information submitted by the licensee in its original license application which has not been reported to the Commissioner on any required report;

(3)   a list of the licensee's permissible investments and a certification that the licensee continues to maintain permissible investments according to the requirements set forth in the Act;

(4)   proof that the licensee continues to maintain adequate security as required by this Chapter; and

(5)   a list of the locations in this State where the licensee or authorized delegates of the licensee engages in money transmission.

(c)   If a licensee does not file a renewal report and pay its renewal fees by the renewal date or any extension of time granted by the Commissioner, the Commissioner shall send the licensee a notice of suspension. Unless the licensee files the report and pays the renewal fees before expiration of 10 days after the notice is sent, the licensee's license is suspended 10 days after the Commissioner sends the notice of suspension. The suspension will be lifted if, within 20 days after its license is suspended, the licensee:

(1)   files the report and pays all renewal fees; and

(2)   pays $100 for each day after suspension that the Commissioner did not receive the renewal report and the renewal fees.

(d)   If the licensee fails to file its renewal report and pay all fees (including the fee imposed under (2) of this subsection), the licensee's license will automatically expire and the person must reapply for a license under the Act and must then pay all applicable fees (including fees imposed under (2) of this subsection). No administrative hearing is required for suspension or expiration of licenses under the provisions of this section.

(e)   The Commissioner for good cause may grant an extension of the renewal date.

[Source: Added at 24 Ok Reg 843, eff 5-11-07]