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The Oregon Administrative Rules contain OARs filed through August 15, 2014
 
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DEPARTMENT OF CONSUMER AND BUSINESS SERVICES,
DIVISION OF FINANCE AND CORPORATE SECURITIES

 

DIVISION 745

MONEY TRANSMITTER PROGRAM

General Provisions

441-745-0000

Definitions

(1) Unless a specific definition is provided or the context otherwise requires, the words and phrases used in OAR Chapter 441, Division 745 have the meaning given them in ORS 183.310.

(2) A "Director" means the Director of the Department of Consumer and Business Services and the Director's authorized representatives.

(3) A "Department" means the Department of Consumer and Business Services.

(4) A "Person" includes individuals, partnerships, corporations, associations, firms, and joint stock companies.

Stat. Auth.: ORS 717.310
Stats. Implemented: ORS 717.200
Hist.: FCS 8-2000, f. & cert. ef. 6-27-00

441-745-0010

Waiver by Director

The Director may, either upon request or upon the Director's motion, waive or modify the application of any particular rule to a particular person when, in the Director's opinion, just and reasonable cause exists for such action and the waiving or modifying of such a rule would not be contrary to the provisions of ORS Chapter 717.

Stat. Auth.: ORS 717.310
Stats. Implemented: ORS 717
Hist.: FCS 8-2000, f. & cert. ef. 6-27-00

Licensing of Money Transmitters

441-745-0300

Application Procedure

Each person desiring to obtain a money transmitters license shall apply to the Director by submitting all information required pursuant to ORS 717.220 plus a list of permissible investments pursuant to 717.215(3), if required.

Stat. Auth.: ORS 717.310
Stats. Implemented: ORS 717.215 & 717.220
Hist.: FCS 8-2000, f. & cert. ef. 6-27-00

441-745-0310

Renewal of License

(1) A licensee may renew their license to conduct the business of a Money Transmitter by submitting:

(a) A completed renewal application.

(b) A renewal fee of $500.00 pursuant to ORS 717.240(1).

(c) The information required pursuant to ORS 717.240(2).

(2) The director may by order reduce the fees assessed for any specific year.

Stat. Auth.: ORS 717.240 & 717.310
Stats. Implemented: ORS 717.240
Hist.: FCS 8-2000, f. & cert. ef. 6-27-00; FCS 3-2005, f. & cert. ef. 9-6-05

441-745-0330

Security Device

Persons who were originally licensed as Sale of Checks licensees who renew their license under the provision of ORS 717.245 and who currently have on file a security device may continue the use of the security device provided:

(1) The security device is in an amount sufficient to meet the requirements of ORS 717.225; or

(2) The security device has been amended, by filing a rider or otherwise, to increase the amount of the security device to an amount required by ORS 717.225 and to reference 717.225.

Stat. Auth.: ORS 717.310
Stats. Implemented: ORS 717.225
Hist.: FCS 8-2000, f. & cert. ef. 6-27-00

441-745-0340

Fees, Charges Money Transmitters Pay to the Director

(1) The rate of charge payable by a licensee is $75 an hour per person payable by the licensee for the Director and each examiner or other division employee used in an examination conducted under ORS 717.255 and for extra services provided a license under 717.255(2).

(2) Notwithstanding the rate of charge fixed by section (1) of this rule:

(a) If an examiner or other division employee or the Director is required to travel out of state in conducting the examination or providing the extra services, the rate of charge payable by the licensee is $75 an hour per person, plus actual cost of travel;

(b) If the extra services or examination is performed by a consultant hired by contract for the particular service or examination, the charge payable by the licensee is the actual cost to the division of the contract consultant.

(3) As used in this rule;

(a) "Extra services" means any attention other than an annual examination given under ORS 717.255(1).

(b) Actual travel costs include air fare, lodging, food, car usage out of state, mileage to the Oregon airport and return, and travel time beginning from the departure time and ending at the departure time at the destination city.

Stat. Auth.: ORS 717.310
Stats. Implemented: ORS 717.255
Hist.: FCS 8-2000, f. & cert. ef. 6-27-00; FCS 8-2008, f. & cert. ef 8-28-08

The official copy of an Oregon Administrative Rule is contained in the Administrative Order filed at the Archives Division, 800 Summer St. NE, Salem, Oregon 97310. Any discrepancies with the published version are satisfied in favor of the Administrative Order. The Oregon Administrative Rules and the Oregon Bulletin are copyrighted by the Oregon Secretary of State. Terms and Conditions of Use

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