§6110. Renewal of license and annual report

Link to law: http://legislature.maine.gov/legis/statutes/32/title32sec6110.html
Published: 2015

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§6110. Renewal of license and annual report

1. Renewal fee. 
A renewal application must be accompanied by a nonrefundable application fee in
the amount of $250, plus a registration fee of $50 for each authorized delegate designated
by a licensee, up to a maximum of $2,500.

1997, c. 155, Pt. A, §2 (NEW)

2. Annual report. 
The renewal fee must be accompanied by a report in a form prescribed by the administrator.
The form must be sent by the administrator to each licensee no later than 3 months
immediately preceding the date established by the administrator for license renewal.
The licensee must include the following in its annual renewal report:

A. A copy of its most recent audited annual financial statement, including balance sheet,
statement of income or loss, statement of changes in shareholder's equity and statement
of changes in financial position. With the approval of the administrator, 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; [1997, c. 155, Pt. A, §2 (NEW).]

B. For the most recent quarter for which data are available prior to the date of the
filing of the renewal application, but in no event more than 120 days prior to the
renewal date, the number of payment instruments sold by the licensee in the State,
the dollar amount of those instruments and the dollar amount of those instruments
currently outstanding; [1997, c. 155, Pt. A, §2 (NEW).]

C. Any material changes to any of the information submitted by the licensee on its original
application that have not previously been reported to the administrator on any other
report required to be filed under this subchapter; and [1997, c. 155, Pt. A, §2 (NEW).]

D. A list of the locations within this State at which business regulated by this subchapter
is being conducted by either the licensee or its authorized delegate. [1997, c. 155, Pt. A, §2 (NEW).]

The administrator is authorized, for good cause shown, to waive any requirement of
this subsection with respect to any renewal application or to permit a renewal applicant
to submit substituted information in its renewal application in lieu of the information
required by this subsection.

1997, c. 155, Pt. A, §2 (NEW)

3. Suspension. 
A licensee that has not filed a renewal report or paid its renewal fee by the renewal
filing deadline and has not been granted an extension of time to do so by the administrator
must be notified by the administrator, in writing, that its license is suspended.
At the licensee's request, the suspension may be stayed, and a hearing will be scheduled,
at which time the licensee will be required to show cause why its license should not
be suspended pending compliance with these requirements.

1997, c. 155, Pt. A, §2 (NEW)


1997, c. 155, §A2 (NEW).