General Provisions

Link to law: http://arcweb.sos.state.or.us/pages/rules/oars_400/oar_441/441_745.html
Published: 2015

The Oregon Administrative Rules contain OARs filed through November 15, 2015

 

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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 $60 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 $60 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; FCS 7-2014, f. &
cert. ef. 10-17-14

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