As used in ORS 717.200 to 717.320, 717.900 and 717.905, unless the context requires otherwise: “Applicant” means a person that files an application for a license under ORS 717.200 to 717.320, 717.900 and 717.905. “Authorized delegate” means a person that a licensee designates under the provisions of ORS 717.200 to 717.320, 717.900 and 717.905 to sell or is…

717.205 License required to conduct money transmission business; relationship to banking; licensing program

A person, other than a person that is exempt under ORS 717.210, may not conduct a money transmission business without a license that the Director of the Department of Consumer and Business Services issues in accordance with ORS 717.200 to 717.320, 717.900 and 717.905. A licensee may conduct business in this state at one or more locations that the licensee o…

717.210 Exemptions; waiver; rules

ORS 717.200 to 717.320, 717.900 and 717.905 do not apply to: Any company that accepts deposits in this state and that is insured under the Federal Deposit Insurance Act, 12 U.S.C. 1811 et seq., as amended. Credit unions or trust companies. The United States Government or any department, agency or instrumentality thereof. The United States Postal Service.…

717.215 Requirements for licensees; net worth; permissible investments

Each licensee shall at all times have a net worth of not less than $100,000, calculated in accordance with generally accepted accounting principles. Licensees engaging in money transmission at more than one location or through authorized delegates shall have an additional net worth of $25,000 per location in this state, not to exceed a maximum of $500,000. …

717.220 License application; rules

A person shall apply for a license under ORS 717.200 to 717.320, 717.900 and 717.905 in writing on a form and in a format the Director of the Department of Consumer and Business Services prescribes by rule. The director, by rule, may conform the practices, procedures and information that the Department of Consumer and Business Services uses to issue and ren…

717.225 Security devices

Each license application shall be accompanied by a security device in the amount of $25,000. If the applicant proposes to engage in business under ORS 717.200 to 717.320, 717.900 and 717.905 at more than one location through authorized delegates or otherwise, the amount of the security device shall increase by $5,000 per location, not to exceed a maximum of …

717.230 Application fee

At the time an applicant submits an application, the applicant shall pay to the Director of the Department of Consumer and Business Services a fee of $1,000 for a license term that expires at the end of the calendar year in which the applicant submitted the application.

717.235 License issuance; grounds for disapproval of application; appeals

Upon the filing of a complete application, the Director of the Department of Consumer and Business Services shall review the application and may investigate the financial condition and responsibility, financial and business experience, character and general fitness of the applicant. The director may conduct an on-site investigation of the applicant, the reas…

717.240 License renewal; annual fee; renewal report; rules

To renew a license, each licensee shall pay to the Director of the Department of Consumer and Business Services a nonrefundable annual fee of $500 or a fee that the director sets by rule in an amount that does not exceed $1,000. In addition to paying the fee described in paragraph (a) of this subsection, a licensee shall provide information necessary for th…

717.245 Events requiring filing of report with director

Within 15 days following the occurrence of any one of the events listed in this section, a licensee shall file a written report with the Director of the Department of Consumer and Business Services describing the event and the event’s expected effect on the licensee’s activities in this state: The filing for bankruptcy or reorganization by the licensee or t…

717.250 Notice of change or acquisition of control of licensee; waiver; rules

Within 15 days of a change or acquisition of control of a licensee, the licensee shall provide notice of the change to the Director of the Department of Consumer and Business Services in writing and in a form the director may prescribe by rule. The notice shall be accompanied by such information, data and records as the director may require by rule. Notwith…

717.255 Examination of licensee; notice; costs

The Director of the Department of Consumer and Business Services may conduct an annual on-site examination of a licensee upon reasonable notice to the licensee. The examination may be conducted at the principal place of business of the licensee. Upon reasonable notice, the director may also conduct an examination of any location of the licensee and its autho…

717.260 Retention of records

Each licensee shall make, keep and preserve the following books, accounts and other records for a period of three years: A record of each payment instrument sold; A general ledger, posted at least once per month, containing all assets, liabilities, capital, income and expense accounts; Settlement sheets received from authorized delegates; Bank statements…

717.265 Suspension or revocation of license; appeals

The Director of the Department of Consumer and Business Services may by order suspend or revoke a license issued under ORS 717.200 to 717.320, 717.900 and 717.905 if the director finds that: Any fact or condition exists that, if it had existed at the time when the licensee applied for a license, would have been grounds for denying the application; The lice…

717.270 Conduct of money transmission business through authorized delegates; contracts

Licensees desiring to conduct a money transmission business through authorized delegates shall authorize each delegate to operate pursuant to an express written contract. The contract shall specify the following: That the licensee appoints the person as the licensee’s delegate with authority to engage in money transmission on behalf of the licensee; That n…

717.275 Requirements for authorized delegates

An authorized delegate shall not make any fraudulent or false statement or misrepresentation to a licensee or to the Director of the Department of Consumer and Business Services. All money transmission activities conducted by authorized delegates shall be strictly in accordance with the licensee’s written procedures provided to the authorized delegate. An …

717.280 Order suspending or barring authorized delegate; grounds; appeals

For any reason specified in subsection (2) of this section, the Director of the Department of Consumer and Business Services may issue an order suspending or barring an authorized delegate from continuing to be or becoming an authorized delegate during the period specified in the order. An order issued under this section shall require the licensee to termina…

717.285 Limit on responsibility of licensee; costs and attorney fees

The responsibility of a licensee to any person for a money transmission conducted on that person’s behalf by the licensee or the licensee’s authorized delegate shall be limited to the amount of money transmitted or the face amount of the payment instrument purchased plus statutory interest. In addition to any amounts under subsection (1) of this section, th…

717.290 Cease and desist order; appeals

If the Director of the Department of Consumer and Business Services determines that any person has engaged in, is engaging in or is about to engage in any act or practice constituting a violation of ORS 717.200 to 717.320 or of any rule adopted or order issued under ORS 717.200 to 717.320, the director may: Order the person to cease and desist from the unla…

717.295 Injunctions; consent orders

If the Director of the Department of Consumer and Business Services believes that any person has engaged in, is engaging in or is about to engage in any act or practice constituting a violation of any provision of ORS 717.200 to 717.320, 717.900 and 717.905, or of any rule or order adopted or issued under ORS 717.200 to 717.320, 717.900 and 717.905, the dire…

717.300 Subpoena authority

For purposes of an investigation or proceeding under ORS 717.200 to 717.320, 717.900 and 717.905, the Director of the Department of Consumer and Business Services may administer oaths and affirmations, subpoena witnesses and compel their attendance, take evidence and require the production of books, papers, correspondence, memoranda, agreements or other docu…

717.305 Consent to jurisdiction of courts; director as agent for service of process

Any licensee, authorized delegate or other person that knowingly engages in the money transmission business under ORS 717.200 to 717.320, 717.900 and 717.905, with or without filing a license application, is considered to have: Consented to the jurisdiction of the courts of this state for all actions arising under ORS 717.200 to 717.320, 717.900 and 717.905…

717.310 Rules

The Director of the Department of Consumer and Business Services may adopt rules for the purpose of carrying out the provisions of ORS 717.200 to 717.320, 717.900 and 717.905. In addition to the notice requirements of ORS chapter 183, before the director adopts a permanent rule, the director shall submit a copy of the proposed rule to each licensee.

717.315 Deposit of moneys in Consumer and Business Services Fund

All fees, charges, costs and civil penalties collected by the Director of the Department of Consumer and Business Services under ORS 717.200 to 717.320, 717.900 and 717.905 shall be paid to the State Treasurer and credited as provided in ORS 705.145.

717.320 Short title

ORS 717.200 to 717.320, 717.900 and 717.905 may be cited as the “Oregon Money Transmitters Act.”

717.900 Civil penalties

If the Director of the Department of Consumer and Business Services finds that a person has violated any provision of ORS 717.200 to 717.320, 717.900 and 717.905, or of a rule adopted or order issued under ORS 717.200 to 717.320, 717.900 and 717.905, the director may impose a civil penalty in an amount specified by the director, not to exceed $1,000 for each…

717.905 Criminal penalties

Except as provided in this section, violation of any provision of ORS 717.200 to 717.320, 717.900 and 717.905 is a Class A misdemeanor. Any person that makes a material, false statement in any document filed or required to be filed under ORS 717.200 to 717.320, 717.900 and 717.905 with the intent to deceive the recipient of the document is guilty of a Class…

717.910 [1975 c.544 §54; 1991 c.734 §95; repealed by 1999 c.571 §30]

717.990 [1965 c.503 §16; 1973 c.797 §420; repealed by 1975 c.544 §62]

_______________ CHAPTERS 718 TO 720 [Reserved for expansion]