2012 Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 2 - Financial Institutions And Securities
Chapter 55 - Uniform Money Services Act.
Article 2 - Money Transmission Licenses
§ 23-55-206 - Renewal of license.

(a) A licensee under this article shall pay an annual renewal fee of $750 no later than December 1 for the succeeding calendar year or, if December 1 is not a business day, on the next business day.

(b) A licensee under this article shall submit a renewal report with the renewal fee, in a form prescribed by the commissioner. The renewal report must state or contain:

(1) the number and monetary amount of payment instruments and stored-value sold by the licensee in this State which have not been included in a renewal report and the monetary amount of payment instruments and stored value currently outstanding;

(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 §§ 23-55-701 and 23-55-702; and

(4) proof that the licensee continues to maintain adequate security as required by § 23-55-204.

(c) A licensee that does not comply with subsections (a) and (b) by December 1 shall pay a late fee of $250 if the complete renewal application is received before the expiration of the license.

(d) The commissioner for good cause may grant an extension of the renewal date.