Chapter 717 — Chapter 717
49 sections in this chapter.
ORS 717.010 [1965 c.503 §2; 1973 c.797 §403; 1985 c.762 §51; 1987 c.373 §55; 1993 c.744 §23; repealed by 1999 c.571 §30]
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[Repealed or reserved.]
ORS 717.020 [1965 c.503 §1; repealed by 1999 c.571 §30]
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[Repealed or reserved.]
ORS 717.030 [1965 c.503 §3; 1973 c.797 §404; repealed by 1999 c.571 §30]
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[Repealed or reserved.]
ORS 717.040 [1965 c.503 §4; 1973 c.797 §405; repealed by 1999 c.571 §30]
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[Repealed or reserved.]
ORS 717.050 [1965 c.503 §5; 1973 c.797 §406; repealed by 1999 c.571 §30]
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[Repealed or reserved.]
ORS 717.060 [1965 c.503 §6; 1973 c.797 §407; repealed by 1999 c.571 §30]
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[Repealed or reserved.]
ORS 717.070 [1965 c.503 §7(1); 1973 c.797 §408; 1977 c.135 §40; repealed by 1999 c.571 §30]
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[Repealed or reserved.]
ORS 717.075 [1973 c.797 §409; repealed by 1999 c.571 §30]
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[Repealed or reserved.]
ORS 717.080 [1965 c.503 §7(2), (3); 1973 c.797 §410; 1991 c.331 §118; 1997 c.631 §527; repealed by 1999 c.571 §30]
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[Repealed or reserved.]
ORS 717.084 [1973 c.797 §411; repealed by 1999 c.571 §30]
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[Repealed or reserved.]
ORS 717.086 [1973 c.797 §412; 1991 c.331 §119; repealed by 1999 c.571 §30]
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[Repealed or reserved.]
ORS 717.090 [1965 c.503 §8; 1973 c.797 §413; 1991 c.331 §120; repealed by 1999 c.571 §30]
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[Repealed or reserved.]
ORS 717.095 [1977 c.135 §39; 1985 c.762 §52; repealed by 1999 c.571 §30]
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[Repealed or reserved.]
ORS 717.100 [1965 c.503 §9; 1973 c.797 §414; repealed by 1999 c.571 §30]
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[Repealed or reserved.]
ORS 717.110 [1965 c.503 §10; 1973 c.797 §415; repealed by 1999 c.571 §30]
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[Repealed or reserved.]
ORS 717.120 [1965 c.503 §11; 1973 c.797 §416; repealed by 1999 c.571 §30]
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[Repealed or reserved.]
ORS 717.130 [1965 c.503 §12; 1973 c.797 §417; repealed by 1999 c.571 §30]
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[Repealed or reserved.]
ORS 717.140 [1965 c.503 §13; repealed by 1999 c.571 §30]
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[Repealed or reserved.]
ORS 717.150 [1965 c.503 §14; 1973 c.797 §418; repealed by 1999 c.571 §30]
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[Repealed or reserved.]
ORS 717.160 [1955 c.503 §15; 1971 c.734 §173; 1973 c.797 §419; repealed by 1999 c.571 §30]
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[Repealed or reserved.]
ORS 717.200 Definitions. As used in ORS 717.200 to 717.320, 717.900 and 717.905, unless the context requires otherwise
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(1) “Applicant” means a person that files an application for a license under ORS 717.200 to 717.320, 717.900 and 717.905. (2) “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 issue payme…
ORS 717.205 License required to conduct money transmission business; relationship to banking; licensing program. (1) 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
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(2) A licensee may conduct business in this state at one or more locations that the licensee owns directly or indirectly, through one or more authorized delegates, or both. A licensee is required to obtain only one license under ORS 717.200 to 717.320, 717.900 and 717.905. (3) Co…
ORS 717.210 Exemptions; waiver; rules. (1) ORS 717.200 to 717.320, 717.900 and 717.905 do not apply to
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(a) 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. (b) Credit unions or trust companies. (c) The United States Government or any department, agency or instrumentality thereof. (d) Th…
ORS 717.215 Requirements for licensees; net worth; permissible investments. (1) 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
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(2) Every applicant, at the time of filing of an application for a license under ORS 717.200 to 717.320, 717.900 and 717.905 and at all times after a license is issued, shall be in good standing in the state of its incorporation or organization. (3) Each licensee shall at all tim…
ORS 717.220 License application; rules. (1)(a) 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
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(b) The director, by rule, may conform the practices, procedures and information that the Department of Consumer and Business Services uses to issue and renew licenses for conducting a money transmission business to the requirements of the Nationwide Multistate Licensing System. …
ORS 717.225 Security devices. (1) 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 $150,000. The security device shall be in a form satisfactory to the Director of the Department of Consumer and Business Services and shall run to the State of Oregon for the benefit of any claimants against the licensee to secure the faithful performance of the obligations of the licensee with respect to the receipt, handling, transmission and payment of money in connection with the sale and issuance of payment instruments or transmission of money. The aggregate liability on any security device shall not exceed the principal sum of the security device. Claimants against the licensee may bring suit directly on the security device or the director may bring suit on behalf of such claimants, either in one action or in successive actions
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(2) In lieu of the requirements of subsection (1) of this section, a licensee may deposit with the director, or with insured institutions as defined in ORS 706.008 located in this state and designated by the licensee and approved by the director, securities in an aggregate amount…
ORS 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. [1999 c.571 §8; 2015 c.118 §9]
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[Repealed or reserved.]
ORS 717.235 License issuance; grounds for disapproval of application; appeals. (1) 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 reasonable cost of which shall be paid by the applicant. The director may disapprove an application if the director finds that the applicant
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(a) Is insolvent, either in the sense that the person’s liabilities exceed the person’s assets or that the person cannot meet obligations as they mature, or that the person is in such financial condition that the person cannot continue in business with safety to the person’s cust…
ORS 717.240 License renewal; annual fee; renewal report; rules. (1)(a) 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
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(b) In addition to paying the fee described in paragraph (a) of this subsection, a licensee shall provide information necessary for the director to evaluate the licensee’s renewal application. The director shall prescribe the information required by rule. The director may require…
ORS 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
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(1) The filing for bankruptcy or reorganization by the licensee or the licensee’s sole owner; (2) The commencement of revocation or suspension proceedings against the licensee by any state or governmental authority with regard to the licensee’s money transmission activities; (3) …
ORS 717.250 Notice of change or acquisition of control of licensee; waiver; rules. (1) 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
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(2) Notwithstanding subsection (1) of this section, the director may waive the notice requirement if the director determines that the change in control does not pose any risk to the interests of the public. [1999 c.571 §12]
ORS 717.255 Examination of licensee; notice; costs. (1) 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 authorized delegates. The on-site examination may be conducted in conjunction with examinations to be performed by representatives of agencies of other states. In lieu of an annual on-site examination, the director may accept the examination report of an agency of another state or a report prepared by an independent accountancy organization. Reports so accepted are considered for all purposes as an official report of the director
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(2) The director may conduct an on-site examination of a licensee or any authorized delegate without prior notice to the licensee or authorized delegate if the director has a reasonable basis to believe that the licensee or authorized delegate is in violation of any provision of …
ORS 717.260 Retention of records. (1) Each licensee shall make, keep and preserve the following books, accounts and other records for a period of three years
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(a) A record of each payment instrument sold; (b) A general ledger, posted at least once per month, containing all assets, liabilities, capital, income and expense accounts; (c) Settlement sheets received from authorized delegates; (d) Bank statements and bank reconciliation reco…
ORS 717.265 Suspension or revocation of license; appeals. (1) 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
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(a) 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; (b) The licensee’s net worth is inadequate and the licensee, following 10 days’ written notice from the director, fai…
ORS 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
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(1) That the licensee appoints the person as the licensee’s delegate with authority to engage in money transmission on behalf of the licensee; (2) That neither a licensee nor an authorized delegate may authorize subdelegates without the written consent of the Director of the Depa…
ORS 717.275 Requirements for authorized delegates. (1) 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
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(2) All money transmission activities conducted by authorized delegates shall be strictly in accordance with the licensee’s written procedures provided to the authorized delegate. (3) An authorized delegate shall remit all money owing to the licensee in accordance with the terms …
ORS 717.280 Order suspending or barring authorized delegate; grounds; appeals. (1) 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 terminate the licensee’s relationship with the authorized delegate during the period specified in the order
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(2) The director may issue an order under subsection (1) of this section if the director finds that an authorized delegate or any director, officer, employee or controlling person of the authorized delegate has: (a) Violated any provision of ORS 717.200 to 717.320, 717.900 and 71…
ORS 717.285 Limit on responsibility of licensee; costs and attorney fees. (1) 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
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(2) In addition to any amounts under subsection (1) of this section, the court may award a prevailing party reasonable costs and attorney fees. [1999 c.571 §19]
ORS 717.290 Cease and desist order; appeals. (1) 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
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(a) Order the person to cease and desist from the unlawful act or practice; and (b) Take any affirmative action as may be necessary to carry out the provisions of ORS 717.200 to 717.320, including assessing the costs of any investigation. (2) Except as provided in subsection (3) …
ORS 717.295 Injunctions; consent orders. (1) 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 director may initiate an action in the Circuit Court for Marion County to enjoin the act or practice and to enforce compliance with 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. Upon a proper showing, a permanent or temporary injunction, restraining order or writ of mandamus shall be granted or a receiver or conservator may be appointed for the defendant’s assets. The director shall not be required to post a bond. The court may award a prevailing party reasonable attorney fees and costs
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(2) The director may enter into consent orders at any time with any person to resolve any matter arising under ORS 717.200 to 717.320, 717.900 and 717.905. A consent order must be signed by the person to whom it is issued or a duly authorized representative, and must indicate agr…
ORS 717.300 Subpoena authority. (1) 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 documents or records that the director considers relevant or material to the inquiry. Each witness who appears before the director under a subpoena shall receive the fees and mileage provided for witnesses in ORS 44.415 (2)
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(2) If a person fails to comply with a subpoena issued pursuant to this section or a party or witness refuses to testify on any matter, the judge of the circuit court of any county, on the application of the director, shall compel obedience by proceedings for contempt as in the c…
ORS 717.305 Consent to jurisdiction of courts; director as agent for service of process. (1) 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
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(a) 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; and (b) Appointed the Director of the Department of Consumer and Business Services as the licensee’s, delegate’s or person’s lawful agent for t…
ORS 717.310 Rules. (1) 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
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(2) 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. [1999 c.571 §25]
ORS 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. [1999 c.571 §28; 2011 c.597 §290]
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[Repealed or reserved.]
ORS 717.320 Short title. ORS 717.200 to 717.320, 717.900 and 717.905 may be cited as the “Oregon Money Transmitters Act.” [1999 c.571 §27]
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[Repealed or reserved.]
ORS 717.900 Civil penalties. (1) 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 violation or, in the case of a continuing violation, $1,000 for each day that the violation continues. Civil penalties under this section shall be imposed in the manner described in ORS 183.745. A penalty shall not be assessed under this section until after the person subject to the penalty has been notified in writing of the nature of the violation and has been afforded a reasonable period of time, as set forth in the notice, to correct the violation and has failed to do so
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(2) Appeals from orders of the director under this section may be taken to the courts of this state as provided by ORS chapter 183. (3) The director may compromise and settle with and collect civil penalties from any person for violations of any provision of ORS 717.200 to 717.32…
ORS 717.905 Criminal penalties. (1) 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
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(2) 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 C felony. (3) Any person that engages in the busines…
ORS 717.910 [1975 c.544 §54; 1991 c.734 §95; repealed by 1999 c.571 §30]
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[Repealed or reserved.]
ORS 717.990 [1965 c.503 §16; 1973 c.797 §420; repealed by 1975 c.544 §62]
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_______________ CHAPTERS 718 TO 720 [Reserved for expansion]