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Can you summarize ORRS Chapter 717?
Financial Institutions - Chapters 706-722 > Money Transmission
Short Summary
The provided legal document content pertains to the licensing and regulation of money transmission in Oregon. It defines various terms related to money transmission and establishes the scope of the document. It specifies that any person, except those exempt under ORS 717.210, must obtain a license issued by the Director of the Department of Consumer and Business Services to conduct a money transmission business. The document outlines the requirements for licensees, including maintaining a minimum net worth, being in good standing in the state of incorporation, and possessing permissible investments. It also outlines the requirements for applying for a license, including submitting an application form with various information. The document further specifies the requirements for obtaining a money transmission license, including the need for a security device and the option to deposit securities. It also outlines the license renewal process and the requirements for annual reports. The document provides provisions for reporting certain events and changes, conducting examinations, retaining records, and suspending or revoking licenses. It also addresses the obligations and responsibilities of authorized delegates and the authority to issue cease and desist orders. The document grants the Director of the Department of Consumer and Business Services the authority to impose civil penalties for violations of the provisions. Overall, the document provides a comprehensive framework for the licensing and regulation of money transmission in Oregon.
Whom does it apply to?
Persons conducting money transmission business in Oregon
What does it govern?
Licensing and regulation of money transmission in Oregon
What are exemptions?
Companies insured under the Federal Deposit Insurance Act, credit unions, trust companies, the United States Government and its agencies, the United States Postal Service, states and political subdivisions, contractors providing electronic transfer of government benefits, licensed escrow agents, authorized delegates of a licensee, bank holding companies, financial holding companies, and savings and loan holding companies
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Oregon