|
If multiple
license types are selected, the maximum application
fee is $500 and only one form is required.
Compliance
/ Vendor / Branch Locations
|
BUSINESSES – Application Requirements
|
| |
|
|
| |
Funds
Transmitter |
Payment
Instrument Issuer |
Check
Casher |
Foreign
Currency Exc. |
|
Application Fee * |
$500 |
$500 |
$250 |
$250 |
|
Application Form |
OFR-560-01 |
OFR-560-01 |
OFR-560-01 |
OFR-560-01 |
|
Signature Requirements |
Notarized
Signature of Owner / Officer |
Notarized
Signature of Owner / Officer |
Notarized
Signature of Owner / Officer |
Notarized
Signature of Owner / Officer |
|
Deferred Presentment Transactions (DPP) Fee |
$1000 |
$1000 |
$1000 |
$1000 |
|
DPP Form |
OFR-560-03 |
OFR-560-03 |
OFR-560-03 |
OFR-560-03 |
|
Ownership Schedule |
OFR-560-01,
Section 5G |
OFR-560-01, Section 5G |
OFR-560-01, Section 5G |
OFR-560-01, Section 5G |
|
Biographical
Information Form
|
OFR-560-01,
Pages 10-15
|
OFR-560-01,
Pages 10-15
|
OFR-560-01,
Pages 10-15
|
OFR-560-01,
Pages 10-15
|
|
Fingerprint
Card and $42.25 Processing Fee |
Required
for each executive officer, director, member, principal,
sole proprietor, controlling shareholder(s) and responsible
person |
Required
for each executive officer, director, member, principal,
sole proprietor, controlling shareholder(s) and responsible
person |
Required
for each executive officer, director, member, principal,
sole proprietor, controlling shareholder(s) and responsible
person |
Required
for each executive officer, director, member, principal,
sole proprietor, controlling shareholder(s) and responsible
person |
|
Audited Financial Statements (in accordance with GAAP) |
Required
if firm in business more than 12 months; if over 90
days old, must also file current reviewed statements
|
Required
if firm in business more than 12 months; if over 90
days old, must also file current reviewed statements |
No |
No |
|
Audited Statements Exemption Claim Form |
No |
OFR-560-08
if exemption met |
No |
No |
|
Unaudited Financial Statements (reviewed by CPA) |
Acceptable
in lieu of audited if firm in business less than 12
months. |
Acceptable
in lieu of audited if firm in business less than 12
months. |
No |
No |
|
Net Worth Requirement |
$100,000
+ $50,000 per location/agent; maximum $500,000 |
$100,000
+ $50,000 per location/agent; maximum $500,000 |
No |
No |
|
Security Device (Bond, Cert. Of Deposit or Letter of
Credit) |
Required
- Minimum $50,000 to Extraordinary Circumstance $500,000 |
Required - Minimum $50,000 to Extraordinary
Circumstance
$500,000
|
No |
No |
|
Financial and Business Activity Projections |
OFR-560-01,
Question #11 |
OFR-560-01, Question #11 |
None |
None |
|
BUSINESSES –
Compliance and Renewal Requirements
|
| |
Part II
|
Part III
|
| |
Funds
Transmitter |
Payment
Instrument Issuer |
Check
Casher |
Foreign
Currency Exchanger |
|
QUARTERLY
REPORTS
|
|
Quarterly Report Form |
OFR-560-04 |
OFR-560-04 |
OFR-560-04 |
OFR-560-04 |
|
Filing Deadline |
45 Days
after Quarter End |
45 Days
after Quarter End |
45 Days
after Quarter End |
45 Days
after Quarter End |
|
ANNUAL
FINANCIALS
|
|
Annual Financial Statements (audited) |
Required. |
Required
– unless exempt, then unaudited if: less than 50 employees
/vendors OR less than $200,000 in payment instruments
issued in last 12 months. |
None |
None |
|
Deadline for Annual Statements |
90 Days
after FYE |
90 Days
after FYE |
None |
None |
|
Net Worth Requirement (all statements) |
$100,000
+ $50,000 per location/agent; max $500,000. |
$100,000
+ $50,000 per location/agent; max $500,000. |
None |
None |
|
RENEWALS
|
|
Renewal Fee |
$1,000 |
$1,000 |
$500 |
$500 |
|
Renewal Deadline |
4/30
every 2 years (from initial registration date) |
4/30
every 2 years (from initial registration date) |
12/31
every 2 years (from initial registration date) |
12/31
every 2 years (from initial registration date) |
|
Renewal Form |
Invoice
Only |
Invoice Only |
Invoice Only |
Invoice Only |
|
Net Worth Requirement |
$100,000
+ $50,000 per location/agent; max $500,000 |
$100,000
+ $50,000 per location/agent; max $500,000 |
None |
None |
|
DPP Renewal Fee |
$1,000 |
$1,000 |
$1,000 |
$1,000 |
|
DPP Renewal Deadline |
Same
as business renewal deadline |
Same
as business renewal deadline |
Same
as business renewal deadline |
Same
as business renewal deadline |
|
DPP Renewal Form |
Same
as business renewal form |
Same
as business renewal form |
Same
as business renewal form |
Same
as business renewal form |
|
Late Fee Renewal |
$500 |
$500 |
$250 |
$250 |
|
Late Renewal Deadline |
60 days
after renewal deadline |
60 days
after renewal deadline |
60 days
after renewal deadline |
60 days
after renewal deadline |
|
Late Fee DPP Renewal |
$500 |
$500 |
$500 |
$500 |
|
Late DPP Renewal Deadline |
Same
as late business deadline |
Same
as late business deadline |
Same
as late business deadline |
Same
as late business deadline |
|
Late Renewal Retroactive to Prevent Lapse |
No |
No |
No |
No |
|
CHANGE
OF CONTROL
|
| (for
change of ownership 25% or greater, or change in legal
entity) |
Comply
with all requirements for new application |
Comply
with all requirements for new application |
Comply
with all requirements for new application |
Comply
with all requirements for new application |
|
Deadline |
30 Days
prior to change |
30 Days
prior to change |
30 Days
prior to change |
30 Days
prior to change |
|
VENDOR/BRANCH
LOCATIONS – Reporting Requirements
|
| |
Part II
|
Part III
|
| |
Funds
Transmitter |
Payment
Instrument Issuer |
Check
Casher |
Foreign
Currency Exchanger |
|
NOTIFICATION
OF VENDOR/BRANCH
|
|
Form |
OFR-560-02 |
OFR-560-02 |
OFR-560-02 |
OFR-560-02 |
|
Fee |
$50 |
$50 |
$50 |
$50 |
|
Deadline to file |
60 days
after date location opened or authorized vendor commenced
operations |
60 days
after date location opened or authorized vendor commenced
operations |
60 days
after date location opened or authorized vendor commenced
operations |
60 days
after date location opened or authorized vendor commenced
operations |
|
Financial Statement Required (Unaudited) |
Yes – unless exempt: if most recent financial reflects
a balance sheet dated within 90 days prior to date operations
commenced, and if last annual report showed sufficient
net worth ($100,000 + $50,000 per location to max $500,000) |
None |
None |
|
TERMINATION OF VENDOR/BRANCH
|
|
Fee |
None |
None |
None |
None |
|
Form |
OFR-560-02 |
OFR-560-02 |
OFR-560-02 |
OFR-560-02 |
|
Deadline |
60 days
after date location closed or authorized vendor ceased
operations |
60 days
after date location closed or authorized vendor ceased
operations |
60 days
after date location closed or authorized vendor ceased
operations |
60 days
after date location closed or authorized vendor ceased
operations |
|
Amendments |
None |
None |
None |
None |
|
RENEWALS
|
|
Renewal Fee |
$50 (max
$20,000) |
$50 (max
$20,000) |
$50 (max
$20,000) |
$50 (max
$20,000) |
|
Renewal Invoice |
Renewal Invoice |
Renewal Invoice |
Renewal Invoice |
Renewal Invoice |
|
Deadline to File |
4/30
every 2 years (anniversary) |
4/30
every 2 years (anniversary) |
12/31
every 2 years (anniversary) |
12/31
every 2 years (anniversary) |
|
Late Fee |
$500
|
$500
|
$250
|
$250 |
|
Late Fee Deadline |
60 days
after renewal deadline |
60 days
after renewal deadline |
60 days
after renewal deadline |
60 days
after renewal deadline |
|
Registration Retroactive |
No |
No |
No |
No |
