Section 8-7A-9

Renewal of license.

(a) All licenses under this chapter shall expire on March 31 of the calendar year.

(b) A licensee under this chapter shall pay an annual renewal fee no later than March 15. The renewal fee shall be established by rule of the commission and shall not be less than five hundred dollars ($500).

(c) A licensee under this chapter shall submit a renewal report with the renewal fee, in a form and in a medium prescribed by the commission. The renewal report shall contain the following information:

(1) A copy of the licensee's most recent audited financial statement.

(2) The number and monetary value of payment and stored-value instruments sold by the licensee in this state which have not been included in a previous renewal report, and the monetary amount of payment and stored-value instruments currently outstanding.

(3) A description of each material change in information submitted by the licensee in its original license application which has not been reported to the commission.

(4) Proof that the licensee continues to maintain adequate security as required by Section 8-7A-7.

(5) A list of the locations in this state where the licensee or an authorized delegate of the licensee engages in money transmission.

(d) The renewal license shall become immediately effective upon the expiration of the current license if the licensee has submitted the renewal fee pursuant to subsection (b) and the required reports pursuant to subsection (c) to the commission.

(e) If the licensee fails to renew the license prior to March 31, the licensee shall have 20 days from the expiration date to submit the renewal fee and report required pursuant to subsections (b) and (c), plus a late fee of one hundred dollars ($100) for each day between expiration of the license and submission of the renewal report. If the licensee perfects renewal of the license prior to the expiration of the 20 days, the license renewal shall be effective on April 1, and the licensee shall not be liable for unlicensed monetary transmission during the period between the statutory expiration date and the date the renewal is perfected.

(f) The commission, for good cause, may grant an extension of the renewal date.

(Act 2017-389, §2.)