Browse Arkansas Code titles and sections
23-55-206. Renewal of license.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-55-206. Renewal of license.
(a) A licensee under this article shall pay an annual renewal fee of $750 no later than December 31 in order to be licensed for the next calendar year.
(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) 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;
(2) 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
(3) proof that the licensee continues to maintain an adequate surety bond 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.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-55-206
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
Issuing source page ↗
Authority boundary: historical statutory source snapshot not current law.
Open the recorded source website ↗
Record provenance
Stable record: arkansas_code:legal_authorities:23-55-206
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: a28df807ade23f11b96196b790e3024228a321a1b2ca4ae707697ac520296133
Source location: content.xml paragraph 26809
Stored source content
23-55-206. Renewal of license.
(a) A licensee under this article shall pay an annual renewal fee of $750 no later than December 31 in order to be licensed for the next calendar year.
(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) 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;
(2) 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
(3) proof that the licensee continues to maintain an adequate surety bond 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.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-55-204. Surety bonds.
(a)(1) Except as otherwise provided in subsection (b), a money transmission licensee shall maintain a surety bond in an amount based on the previous year's:
(A) Money transmission dollar volume;
(B) Payment instrument dollar volume; and
(C) Stored value dollar volume.
(2) The minimum surety bond amount shall be at least $10,000, and the maximum surety bond amount shall not exceed $300,000.
(3) The commissioner may set specific required bond amounts by rule.
(b) The surety bond must be in a form satisfactory to the commissioner.
(c) Every surety bond shall provide for suit on the bond by any person who has a cause of action under this chapter. The aggregate liability of the surety to all persons, cumulative or otherwise, may not exceed the principal sum of the bond.
(d) A surety bond must cover claims for so long as the commissioner specifies, but for at least five years after the licensee ceases to provide money services in this State. However, the commissioner may permit the amount of a surety bond to be reduced or eliminated before the expiration of that time to the extent the amount of the licensee's payment instruments or stored-value and prepaid access obligations outstanding in this State is reduced.
(e) The commissioner may increase the amount of a surety bond required to a maximum of $1,000,000 if the financial condition of a licensee so requires, as evidenced by reduction of net worth, financial losses, or other relevant criteria.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-55-204
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-55-204. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-55-701. Maintenance of permissible investments.
(a) A licensee shall maintain at all times permissible investments that have a market value computed in accordance with generally accepted accounting principles or international financial reporting standards of not less than the aggregate amount of all of its outstanding payment instruments and stored value and prepaid access obligations issued or sold in all states and money transmitted from all states by the licensee.
(b) The commissioner, with respect to any licensees, may limit the extent to which a type of investment within a class of permissible investments may be considered a permissible investment, except for money and certificates of deposit issued by a bank. The commissioner by rule may prescribe or by order allow other types of investments that the commissioner determines to have a safety substantially equivalent to other permissible investments.
(c) Permissible investments, even if commingled with other assets of the licensee, are held in trust for the benefit of the purchasers and holders of the licensee's outstanding payment instruments and stored value and prepaid access obligations in the event of bankruptcy or receivership of the licensee.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-55-701
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-55-701. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-55-702. Types of permissible investments.
(a) Except to the extent otherwise limited by the commissioner pursuant to § 23-55-701, the following investments are permissible under § 23-55-701:
(1) cash, a certificate of deposit, or senior debt obligation of an insured depositary institution, as defined in section 3 of the Federal Deposit Insurance Act, 12 U.S.C. § 1813 (1994 & Supp. V 1999);
(2) banker's acceptance or bill of exchange that is eligible for purchase upon endorsement by a member bank of the Federal Reserve System and is eligible for purchase by a Federal Reserve Bank;
(3) an investment bearing a rating of one of the three highest grades as defined by a nationally recognized organization that rates securities;
(4) an investment security that is an obligation of the United States or a department, agency, or instrumentality thereof; an investment in an obligation that is guaranteed fully as to principal and interest by the United States; or an investment in an obligation of a State or a governmental subdivision, agency, or instrumentality thereof;
(5) receivables that are payable to a licensee from its authorized delegates, in the ordinary course of business, pursuant to contracts which are not past due or doubtful of collection if the aggregate amount of receivables under this paragraph does not exceed 20 percent of the total permissible investments of a licensee and the licensee does not hold at one time receivables under this paragraph in any one person aggregating more than 10 percent of the licensee's total permissible investments; and
(6) a share or a certificate issued by an open-end management investment company that is registered with the United States Securities and Exchange Commission under the Investment Company Act of 1940, 15 U.S.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-55-702
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-55-702. This identifies an authority to review, not proof of applicability.