KRS 286.11-021: Renewal of license and annual report -- Expiration and reinstatement

of license.

(1) A licensee under this subtitle shall pay an annual renewal fee of five hundred

dollars ($500) no later than September 20 of each year.

(2) The renewal fee shall be accompanied by a written renewal report, in a form

prescribed by the commissioner, which shall include:

(a) A copy of the licensee's most recent audited annual financial statement, or if

the licensee is a wholly owned subsidiary of another corporation, th e most

recent audited consolidated annual financial statement of the parent

corporation, or the licensee's most recent audited financial statement;

(b) For the most recent quarter for which data is available prior to the date of the

filing of the renewal a pplication, but in no event more than one hundred

twenty (120) days prior to the renewal date, a list of the number of payment

instruments sold by the licensee in the state, the dollar amount of those

instruments, and the dollar amount of those instruments currently outstanding;

(c) Any material changes to any of the information submitted by the licensee on

its original application which have not previously been reported to the

commissioner on any other report required to be filed under this subtitle;

(d) A list of the licensee's permissible investments under this subtitle and a

certification that the licensee continues to maintain permissible investments

according to the requirements set forth in KRS 286.11-015; and

(e) A list of the locations, including na mes, physical addresses, and telephone

numbers, in this state where the licensee or agent of the licensee engages in

money transmission.

(3) The failure of a licensee to pay the annual renewal fee or file the written renewal

report, by the renewal date of September 20, shall result in the expiration of the

licensee's license by operation of law by September 30 of the same year. The

commissioner may reinstate the license if the licensee becomes compliant with this

subtitle and pays a civil penalty equal to t he amount of the annual renewal fee, as

specified in this section, within thirty (30) days of the expiration of the license.