Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007) › Section 23-55-603 - Reports

(a)
A licensee shall file with the commissioner within 15 business days any material changes in information provided in a licensee's application as prescribed by the commissioner.
(b)
A licensee shall file with the commissioner within 45 days after the end of each calendar quarter a current list of all authorized delegates, and locations in this State where the licensee or an authorized delegate of the licensee provides money services, including limited stations and mobile locations. The licensee shall state the name and street address of each location and authorized delegate.
(c)
A money transmission licensee shall file with the commissioner within 90 days after the end of the money transmission licensee's fiscal year a copy of the money transmission licensee's audited financial statement from the most recently completed fiscal year or, if the money transmission licensee is a wholly owned subsidiary of another corporation, the consolidated audited financial statement of the parent corporation from the most recently completed fiscal year or the money transmission licensee's consolidated audited annual financial statement from the most recently completed fiscal year.
(d)
A licensee shall file a report with the commissioner within 3 business days after the licensee has reason to know of the occurrence of the following events:
(1)
the filing of a petition by or against the licensee under the United States Bankruptcy Code,
11 U.S.C. §§ 101-110
(1994 & Supp. V 1999), for bankruptcy or reorganization;
(2)
the filing of a petition by or against the licensee for receivership, the commencement of judicial or administrative proceedings for its dissolution or reorganization, or the making of a general assignment for the benefit of its creditors;
(3)
the commencement of a proceeding to revoke or suspend its license in a state or country that the licensee engages in business or is licensed;
(4)
the cancellation or impairment of the licensee's bond or other security;
(5)
a charge or conviction of the licensee or of an executive officer, manager, director, or person in control of the licensee, for a felony; or
(6)
a charge or conviction of an authorized delegate for a felony.
(e)
A licensee shall file with the commissioner within 45 days after the end of each calendar quarter, in a form acceptable to the commissioner, a report of the number and monetary amount of payment instruments, stored-value, prepaid access, and virtual currency sold by the licensee in this State for that quarter, and the monetary amount of payment instruments, stored-value, prepaid access, and virtual currency currently outstanding.
(f)
The commissioner may for good cause grant an extension of the reporting date.
Amended by Act 2021, No. 532,§ 17, eff. 7/28/2021.
Amended by Act 2017, No. 620,§ 4, eff. 8/1/2017.
Amended by Act 2017, No. 620,§ 3, eff. 8/1/2017.
Acts 2007, No. 1595, § 1; 2011, No. 733, §§ 11, 12.