Money Transmission

ORS 717.205
License required to conduct money transmission business

  • relationship to banking
  • licensing program


(1)

A person, other than a person that is exempt under ORS 717.210 (Exemptions), may not conduct a money transmission business without a license that the Director of the Department of Consumer and Business Services issues in accordance with ORS 717.200 (Definitions) to 717.320 (Short title), 717.900 (Civil penalties) and 717.905 (Criminal penalties).

(2)

A licensee may conduct business in this state at one or more locations that the licensee owns directly or indirectly, through one or more authorized delegates, or both. A licensee is required to obtain only one license under ORS 717.200 (Definitions) to 717.320 (Short title), 717.900 (Civil penalties) and 717.905 (Criminal penalties).

(3)

Conducting a money transmission business does not alone constitute banking or branch banking for the purposes of the Bank Act.

(4)

The director has jurisdiction over a person that conducts a money transmission business whether or not the person is a licensee or authorized delegate.

(5)

The director, consistent with the requirements of ORS 717.200 (Definitions) to 717.320 (Short title), 717.900 (Civil penalties) and 717.905 (Criminal penalties), may administer a program to issue and renew licenses for money-transmission businesses by means of an agreement with the Nationwide Multistate Licensing System. [1999 c.571 §3; 2015 c.118 §7]

Source

Last accessed
Jun. 26, 2021