Oregon Statutes 717.215 – Requirements for licensees; net worth; permissible investments
(1) Each licensee shall at all times have a net worth of not less than $100,000, calculated in accordance with generally accepted accounting principles. Licensees engaging in money transmission at more than one location or through authorized delegates shall have an additional net worth of $25,000 per location in this state, not to exceed a maximum of $500,000.
Terms Used In Oregon Statutes 717.215
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100
(2) Every applicant, at the time of filing of an application for a license under ORS § 717.200 to 717.320, 717.900 and 717.905 and at all times after a license is issued, shall be in good standing in the state of its incorporation or organization.
(3) Each licensee shall at all times possess permissible investments having an aggregate market value, calculated in accordance with generally accepted accounting principles, of not less than the aggregate face amount of all outstanding payment instruments issued or sold by the licensee in the United States. This requirement may be waived by the Director of the Department of Consumer and Business Services if the dollar volume of a licensee’s outstanding payment instruments does not exceed the amount of any security device posted by the licensee under ORS § 717.225.
(4) In the event of the bankruptcy of the licensee, permissible investments, even if commingled with other assets of the licensee, are considered by operation of law to be held in trust for the benefit of the purchasers and holders of the licensee’s outstanding payment instruments. [1999 c.571 § 5]