(1) A person, other than a person that is exempt under ORS § 717.210, 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 to 717.320, 717.900 and 717.905.

Terms Used In Oregon Statutes 717.205

  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100

(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 to 717.320, 717.900 and 717.905.

(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 to 717.320, 717.900 and 717.905, 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]

 

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