Within 15 days following the occurrence of any one of the events listed in this section, a licensee shall file a written report with the Director of the Department of Consumer and Business Services describing the event and the event’s expected effect on the licensee’s activities in this state:

Terms Used In Oregon Statutes 717.245

  • 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.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.

(1) The filing for bankruptcy or reorganization by the licensee or the licensee’s sole owner;

(2) The commencement of revocation or suspension proceedings against the licensee by any state or governmental authority with regard to the licensee’s money transmission activities;

(3) Any felony indictment of the licensee or any of its key officers or directors;

(4) Any felony conviction of the licensee or any of its key officers or directors; or

(5) The theft of payment instruments from the licensee in an amount equal to or greater than 10 percent of a licensee’s monthly amount of outstanding payment instruments. [1999 c.571 § 11]

 

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