§ 53-208.11. Renewal of license and annual report. - North Carolina Statutes

§ 53‑208.11.  Renewal oflicense and annual report.

(a)        The annual licensefee shall be accompanied by a report, in a form prescribed by the Commissioner,to be filed by the licensee on or before December 31 of each year. The licenseeshall include all of the following in its annual renewal report:

(1)        A copy of its mostrecent audited consolidated annual financial statement, including balancesheet, statement of income or loss, statement of changes in shareholder'sequity, and statement of changes in financial position, or, in the case of alicensee that is a wholly owned subsidiary of another corporation, theconsolidated audited annual financial statement of the parent corporation maybe filed in lieu of the licensee's audited financial statement.

(2)        For the most recentquarter for which data is available prior to the date of the filing of therenewal application, but in no event more than 120 days prior to the renewaldate, the licensee shall provide the number of payment instruments sold by thelicensee in the State, the dollar amount of those instruments, and the dollaramount of those instruments currently outstanding.

(3)        Any material changesto any of the information submitted by the licensee on its original applicationwhich have not previously been reported to the Commissioner on any other reportrequired to be filed under this Article.

(4)        A list of thelicensee's permissible investments.

(5)        A list of thelocations within this State at which business regulated by this Article isbeing conducted by either the licensee or its authorized delegates, except forentities exempt under G.S. 53‑208.4.

(b)        A licensee that hasnot filed a renewal report or paid its annual license fee by the renewal filingdeadline and has not been granted an extension of time to do so by theCommissioner shall be notified by the Commission, in writing, that a hearingwill be scheduled at which time the licensee will be required to show cause whyits license should not be suspended pending compliance with these requirements.(2001‑443,s. 2.)