50-1124. Same; registrant's report to state bank commissioner; when required; contents.
50-1124
50-1124. Same; registrant's report to state bankcommissioner; when required; contents.(a) On or before March 1, of each year, eachregistrant shall filewith the commissioner an annual report relatingto credit services organization business conducted by the registrant during thepreceding calendar year. The annual report shallbe on a form prescribed by the commissioner.
(b) Within 15 calendar days after the occurrence of any of the followingevents, a registrant shall file a written report with thecommissioner describing the event and its expected impact on the registrant'sbusiness:
(1) The filing for bankruptcy or reorganization by the registrant;
(2) the institution of a revocation, suspension or other proceeding againstthe registrant by a governmental authority that is related to the registrant'scredit services organizationbusiness in any state; and
(3) a felony conviction of the registrant or any of its owners, officers,principals, directors, partners, members or debt management counselors.
(c) If a registrant fails to make any report required by this section to thecommissioner, the commissioner may require theregistrant to pay a late penalty of $100 for each day the report is overdue.
History: L. 2004, ch. 22, § 9; July 1.