HARRY HUGHES, Governor

1981

(3) A STATEMENT OF OUTSTANDING PAYMENT
INSTRUMENTS OR OUTSTANDING TRAVELER'S CHECKS.

(B)  On or before April 30 of each year, OR ON OR
BEFORE 120 DAYS AFTER THE CLOSE OF THE FISCAL YEAR OF THE
LICENSEE, WHICHEVER IS LATER, each licensee shall file with
the Bank Commissioner an annual report that:

(1)  Contains the information that the Bank
Commissioner requires about the business of the licensee
during the previous license year;

(2)  Is in on the form that the Bank Commissioner
requires; and

(3)  Is signed and verified by the licensee.

(C) (1) IF A BUYER OR HOLDER OF A PAYMENT INSTRUMENT
OR TRAVELER'S CHECK BRINGS AN ACTION AGAINST A LICENSEE, THE
LICENSEE SHALL:

(I)  NOTIFY THE BANK COMMISSIONER OF THE
ACTION BY REGISTERED MAIL WITHIN 10 DAYS AFTER THE ACTION IS
BEGUN; AND

(II)  INCLUDE IN THE NOTICE DETAILS
SUFFICIENT TO IDENTIFY THE ACTION.

(2)  IF JUDGMENT IS ENTERED AGAINST A LICENSEE,
THE LICENSEE SHALL:

(I)  NOTIFY THE BANK COMMISSIONER OF THE
JUDGMENT BY REGISTERED MAIL WITHIN 10 DAYS AFTER JUDGMENT IS
ENTERED; AND

(II)  INCLUDE IN THE NOTICE DETAILS
SUFFICIENT TO IDENTIFY THE JUDGMENT.

(3)  IF A SURETY PAYS A CLAIM OR JUDGMENT AGAINST
A LICENSEE, THE SURETY SHALL:

(I)  NOTIFY THE BANK COMMISSIONER OF THE
PAYMENT BY REGISTERED MAIL WITHIN 10 DAYS AFTER THE PAYMENT
IS MADE; AND

(II)  INCLUDE IN THE NOTICE DETAILS
SUFFICIENT TO IDENTIFY THE BUYER OR HOLDER OF THE PAYMENT
INSTRUMENT OR TRAVELER'S CHECK AND THE CLAIM OR JUDGMENT
PAID.

12-414.

[(a) (1) If any drafts sold by a licensee, whether
directly or through its agents, are drawn on a financial
institution, the licensee shall deposit all of the proceeds
from their sale in the financial institution on which they
are drawn.