Section 480J-36 - License renewal; annual report(a) On or before December 31 of each year, each licensee shall pay a renewal fee pursuant to section 480J-35.(b) The annual license renewal fee shall be accompanied by a report, in a form prescribed by the commissioner, that shall include: (1) A copy of the licensee's most recent audited annual financial statement, including:(B) A statement of income or loss;(C) A statement of changes in shareholders' equity; and(D) A statement of cash flows, or if a licensee is a wholly owned subsidiary of another corporation, the consolidated audited annual financial statement of the parent corporation in lieu of the licensee's audited annual financial statement;(2) A report detailing the installment lender's activities in this State since the prior reporting period, including:(A) The number of installment loans made;(B) The number of installment loans that have defaulted; and(C) Any other information the commissioner may reasonably require related to performance metrics and the efficacy of the installment loan program;(3) A report of any material changes to any of the information submitted by the licensee on its original application that have not previously been reported to the commissioner on any other report required to be filed under this chapter;(4) A list of the principal place of business and branch locations, if any, within this State where business regulated by this chapter is being conducted by the licensee;(5) Disclosure of any pending or final suspension, revocation, or other enforcement action by any state or governmental authority; and(6) Any other information the commissioner may require.(c) A licensee may renew by:(1) Continuing to meet the licensing requirements of sections 480J-33, 480J-34, and 480J-35;(2) Filing a completed renewal statement on a form prescribed by NMLS or by the commissioner;(3) Paying a renewal fee; and(4) Meeting all other requirements of this section.(d) A licensee that has not filed an annual report deemed complete by the commissioner or paid the annual renewal fee by the renewal filing deadline, and has not been granted an extension of time to do so by the commissioner, shall have its license suspended on the renewal date. The licensee shall have thirty days after its license is suspended to file an annual report and pay the annual renewal fee, plus a late filing fee of $250 for each day that has passed since suspension; provided that the late filing fee for a nonprofit organization acting as an installment lender shall be $25 per day. The commissioner, for good cause, may grant an extension of the renewal date or reduce or suspend the late filing fees.Added by L 2021, c 56,§ 2, eff. 1/1/2022.