13-09.1-14. Renewal of license

13-09.1-14. Renewal of license 1. A license under this chapter must be renewed annually. a. An annual nonrefundable renewal fee must be paid by December thirty-first. The fee must equal five hundred dollars or one-fourth of one percent of the money transmission dollar volume in North Dakota for the twelve months ending June thirtieth, whichever is greater. For the transmission of virtual currency as defined in section 13-09.1-44, the fee must equal five hundred dollars or one-fourth of one percent of the average United States dollar equivalent market value of the virtual currency transmitted in North Dakota for the twelve months ending June thirtieth, whichever is greater. The fee may not exceed two thousand five hundred dollars. b. The renewal term must be for a period of one year and begins on January first of each year after the initial license term and expires on December thirty-first of the year the renewal term begins. 2. A licensee shall submit a renewal report with the renewal fee, in a form and in a medium prescribed by the commissioner. The renewal report must state or contain a description of each material change in information submitted by the licensee in its original license application which has not been reported to the commissioner. 3. The commissioner for good cause may grant an extension of the renewal date. 4. The commissioner may utilize the nationwide system to process license renewals provided that such functionality is consistent with this section. 5. A licensee may renew an expired license no later than January thirty-first subject to a late fee of fifty dollars. 6. The commissioner may deny an application to renew a license if the licensee no longer meets the criteria for licensure or otherwise fails to comply with this chapter.