(a) Extension of time.

1. (1) Compliance with Arkansas Code § 23-55-404(a) is necessary for the State Securities Department to orderly and efficiently administer and enforce the Uniform Money Services Act, Arkansas Code § 23-55-101 et seq.
2. (2) However, Arkansas Code § 23-55-404(d) authorizes the Securities Commissioner to allow the licensee to file or complete the filing of its renewal report at a date later than required for good cause.
3. (3) The licensee has the burden to demonstrate good cause.

(b) Good cause.

1. (1) In this section, “good cause” means that the licensee acted diligently and took the steps reasonably necessary to enable the licensee to file the complete renewal report and pay the renewal fee in a timely manner, but that circumstances beyond the licensee’s control prevented it from doing so.
2. (2) The licensee is expected to know and comply with the requirements of Arkansas Code § 23-55-404(a) and (b).
3. (3) Good cause cannot be based upon ignorance of the law or facts that could have been learned through the exercise of due diligence or failure to take the actions necessary to ensure timely and complete filing and payment.