A payday lender must apply for and obtain a permit to operate as a payday lender in the City. Permits will required for each location a lender operates in the City and must be renewed annually. The application will be in a form to be determined by the Director.  The Director will require the payday lender to report its fee schedule in the payday lenders permit application.  No person may operate a payday lending business or loan any funds as a payday loan without a current permit to do business issued by the City.  The annual cost for the permit is $1,500 or as established by administrative rule and payable to the City.  This permit is in addition to the City of Portland business license required by Chapter 7.02 of this Code.