§489D-21 Authorized delegate contracts.
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/hi/489d-21A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§489D-21 Authorized delegate contracts. Licensees desiring to conduct licensed activities through authorized delegates shall authorize each delegate to operate pursuant to an express written contract. These contracts shall provide the following:
(1)That the licensee appoints the person as the licensee's delegate with authority to engage in money transmission on behalf of the licensee;
(2)That neither a licensee nor an authorized delegate may authorize subdelegates without the written consent of the commissioner;
(3)That the licensee is subject to supervision and rule by the commissioner; and
(4)That the authorized delegate certifies that it is in compliance with the recordkeeping and reporting requirements under title 31 United States Code section 5311 et seq., [title] 31 Code of Federal Regulations part 1022, section 1022.210, and other federal and state laws pertaining to money laundering. [L 2006, c 153, pt of §1; am L 2013, c 167, §13]