Maine § 32 §6100-H Relationship between licensee and authorized delegate

Maine Statutes

§ 32 §6100-H — Relationship between licensee and authorized delegate

Maine·Title 32 PROFESSIONS AND OCCUPATIONS·Ch. 79-A MONEY TRANSMITTERS

The relationship between licensees and authorized delegates is governed by this section.

1.Definition. For the purposes of this section, "remit" means to make direct payments of money to a licensee or its representative authorized to receive money or to deposit money in a bank in an account specified by the licensee.

2.Authorized delegate. Before a licensee may conduct business through an authorized delegate or allows a person to act as the licensee's authorized delegate, the licensee shall:

3.Compliance. An authorized delegate shall operate in full compliance with this Act.

4.Contract. The written contract required by subsection 2, paragraph B must be signed by the licensee and the authorized delegate and, at a minimum, must:

5.Suspended, revoked, surrendered or expired license. If a

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The relationship between licensees and authorized delegates is governed by this section.
1.
Definition.
For the purposes of this section, "remit" means to make direct payments of money to a licensee or its representative authorized to receive money or to deposit money in a bank in an account specified by the licensee.
2.
Authorized delegate.
Before a licensee may conduct business through an authorized delegate or allows a person to act as the licensee's authorized delegate, the licensee shall:
3.
Compliance.
An authorized delegate shall operate in full compliance with this Act.
4.
Contract.
The written contract required by subsection 2, paragraph B must be signed by the licensee and the authorized delegate and, at a minimum, must:
5.
Suspended, revoked, surrendered or expired license.
If a licensee's license is suspended, revoked, surrendered or expired, the licensee, within 5 business days, shall provide documentation to the administrator that the licensee has notified all applicable authorized delegates of the licensee whose names are filed with the administrator of the suspension, revocation, surrender or expiration of a license. Upon suspension, revocation, surrender or expiration of a license, applicable authorized delegates shall immediately cease to provide money transmission as an authorized delegate of the licensee.
6.
Fees.
An authorized delegate of a licensee holds in trust for the benefit of the licensee all money net of fees received from money transmission. If an authorized delegate commingles any funds received from money transmission with any other funds or property owned or controlled by the authorized delegate, all commingled funds and other property are considered held in trust in favor of the licensee in an amount equal to the amount of money net of fees received from money transmission.
7.
Subdelegates.
An authorized delegate may not use a subdelegate to conduct money transmission on behalf of a licensee.

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