Section 286.11-035 - Authorized agent contractsLicensees desiring to conduct licensed activities through agents shall authorize each agent to operate pursuant to an express written contract, which shall include the following provisions:
(1) That the licensee designates the person as its agent with authority to engage in money transmission on behalf of the licensee as authorized under this subtitle;(2) That the agent shall operate in full compliance with this subtitle, and rules promulgated under this subtitle, and any order issued by the commissioner pursuant to this subtitle;(3) That neither a licensee nor an agent of the licensee may authorize subagents;(4) That the agent shall timely remit all money legally due to the licensee in accordance with the terms of the written contract between the licensee and the agent;(5) That the licensee and agent are subject to regulation by the commissioner; and(6) That the licensee and agent shall comply with applicable federal and state law.Effective:7/15/2010
Amended 2010, Ky. Acts ch. 24, sec. 846, effective7/15/2010. -- Created 2006, Ky. Acts ch. 247, sec. 18, effective 4/24/2006.