Section 3 AAC 13.110 - Conduct of business through authorized delegate(a) A money transmission licensee may conduct business regulated under AS 06.55 through an authorized delegate designated by the money transmission licensee in accordance with AS 06.55 and this chapter.(b) Before a money transmission licensee is authorized to conduct business through an authorized delegate or allows a person to act as the money transmission licensee's authorized delegate, the money transmission licensee must (1) adopt, and update as necessary, written policies and procedures sufficient to ensure that the authorized delegate complies with AS 06.55 and this chapter; and(2) enter into a written contract that complies with AS 06.55.301.(c) The written contract required by (b)(2) of this section must be signed by the money transmission licensee and the authorized delegate and, at a minimum, must (1) designate the person signing the contract as the money transmission licensee's authorized delegate with the authority to conduct business regulated under AS 06.55 on behalf of the money transmission licensee;(2) require the authorized delegate to certify that the delegate is familiar with and agrees to operate in full compliance with AS 06.55 and this chapter, including the requirements of AS 06.55.301(b) for remission of money, the trust and other requirements of AS 06.55.301(d), and the record maintenance requirements of AS 06.55.405 and this chapter;(3) acknowledge that the authorized delegate consents to examination or investigation by the department;(4) state that the money transmission licensee is subject to regulation by the department and that, as part of that regulation, the department may suspend or revoke an authorized delegate designation or require the money transmission licensee to terminate an authorized delegate designation; and(5) acknowledge receipt of the written policies and procedures required under AS 06.55.301(a).(d) A money transmission licensee must maintain on file with the department a current list of its authorized delegates operating in this state that includes the name and business address of each delegate. The money transmission licensee must update the list within 15 business days after any change in the list.Eff. 7/12/2008, Register 187Authority:AS 06.55.301
AS 06.55.302
AS 06.55.403
AS 44.33.020