Maine Revised Statutes Title 32 Sec. 6117 – Authorized delegate contracts
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A licensee desiring to conduct licensed activities through authorized delegates shall authorize each delegate to operate pursuant to an express written contract. Contracts entered into after the effective date of this subchapter must provide the following: [PL 1997, c. 155, Pt. A, §2 (NEW).]
1. Appointment. That the licensee appoints the person as its delegate with authority to engage in money transmission on behalf of the licensee;
[PL 1997, c. 155, Pt. A, §2 (NEW).]
Terms Used In Maine Revised Statutes Title 32 Sec. 6117
- Administrator: means the Superintendent of Consumer Credit Protection within the Department of Professional and Financial Regulation. See Maine Revised Statutes Title 32 Sec. 6102
- Authorized delegate: means an entity designated by the licensee under the provisions of this subchapter to engage in the business of selling or issuing payment instruments or to engage in the business of transmitting money on behalf of a licensee. See Maine Revised Statutes Title 32 Sec. 6102
- Contract: A legal written agreement that becomes binding when signed.
- Licensee: means a person licensed under this subchapter. See Maine Revised Statutes Title 32 Sec. 6102
- Money transmission: means the business of selling or issuing payment instruments or the business of receiving money, including virtual currencies, for transmission or transmitting money, including virtual currencies, within the United States or to locations abroad by any means, including, but not limited to, payment instrument, wire, facsimile or electronic transfer. See Maine Revised Statutes Title 32 Sec. 6102
- Person: means an individual, partnership, association, joint-stock association, limited liability company, trust or corporation. See Maine Revised Statutes Title 32 Sec. 6102
2. Authorization for subdelegates. That neither a licensee nor an authorized delegate may authorize subdelegates without the written consent of the administrator; and
[PL 1997, c. 155, Pt. A, §2 (NEW).]
3. Regulation. That licensees are subject to supervision and regulation by the administrator.
[PL 1997, c. 155, Pt. A, §2 (NEW).]
SECTION HISTORY
PL 1997, c. 155, §A2 (NEW).