§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 U.S.C. § 5311 et seq., Title 31 of the Code of Federal Regulations, Part 1022, § 1022.210, and other federal and state laws pertaining to money laundering.

Terms Used In Hawaii Revised Statutes 489D-21

  • Contract: A legal written agreement that becomes binding when signed.