§489D-22  Authorized delegate; conduct. 
(a)  An authorized delegate of a licensee shall not make any fraudulent or
false statement or misrepresentation to a licensee or to the commissioner.



(b)  All money transmissions, sales, or
issuances of payment instruments conducted by authorized delegates shall be in
accordance with the licensee's written procedures provided to the authorized
delegate and shall comply with all applicable federal and state laws, rules,
and regulations.



(c)  An authorized delegate shall remit all
money owing to the licensee in accordance with the terms of the contract
between the licensee and the authorized delegate.  The commissioner shall have
the discretion to set, by rule, adopted pursuant to chapter 91, the maximum
remittance time.



(d)  An authorized delegate is deemed to
consent to the commissioner's inspection, with or without prior notice to the
licensee or authorized delegate, of the books and records of the authorized
delegate when the commissioner has a reasonable basis to believe that the
licensee or delegate is not in compliance with this chapter.



(e)  An authorized delegate is under a duty to
act only as authorized under the contract with the licensee.  An authorized
delegate that exceeds its authority is subject to cancellation of the
delegate's contract and further disciplinary action by the commissioner.



(f)  All funds, except fees, received by an
authorized delegate from the sale or delivery of a payment instrument issued by
a licensee or received by the delegate for transmission, from the time the
funds are received by the delegate until the time when the funds or an
equivalent amount are remitted by the delegate to the licensee, shall
constitute trust funds owned by and belonging to the licensee.  If an authorized
delegate commingles any trust funds with any other funds or property owned or
controlled by the delegate, all commingled funds and other property of the
delegate shall be impressed with a trust in favor of the licensee in an amount
equal to the amount of the proceeds due to the licensee.



(g)  An authorized delegate shall report to the
licensee the theft or loss of payment instruments within twenty-four hours from
the time the delegate knew or should have known of the theft or loss. [L 2006,
c 153, pt of §1; am L 2008, c 195, §13]