2005 Minnesota Statutes

     53B.20 Authorized delegate contracts. 

    Subdivision 1.    Contents of contract.  Licensees that 
 conduct licensed activities through authorized delegates shall 
 authorize each delegate to operate under an express written 
 contract that, for contracts entered into after August 1, 2001, 
 provide the following: 

    (1) that the licensee appoint the person as its delegate 
 with authority to engage in money transmission on behalf of the 
 licensee; 

    (2) that neither a licensee nor an authorized delegate 
 authorize subdelegates without the written consent of the 
 commissioner; and 

    (3) that licensees are subject to supervision and 
 regulation by the commissioner and that as a part of that 
 supervision and regulation, the commissioner may require the 
 licensee to cancel an authorized delegate contract as a result 
 of a violation of section 53B.21. 

    Subd. 2.    Termination of authorized delegate contract. 
  Upon termination of any authorized delegate contract, the 
 licensee must notify the commissioner within a reasonable amount 
 of time of the termination. 

    Subd. 3.    Exempt entities.  For purposes of this 
 section, "licensee" includes exempt entities. 

    HIST: 2001 c 148 s 21