§489D-21 - Authorized delegate contracts. - Hawaii Statutes

     [§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 United States Code section 5311 et seq., 31 Code of Federal Regulations Part 103, section 125, and other federal and state laws pertaining to money laundering. [L 2006, c 153, pt of §1]