6.2-1911 - (Effective October 1, 2010) Conduct of business through authorized delegates of licensee. - Virginia Statutes

§ 6.2-1911. (Effective October 1, 2010) Conduct of business throughauthorized delegates of licensee.

A. A licensee may conduct its business through or by means of such authorizeddelegates as the licensee may designate or appoint under a written agreementwith such authorized delegates. The agreement between a licensee and anauthorized delegate shall (i) require the authorized delegate to comply withthe provisions of this chapter and all other applicable state and federallaws and regulations; (ii) require the authorized delegate to remit all sumsowing to the licensee in accordance with the terms of the written agreement;(iii) require the authorized delegate to permit the Commission to investigateor examine its business pursuant to § 6.2-1910; and (iv) prohibit theauthorized delegate from using a subdelegate, or from otherwise designatingor appointing another person to sell money orders or engage in moneytransmission business on behalf of the licensee.

B. A licensee shall conduct a due diligence review of all new authorizeddelegates. A licensee shall be responsible for implementing and maintaining areasonable risk-based supervision program to monitor its authorized delegates.

(1974, c. 578, § 6.1-377; 1994, c. 889; 2001, c. 372; 2009, c. 346; 2010, c.794.)