286.11-035 Authorized agent contracts.
Licensees desiring to conduct licensed activities through agents shall authorize each agent
to operate pursuant to an express written contract, which shall include the following
provisions:
(1) That the licensee designates the person as its agent with authority to engage in
money transmission on behalf of the licensee as authorized under this subtitle;
(2) That the agent shall operate in full compliance with this subtitle, and rules
promulgated under this subtitle, and any order issued by the commissioner pursuant
to this subtitle;
(3) That neither a licensee nor an agent of the licensee may authorize subagents;
(4) That the agent shall timely remit all money legally due to the licensee in accordance
with the terms of the written contract between the licensee and the agent;
(5) That the licensee and agent are subject to regulation by the commissioner; and
(6) That the licensee and agent shall comply with applicable federal and state law.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 846, effective July 15, 2010. -- Created
2006 Ky. Acts ch. 247, sec. 18, effective April 24, 2006.
Legislative Research Commission Note (7/12/2006). This section was created in 2006
Ky. Acts ch. 247 as a new section of KRS Chapter 366A. Sec. 38 of that same bill
also required that all sections of KRS Chapters 287, 288, 290, 291, 294, 366, 366A,
and 368 be renumbered as sections of a single KRS chapter entitled the "Kentucky
Financial Services Code." Therefore, the Statute Reviser, acting under KRS 7.136(1),
has codified this section as a new section of KRS Chapter 286.
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