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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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