6.1-377 - (Repealed effective October 1, 2010) License not required of authorized delegates of licensee.
§ 6.1-377. (Repealed effective October 1, 2010) License not required ofauthorized delegates of licensee.
A. A licensee may conduct its business through or by means of such authorizeddelegates as the licensee may designate or appoint pursuant to a writtenagreement with such authorized delegates. No license under this chapter shallbe required of any authorized delegate of a licensee. The agreement between alicensee and an authorized delegate shall (i) require the authorized delegateto comply with the provisions of this chapter and all other applicable stateand federal laws and regulations; (ii) require the authorized delegate toremit all sums owing to the licensee in accordance with the terms of thewritten agreement; (iii) require the authorized delegate to permit theCommission to investigate or examine its business pursuant to § 6.1-375; and(iv) prohibit the authorized delegate from using a subdelegate, or fromotherwise designating or appointing another person to sell money orders orengage in money transmission 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; 1994, c. 889; 2001, c. 372; 2009, c. 346.)