Licensees desiring to conduct a money transmission business through authorized delegates shall authorize each delegate to operate pursuant to an express written contract. The contract shall specify the following: (1) That the licensee appoints the person as the licensees 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 Director of the Department of Consumer and Business Services; and (3) That licensees, authorized delegates and subdelegates are subject to supervision and regulation by the director.
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