Licensees desiring to conduct licensed activities through authorized delegates shall authorize each delegate to operate pursuant to an express written contract. These contracts shall provide the following:

1. (1) That the licensee appoints the person as the licensee's delegate with authority to engage in money transmission on behalf of the licensee;
2. (2) That neither a licensee nor an authorized delegate may authorize subdelegates without the written consent of the commissioner;
3. (3) That the licensee is subject to supervision and rule by the commissioner; and
4. (4) That the authorized delegate certifies that it is in compliance with the recordkeeping and reporting requirements under title 31 United States Code section 5311 et seq., [title] 31 Code of Federal Regulations part 1022, section 1022.210, and other federal and state laws pertaining to money laundering.

[L 2006, c 153, pt of §1; am L 2013, c 167, §13]