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. (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 Director of the Department of Consumer and Business Services; and
3. (3) That licensees, authorized delegates and subdelegates are subject to supervision and regulation by the director.

[1999 c.571 §16]