Idaho Code 26-2918 – Authorized Representative Contracts
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Licensees desiring to conduct licensed activities through authorized representatives shall authorize such representative to operate pursuant to an express written contract, which shall provide the following:
(1) That the licensee appoints the person as its representative with authority to engage in money transmission on behalf of the licensee;
Terms Used In Idaho Code 26-2918
- Authorized representative: means an entity designated by the licensee under the provisions of this chapter to sell or issue payment instruments or engage in the business of transmitting money on behalf of a licensee. See Idaho Code 26-2902
- Contract: A legal written agreement that becomes binding when signed.
- Director: means the director of the department of finance. See Idaho Code 26-2902
- Licensee: means a person licensed under the provisions of this chapter. See Idaho Code 26-2902
- Money transmission: means the sale or issuance of payment instruments or engaging in the business of receiving money for transmission or the business of transmitting money within the United States or to locations outside the United States by any and all means including, but not limited to, payment instrument, wire, facsimile or electronic transfer. See Idaho Code 26-2902
- Person: means any individual, partnership, association, joint stock association, limited liability company, trust or corporation. See Idaho Code 26-2902
(2) That neither a licensee nor an authorized representative may authorize subrepresentatives without the written consent of the director;
(3) That licensees are subject to supervision and regulation by the director;
(4) An acknowledgement that the authorized representative consents to the director’s inspection, with or without prior notice to the licensee or authorized representative(s), of the books and records of authorized representative(s) of the licensee when the director has a reasonable basis to believe that the licensee or authorized representative is in violation of the provisions of this chapter; and
(5) That authorized representatives are under a duty to act only as authorized under the contract with the licensee and that an authorized representative that exceeds its authority is subject to cancellation of its contract and disciplinary action by the director.