Oregon Statutes 717.270 – Conduct of money transmission business through authorized delegates; contracts
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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:
Terms Used In Oregon Statutes 717.270
- Contract: A legal written agreement that becomes binding when signed.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
(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) 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. [1999 c.571 § 16]