Idaho Code 26-2919 – Authorized Representative Conduct
Current as of: 2023 | Check for updates
|
Other versions
(1) An authorized representative shall not make any fraudulent or false statement or misrepresentation to a licensee or to the director.
(2) All money transmission or sale or issuance of payment instrument activities conducted by authorized representatives shall be strictly in accordance with the licensee’s written procedures provided to the authorized representative.
Terms Used In Idaho Code 26-2919
- 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
- Payment instrument: means any check, draft, money order, traveler’s check or other instrument or written order for the transmission or payment of money, sold or issued to one (1) or more persons, whether or not such instrument is negotiable. See Idaho Code 26-2902
- Property: includes both real and personal property. See Idaho Code 73-114
(3) An authorized representative shall remit all money owing to the licensee in accordance with the terms of the contract between the licensee and the authorized representative.
(4) All funds, less fees, received by an authorized representative of a licensee from the sale or delivery of a payment instrument issued by a licensee or received by an authorized representative for transmission shall, from the time such funds are received by such authorized representative until such time when the funds or an equivalent amount are remitted by the authorized representative to the licensee, constitute trust funds owned by and belonging to the licensee. If an authorized representative commingles any such funds with any other funds owned or controlled by the authorized representative, all commingled proceeds and other property shall be impressed with a trust in favor of the licensee in an amount equal to the amount of the proceeds due the licensee.
(5) An authorized representative shall report to the licensee the theft or loss of payment instruments within twenty-four (24) hours from the time he knew or should have known of such theft or loss.