Nebraska Statutes 8-2739. Licensee; authorized delegate; contract;contents
A licensee desiring to conduct money transmission through an authorized delegate shall authorize each authorized delegate to operate pursuant to an express written contract which, for contracts entered into on or after January 1, 2014, shall provide the following:
Terms Used In Nebraska Statutes 8-2739
- Authorized delegate: means an entity designated by the licensee or an exempt entity under the Nebraska Money Transmitters Act to engage in the business of money transmission on behalf of the licensee or exempt entity. See Nebraska Statutes 8-2704
- Contract: A legal written agreement that becomes binding when signed.
- Director: means the Director of Banking and Finance. See Nebraska Statutes 8-2709
- Licensee: means a person licensed pursuant to the Nebraska Money Transmitters Act. See Nebraska Statutes 8-2713
- Money transmission: means the business of the sale or issuance of payment instruments or stored value or of receiving money or monetary value for transmission to a location within or outside the United States by any and all means, including wire, facsimile, or electronic transfer. See Nebraska Statutes 8-2716
- Person: means any individual, partnership, limited liability company, association, joint-stock association, trust, or corporation. See Nebraska Statutes 8-2721
(1) That the licensee appoints the person as its authorized delegate with authority to engage in the sale and issue of payment instruments or engage in the business of 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; and
(3) That the licensee is subject to supervision and regulation by the director.