Nebraska Statutes 8-2740. Authorized delegate; duties
(1) An authorized delegate shall not make any fraudulent or false statement or misrepresentation to a licensee or to the director.
Terms Used In Nebraska Statutes 8-2740
- Action: shall include any proceeding in any court of this state. See Nebraska Statutes 49-801
- 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
- Payment instrument: means any electronic or written check, draft, money order, travelers check, or other electronic or written instrument or order for the transmission or payment of money, sold or issued to one or more persons, whether or not such instrument is negotiable. See Nebraska Statutes 8-2719
(2) An authorized delegate shall conduct all money transmission strictly in accordance with the licensee’s written procedures provided to the authorized delegate.
(3) An authorized delegate shall remit all money owing to the licensee in accordance with the terms of the contract between the licensee and the authorized delegate.
(4) An authorized delegate is deemed to consent to the director’s inspection with or without prior notice to the licensee or authorized delegate.
(5) An authorized delegate is under a duty to act only as authorized under the contract with the licensee and the Nebraska Money Transmitters Act. An authorized delegate who exceeds its authority is subject to cancellation of its contract and further disciplinary action by the director.
(6) All funds, less fees, received by an authorized delegate of a licensee from the sale or delivery of a payment instrument issued by a licensee or received by an authorized delegate for transmission shall, from the time such funds are received by such authorized delegate until such time when the funds or an equivalent amount are remitted by the authorized delegate to the licensee, constitute trust funds owned by and belonging to the licensee. If an authorized delegate commingles any such funds with any other funds or property owned or controlled by the authorized delegate, all commingled proceeds and other property is impressed with a trust in favor of the licensee in an amount equal to the amount of the proceeds due the licensee.