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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 85. State Banking Department |
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Chapter 15. Money Service Businesses |
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Subchapter 5. Authorized Delegates |
SECTION 85:15-5-1. Relationship between licensee and authorized delegate
Latest version.
- (a) In this section, "remit" means to make direct payments of money to a licensee or its representative authorized to receive money or to deposit money in a bank in an account specified by the licensee.(b) A contract between a licensee and an authorized delegate must require the authorized delegate to operate in full compliance with the Act. The licensee shall furnish in a record to each authorized delegate policies and procedures sufficient for compliance with the Act.(c) 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.(d) If a license is suspended or revoked or a licensee does not renew its license, the licensee must notify all authorized delegates of the licensee whose names are in a record filed with the Commissioner of the suspension, revocation, or non-renewal. After notice is sent or publication is made, an authorized delegate shall immediately cease to provide money transmission services as a delegate of the licensee. The former licensee must submit proof to the Commissioner that all authorized delegates have been notified of the suspension, revocation, or non-renewal. If the former licensee fails to provide the required notice, the Commissioner may provide the notice and recover his costs and expenses from the bond or other security posted by the former licensee or may require reimbursement of costs and expenses before the person may obtain a new or reinstated license.(e) An authorized delegate may not provide money transmission services outside the scope of activity permissible under the contract between the authorized delegate and the licensee, unless the authorized delegate holds its own license under the Act or other money transmission services laws. An authorized delegate of a licensee holds in trust for the benefit of the licensee all money net of fees received from money transmission.(f) An authorized delegate may not use a subdelegate to conduct money transmission services on behalf of a licensee.