Oregon Statutes - Chapter 717 - Money Transmission - Section 717.270 - Conduct of money transmission business through authorized delegates; contracts.

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:

(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]

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Last modified: August 7, 2008