Each licensee shall be liable for the payment of all money transmissions and for all checks that the licensee sells, in whatever form and whether directly or through an agent, as the maker or drawer thereof according to the negotiable instrument laws of this state, and shall be responsible only for those acts of the agent done on behalf of the licensee. Every check sold by a licensee directly or through an agent shall bear the name of the licensee clearly imprinted thereon. During the period of time that a person is an appointed agent for a licensee, the agent shall not directly or indirectly conduct his own money transmission business and the agent shall not be, continue to be, or become an officer, director, stockholder, employee, or agent of any other licensee under this chapter. When a person ceases to be an agent of a licensee, he shall immediately cease displaying his agent’s appointment certificate, as provided under Section 75-15-17 of this chapter and shall immediately surrender same to the licensee.
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