51A-17-32. Standards of conduct of authorized delegate. An authorized delegate shall adhere to the following standards of conduct:

(1) No authorized delegate may make any fraudulent or false statement or misrepresentation to a licensee or to the director;

(2) All money transmission or sale or issuance of payment instrument activities conducted by an authorized delegate shall be 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. The failure of an authorized delegate to remit all money owing to a licensee within the time presented shall result in liability of the authorized delegate to the licensee for the licensee's actual damages. The director may establish, by rules promulgated pursuant to chapter 1-26, the maximum remittance time;

(4) An authorized delegate is deemed to consent to the director's inspection, with or without prior notice to the licensee or authorized delegate, of the books and records of authorized delegates of the licensee if the director has a reasonable basis to believe that the licensee or authorized delegate is in noncompliance with this chapter; and

(5) An authorized delegate is under a duty to act only as authorized under the contract with the licensee. An authorized delegate who exceeds the authority grant under the contract is subject to cancellation of the contract and further disciplinary action by the director.Source: SL 2008, ch 253, § 32.