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Can you summarize NERS 8-2740?
BANKS AND BANKING > Authorized delegate; duties.
Short Summary
This legal document governs the role and responsibilities of authorized delegates in the context of money transmission. Authorized delegates are required to adhere to certain obligations, including refraining from making fraudulent or false statements, conducting money transmission according to the licensee’s written procedures, and remitting all money owed to the licensee as per the contract terms. They are also subject to inspection by the director and must act within the scope of their authority. Any unauthorized actions may result in contract cancellation and disciplinary action by the director. Additionally, funds received by an authorized delegate are considered trust funds owned by the licensee until they are remitted. Commingling of funds with other assets is prohibited, and any commingled proceeds are subject to a trust in favor of the licensee. Non-compliance with these provisions can lead to penalties such as contract cancellation and further disciplinary measures by the director.
Whom does it apply to?
Authorized delegates of licensees and the director
What does it govern?
Authorized delegates and their duties in relation to money transmission
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Cancellation of contract and further disciplinary action by the director
Jurisdiction
Nebraska