Authorized agent contracts

Licensees desiring to conduct licensed activities through agents shall authorize each agent to operate pursuant to an express written contract, which shall include the following provisions: (1) That the licensee designates the person as its agent with authority to engage in money transmission on behalf of the licensee as authorized under this subtitle; (2) That the agent shall operate in full compliance with this subtitle, and rules promulgated under this subtitle, and any order issued by the commissioner pursuant to this subtitle; (3) That neither a licensee nor an agent of the licensee may authorize subagents; (4) That the agent shall timely remit all money legally due to the licensee in accordance with the terms of the written contract between the licensee and the agent; (5) That the licensee and agent are subject to regulation by the commissioner; and (6) That the licensee and agent shall comply with applicable federal and state law.