Browse Arkansas Code titles and sections
23-55-501. Relationship between licensee and authorized delegate.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-55-501. Relationship between licensee and authorized delegate.
(a) In this section, “remit” means to make direct payments of money to a licensee or its representative authorized to receive money or to deposit money in a bank in an account specified by the licensee.
(b) A contract between a licensee and an authorized delegate must require the authorized delegate to operate in full compliance with this chapter. The licensee shall furnish in a record to each authorized delegate policies and procedures sufficient for compliance with this chapter.
(c) 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.
(d) If a license is suspended or revoked or a licensee does not renew its license, the commissioner shall notify all authorized delegates of the licensee whose names are in a record filed with the commissioner of the suspension, revocation, or non-renewal. After notice is sent or publication is made, an authorized delegate shall immediately cease to provide money services as a delegate of the licensee.
(e) An authorized delegate may not provide money services outside the scope of activity permissible under the contract between the authorized delegate and the licensee, except activity in which the authorized delegate is authorized to engage under § 23-55-201 et seq. or § 23-55-401 et seq. An authorized delegate of a licensee holds in trust for the benefit of the licensee all money net of fees received from money transmission.
(f) An authorized delegate may not use a subdelegate to conduct money services on behalf of a licensee.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-55-501
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:23-55-501
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 23c51d483a54a368a2d8ecd5172aec1d9ca534a764b1f47cdc51fb182cf545d0
Source location: content.xml paragraph 26921
Stored source content
23-55-501. Relationship between licensee and authorized delegate.
(a) In this section, “remit” means to make direct payments of money to a licensee or its representative authorized to receive money or to deposit money in a bank in an account specified by the licensee.
(b) A contract between a licensee and an authorized delegate must require the authorized delegate to operate in full compliance with this chapter. The licensee shall furnish in a record to each authorized delegate policies and procedures sufficient for compliance with this chapter.
(c) 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.
(d) If a license is suspended or revoked or a licensee does not renew its license, the commissioner shall notify all authorized delegates of the licensee whose names are in a record filed with the commissioner of the suspension, revocation, or non-renewal. After notice is sent or publication is made, an authorized delegate shall immediately cease to provide money services as a delegate of the licensee.
(e) An authorized delegate may not provide money services outside the scope of activity permissible under the contract between the authorized delegate and the licensee, except activity in which the authorized delegate is authorized to engage under § 23-55-201 et seq. or § 23-55-401 et seq. An authorized delegate of a licensee holds in trust for the benefit of the licensee all money net of fees received from money transmission.
(f) An authorized delegate may not use a subdelegate to conduct money services on behalf of a licensee.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-55-201. License required.
(a) A person may not engage in the business of money transmission or advertise, solicit, or hold itself out as providing money transmission unless the person:
(1) is licensed under this article;
(2) is an authorized delegate of a person licensed under this article; or
(3) is excluded under § 23-55-103.
(b) A license under this article is not transferable or assignable.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-55-201
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-55-201. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-55-401. License required.
(a) A person may not engage in currency exchange or advertise, solicit, or hold itself out as providing currency exchange for which the person receives revenues equal or greater than five percent of total revenues unless the person:
(1) is licensed under this article;
(2) is licensed for money transmission under § 23-55-201 et seq.; or
(3) is an authorized delegate of a person licensed under § 23-55-201 et seq.
(b) A license under this article is not transferable or assignable.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-55-401
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-55-401. This identifies an authority to review, not proof of applicability.