HARRY HUGHES, Governor

1983

(1)  HOLD IN TRUST FROM THE MOMENT OF RECEIPT THE
PROCEEDS OF A SALE OR DELIVERY OF THE LICENSEE'S PAYMENT
INSTRUMENTS AND TRAVELER'S CHECKS. AN AGENT MAY NOT
COMMINGLE THE PROCEEDS WITH HIS OWN PROPERTY OR FUNDS,
EXCEPT TO USE THE FUNDS IN THE ORDINARY COURSE OF ITS
BUSINESS FOR THE PURPOSE OF MAKING CHANGE AND CASHING
INSTRUMENTS, AND EXCEPT TO REMIT THE PROCEEDS TO THE
LICENSEE IN AN AMOUNT EQUAL TO THAT DUE THE LICENSEE AS A
RESULT OF THE SALE OF PAYMENT INSTRUMENTS OR TRAVELER'S
CHECKS BY THE AGENT OR SUBAGENT. IF ANY AGENT OF A LICENSEE
COMMINGLES ANY PROCEEDS RECEIVED FROM THE SALE OF THE
INSTRUMENTS ISSUED BY THE LICENSEE WITH ANY OTHER FUNDS OR
PROPERTY OWNED OR CONTROLLED BY THE AGENT, ALL COMMINGLED
PROCEEDS AND OTHER PROPERTY SHALL BE IMPRESSED WITH A TRUST
IN FAVOR OF SUCH LICENSEE IN AN AMOUNT EQUAL TO THE AMOUNT
OF THE PROCEEDS DUE THE LICENSEE FROM THE SALE OF PAYMENT
INSTRUMENTS AND TRAVELER'S CHECKS LESS THE AMOUNT DUE THE
AGENT FROM THE SALE.

(2)  WITHIN 48 HOURS OF THE NEXT REGULAR BUSINESS
DAY AFTER THE AGENT RECEIVES THE MONEY, REMIT THE MONEY TO
THE LICENSEE OR THE LICENSEE'S AUTHORIZED REPRESENTATIVE, OR
DEPOSIT THE MONEY IN THE LICENSEE'S ACCOUNT WITH A FINANCIAL
INSTITUTION.

(C) DEPOSIT BY THE AGENT IN AN ACCOUNT WITH A
FINANCIAL INSTITUTION OF FUNDS IN ADVANCE OF THE SALE OF THE
PAYMENT INSTRUMENTS, BUT IN AN AMOUNT NOT LESS THAN THE
AMOUNT THAT THE AGENT WOULD NORMALLY RECEIVE FROM THE SALES
OF PAYMENT INSTRUMENTS, CONSTITUTES COMPLIANCE WITH THIS
SECTION.

12-415.

(a)  The original buyer of a [draft] PAYMENT INSTRUMENT
OR TRAVELER'S CHECK may request a duplicate of the [draft]
INSTRUMENT OR CHECK if the request is:

(1)  In writing; and

(2)  If required by the licensee, accompanied by:

(i) An affidavit that gives the reason for
the request and states the facts relating to the loss of or
other failure to produce the original [draft] PAYMENT
INSTRUMENT OR TRAVELER'S CHECK; and

(ii) A personal indemnity bond or, if the
total amount of the [drafts] PAYMENT INSTRUMENTS OR
TRAVELER'S CHECKS for which a duplicate is requested is $50
or more, a lost instrument corporate bond instead of a
personal indemnity bond.

(b)  Each licensee shall issue or refuse to issue a
duplicate [draft] PAYMENT INSTRUMENT OR TRAVELER'S CHECK
within 30 days after a request for the duplicate is made
under this section.