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Session Laws, 2002
Volume 800, Page 4862   View pdf image
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S.B. 774
VETOES
BELONGING TO THE LICENSEE FROM THE TIME THE FUNDS ARE RECEIVED BY THE
AUTHORIZED DELEGATE UNTIL THE TIME WHEN THE FUNDS ARE REMITTED TO THE
LICENSEE. (2) IF AN AUTHORIZED DELEGATE COMMINGLES ANY OF THE FUNDS
RECEIVED WITH ANY OTHER FUNDS OR PROPERTY OWNED OR CONTROLLED BY THE
AUTHORIZED DELEGATE, ALL COMMINGLED PROCEEDS FUNDS AND OTHER
PROPERTY SHALL BE IMPRESSED WITH A TRUST IN FAVOR OF THE LICENSEE IN AN
AMOUNT EQUAL TO THE AMOUNT OF THE PROCEEDS FUNDS DUE THE LICENSEE. (E) AN AUTHORIZED DELEGATE SHALL REPORT TO THE LICENSEE THE THEFT
OR LOSS OF A PAYMENT INSTRUMENT WITHIN 24 HOURS AFTER THE THEFT OR LOSS. 12-415. (A) (1) A LICENSEE MAY NOT CHANGE THE PLACE OF BUSINESS FOR WHICH
A LICENSE IS ISSUED UNLESS THE LICENSEE: (I) NOTIFIES THE COMMISSIONER IN WRITING OF THE PROPOSED CHANGE; AND (II) RECEIVES THE APPROVAL OF THE COMMISSIONER (2) WITHIN 60 DAYS AFTER RECEIVING A REQUEST FOR APPROVAL OF A
PROPOSED CHANGE IN THE PLACE OF BUSINESS FOR A LICENSEE, THE
COMMISSIONER SHALL APPROVE OR DENY THE REQUEST. (3) IF THE COMMISSIONER DOES NOT DENY A REQUEST FOR APPROVAL
OF A PROPOSED CHANGE IN THE PLACE OF BUSINESS FOR A LICENSEE AS PROVIDED
UNDER PARAGRAPH (2) OF THIS SUBSECTION, THE REQUEST SHALL BE DEEMED
APPROVED. (B) (1) A LICENSEE MAY NOT UNDERGO A CHANGE IN CONTROL UNLESS
THE LICENSEE: (I) NOTIFIES THE COMMISSIONER IN WRITING OF THE PROPOSED CHANGE; (II) MAKES A WRITTEN REQUEST THAT THE COMMISSIONER
APPROVE THE PROPOSED CHANGE; (III) PROVIDES ANY INFORMATION THE COMMISSIONER MAY
REQUIRE UNDER PARAGRAPH (3) OF THIS SUBSECTION; AND (IV) RECEIVES THE APPROVAL OF THE COMMISSIONER (2) WITHIN 60 DAYS AFTER RECEIVING A REQUEST FOR APPROVAL OF A
PROPOSED CHANGE IN CONTROL, THE COMMISSIONER MAY REQUIRE THE LICENSEE
TO PROVIDE ANY INFORMATION DEEMED NECESSARY TO DETERMINE WHETHER A
NEW APPLICATION IS REQUIRED BECAUSE OF THE PROPOSED CHANGE IN CONTROL. (3) THE COMMISSIONER SHALL APPROVE OR DENY A REQUEST FOR
APPROVAL OF A PROPOSED CHANGE IN CONTROL:
- 4862 -


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Session Laws, 2002
Volume 800, Page 4862   View pdf image
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