§ 6112. Agents
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 7 P.S. Banks and BankingEffective: January 3, 2017
Effective: January 3, 2017
7 P.S. § 6112
§ 6112. Agents
(b) An agent engaged in the business of money transmission under subsection (a) or subject to an exemption under section 31 shall be appointed pursuant to a written agreement between the agent and the person on whose behalf the agent is acting.
(3) The agent is subject to the control of the person on whose behalf the agent is acting, meaning that the licensee or exempted person takes complete financial responsibility for the money being transmitted from the moment an individual initiates the transmission of money until the intended recipient receives the transmitted money.
Credits
1965, Sept. 2, P.L. 490, No. 249, § 12. Amended 2016, Nov. 3, P.L. 1002, No. 129, § 13, effective in 60 days [Jan. 3, 2017].
Footnotes
7 P.S. § 6103.
7 P.S. § 6112, PA ST 7 P.S. § 6112
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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