Sec. 36a-607. (Formerly Sec. 36-543). Conduct of business by agent or subagent.
Sec. 36a-607. (Formerly Sec. 36-543). Conduct of business by agent or subagent. (a) A licensee may conduct its business at one or more locations within this state
as follows:
(1) The business may be conducted by the licensee or through or by means of such
agents and subagents as the licensee may periodically designate or appoint.
(2) No license under sections 36a-595 to 36a-610, inclusive, shall be required of
any agent or subagent of a licensee.
(3) Each agent and subagent shall, from the moment of receipt, hold the proceeds
of a sale or delivery of a licensee's Connecticut payment instruments in trust for the
benefit of such licensee or of an agent of the licensee on behalf of such licensee.
(4) A licensee shall be liable for the loss caused to any purchaser or holder of the
licensee's Connecticut payment instruments by the failure of an agent or subagent of
the licensee to forward to the licensee the amount due from the proceeds of a sale or
delivery of the licensee's Connecticut payment instruments, or money or monetary value
received for transmission.
(b) For purposes of subsection (a) of this section, a licensee shall include any entity
or person exempt under section 36a-609.
(P.A. 81-264, S. 14; P.A. 92-12, S. 98; P.A. 01-56, S. 14; P.A. 03-61, S. 5; P.A. 07-91, S. 11.)
History: P.A. 92-12 redesignated Subdivs.; Sec. 36-543 transferred to Sec. 36a-607 in 1995; P.A. 01-56 amended
Subdivs. (3) and (4) by changing "Connecticut instruments" to "Connecticut payment instruments" and amended Subdiv.
(4) by adding language re money transmission; P.A. 03-61 designated existing provisions as Subsec. (a) and added Subsec.
(b) providing that licensee includes entity or person exempt under Sec. 36a-609; P.A. 07-91 amended Subsec. (a)(4) to
insert reference to "monetary value".