No person shall become or continue to be an agent in California of a licensee, nor shall any licensee appoint or continue any person as its agent in California unless such person and such licensee shall have first made a written agreement setting forth the terms of the agency and including provisions: (a) That the licensee appoints the person as its agent with authority to sell in California on behalf of the licensee traveler`s checks issued by the licensee; (b) That all funds, less fees due agents provided for and expressly set forth, received by the person from the sale of traveler` s checks issued by the licensee shall be trust funds owned by and belonging to the licensee; (c) That the person make and keep such accounts, correspondence, memorandums, papers, books and other records as the commissioner by regulation or order requires and preserve such records for the time specified by such regulation or order. (d) That the person will comply with all applicable conditions of this chapter and regulations and orders issued under this chapter.
