(1) A person licensed in this state to engage in the business of money transmission shall not be subject to the provisions of this chapter, to the extent that the provisions conflict with current law or establish new requirements not imposed under current law, until such time as the licensee renews its current license or for six months after the effective date of this chapter, whichever is later.
(2) Notwithstanding subdivision (1) of this section, a licensee shall only be required to amend its authorized delegate contracts for contracts entered into or amended after the effective date or the completion of any transition period contemplated under this section. Nothing herein shall be construed as limiting an authorized delegate’s obligations to operate in full compliance with this chapter as required by subdivision 51A-17-90(3).