6-1251
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6-1251. Definitions In this chapter, unless the context otherwise requires: 1. "Branch office" means any office operated by a licensee to provide deferred presentment services. 2. "Check" means a draft signed by the maker and made payable to a person that is licensed pursuant to this chapter with the name of the maker preprinted on the face of the check. 3. "Deferred presentment services" means a transaction pursuant to a written agreement in which the licensee accepts a check and agrees to hold the check for at least five days before presentment for payment or deposit. 4. "Engaged in the business" means either: (a) Advertising to or any other solicitation of a resident of this state that offers deferred presentment services and that occurs within this state. (b) Providing three or more deferred presentment services within a calendar year to residents of this state. 5. "License" means a license issued pursuant to this chapter. 6. "Licensee" means a corporation, company, firm, partnership, association or natural person that is licensed by the superintendent to engage in the business of providing deferred presentment services pursuant to this chapter. 7. "Location" means the entire space in which a licensee provides deferred presentment services. 8. "Partner" means a person who either: (a) Is authorized by law or a partnership agreement to participate in the management of the business of the partnership. (b) Owns more than twenty-five per cent of the applicant or licensee partnership. |