Section 399-G:1 Definitions.
In this chapter:
I. ""Authorized delegate'' means a person a licensee designates to provide money transmission services on behalf of the licensee.
I-a. ""Affiliate'' means a partnership, corporation, trust, limited liability company, or other organization or person that directly or indirectly owns or controls, or is under common ownership with, or is directly or indirectly owned or controlled by, a money transmitter.
I-b. ""Average daily outstanding money transmissions'' means the total dollar volume less fees sent by persons in all jurisdictions through the money transmitter and its authorized delegates, that has not yet been received in cash by the intended recipients, calculated for a calendar year, divided by 365.
I-c. ""Applicant'' means a person who applies for a license or registration under the chapter.
I-d. ""Application'' means a petition for a license or registration on a form prescribed by the commissioner.
II. ""Commissioner'' means the bank commissioner.
II-a. ""Control'' means the power, directly or indirectly, to direct the management or policies of a company, whether through ownership of securities, by contract, or otherwise. Any person is presumed to control a company if such person:
(a) Is a director, general partner, or executive officer;
(b) Directly or indirectly has the right to vote 10 percent or more of a class of a voting security or membership interest, or has the power to sell or direct the sale of 10 percent or more of a class of voting securities or membership interest;
(c) In the case of a limited liability company, is a managing member; or
(d) In the case of a partnership, has the right to receive upon dissolution, or has contributed, 10 percent or more of the capital.
III. ""Department'' means the banking department.
IV. ""Direct owner'' means any person, including individuals, that owns, beneficially owns, has the right to vote, or has the power to sell or direct the sale of 10 percent or more of the applicant or licensee.
IV-a. ""Financial services'' or ""financial services-related'' means securities, commodities, banking, insurance, consumer lending, money transmission, debt adjustment, or real estate, including, but not limited to, acting as or being associated with a bank or savings association, credit union, mortgage lender, mortgage broker, mortgage servicer, real estate salesperson or agent, closing agent, title company, or escrow agent.
V. ""Indirect owner'' means, with respect to direct owners and other indirect owners in a multilayered organization:
(a) In the case of an owner that is a corporation, each of its shareholders that beneficially owns, has the right to vote, or has the power to sell or direct the sale of, 25 percent or more of that corporation;
(b) In the case of an owner that is a partnership, all general partners and those limited and special partners that have the right to receive upon dissolution, or have contributed, 25 percent or more of the partnership's capital;
(c) In the case of an owner that is a trust, the trust, each trustee, and each beneficiary of 25 percent or more of the trust;
(d) In the case of an owner that is a limited liability company (""LLC''):
(1) Those members that have the right to receive upon dissolution, or have contributed, 25 percent or more of the LLC's capital; and
(2) If managed by elected managers, all elected managers; and
(e) In the case of an indirect owner, the parent owners of 25 percent or more of their subsidiary.
VI. ""Licensee'' means a person duly licensed by the commissioner under this chapter.
VII. ""Monetary value'' means a medium of exchange, whether or not redeemable in money.
VIII. ""Money transmission'' means engaging in the business of selling or issuing payment instruments or stored value, or receiving money or monetary value for transmission to another location.
VIII-a. ""Net worth'' means assets minus liabilities calculated in accordance with generally accepted accounting principles.
IX. ""Payment instrument'' means any electronic or written check, draft, money order, traveler's check, or other electronic or written instrument or order for the transmission or payment of money or monetary value, sold or issued to one or more persons, whether or not negotiable. The term does not include a credit card voucher, letter of credit, or instrument that is redeemable by the issuer in goods or services.
X. ""Person'' means an individual, corporation, business trust, estate, trust, partnership, association, 2 or more persons having a joint or common interest, or any other legal or commercial entity however organized.
XI. ""Principal'' of the applicant or licensee means an owner with 10 percent or more ownership interest in the applicant or licensee, a corporate officer, director, member, general and limited liability partner, limited partner with 10 percent or more ownership interest, trustee, beneficiary of 10 percent or more of the trust that owns the applicant or licensee, indirect owner, senior manager, and any person occupying similar status or performing similar functions.
XII. ""Principal office'' means the main office location of a person required to be licensed under this chapter.
XIII. ""Publicly traded'' means a company whose securities are traded on a securities exchange system approved and supervised by the Securities and Exchange Commission, including but not limited to the NYSE, AMEX, BSE, and NASDAQ. The term also includes a public reporting company that is subject to sections 12 or 15(d) of the Securities Exchange Act of 1934.
XIV. ""Stored value'' means monetary value that is evidenced by an electronic record.
Source. 2006, 303:35, eff. Aug. 18, 2006. 2008, 205:51, eff. Aug. 15, 2008; 372:1, 2, eff. Jan. 1, 2009. 2009, 204:29, 33, eff. Sept. 13, 2009.