44-1361

44-1361. Definitions

In this article, unless the context otherwise requires:

1. "Check casher" means any person who engages in the business of cashing payment
instruments more than ten times in any calendar year and who receives compensation of at
least five hundred dollars during any thirty day period for cashing payment instruments.
Check casher does not include:

(a) Any person who does business pursuant to any law of this state or any other
state if the business conducted in this state is regulated by an agency of this state, of
another state or of the United States and the business relates to a bank, savings bank,
trust company, savings and loan association or credit union.

(b) Any international banking corporation, a branch office of a foreign bank, a
corporation that is organized pursuant to the bank service company act (12 United States
Code sections 1861 through 1867) or a corporation that is organized pursuant to the edge
act (12 United States Code sections 611 through 633).

(d) The United States postal service.

(e) Any state or any department, agency, subdivision or instrumentality of any
state.

(f) Electronic funds transfers of government benefits for a federal, state or
governmental agency by a contractor on behalf of the United States or any state or a
department, agency, subdivision or instrumentality of the United States or any state.

(g) Any person who provides clearance or settlement services pursuant to a
registration as a clearing agency or who is exempt from registration pursuant to federal
securities laws to the extent of the person's operation as a clearance or settlement
service provider.

(h) Any operator of a payment system that provides processing, clearing or
settlement services between or among persons who are excluded by this paragraph.

(i) Any person who is registered as a securities broker dealer pursuant to federal
securities laws to the extent of the person's operation as a securities broker dealer.

(j) A person who is engaged in the business of issuing, selling or redeeming stored
value instruments that are subject to regulation, supervision and examination by a
federal or state banking agency that does not issue, sell or redeem stored value
instruments to or from individuals.

2. "Payment instrument" means any check, draft, money order, traveler's check in
record form, stored value instrument or other instrument for the transmission or payment
of money, whether negotiable, and in record form. Payment instrument does not include a
credit card voucher, a letter of credit or any instrument that is redeemable by the
issuer in goods or services.