§489D-4  Definitions.  For
purposes of this chapter:



"Applicant" means a person filing an
application for a license under this chapter.



"Authorized delegate" means an entity
designated by the licensee under this chapter to sell or issue payment instruments
or engage in the business of transmitting money on behalf of a licensee.



"Commissioner" means the commissioner
of financial institutions.



"Control" means ownership of, or the
power to vote, twenty-five per cent or more of the outstanding voting securities
of a licensee or controlling person.  For purposes of determining the
percentage of a licensee controlled by any person, there shall be aggregated
with the controlling person's interest the interest of any other person
controlled by the person, or by any spouse, parent, or child of the person.



"Controlling person" means any person
in control of a licensee.



"Division" means the division of
financial institutions within the department of commerce and consumer affairs.



"Electronic instrument" means a card
or other tangible object for the transmission or payment of money, including a
stored value card or device, which contains a microprocessor chip, magnetic
stripe, or other means for the storage of information, that is prefunded and
for which the value is decremented upon each use, but does not include a card
or other tangible object that is redeemable by the issuer in goods or services.



"Executive officer" means a
president, chairperson of an executive committee, senior officer responsible
for the licensee's business, chief financial officer, or any other person who
performs similar functions related to the licensee.



"Key shareholder" means any person,
or group of persons acting in concert, who is the owner of twenty-five per cent
or more of any voting class of an applicant's stock.



"License" means a license under this
chapter.



"Licensee" means a person licensed
under this chapter.



"Material litigation" means any
litigation that, according to generally accepted accounting principles, is
deemed significant to an applicant's or licensee's financial health and would
be required to be referenced in the applicant's or licensee's annual audited
financial statements, report to shareholders, or similar documents.



"Monetary value" means a medium of
exchange, whether or not redeemable in money.



"Money transmission" means to engage
in the business of:



(1)  Selling or issuing payment instruments; or



(2)  Receiving money or monetary value for
transmission to a location within or outside the United States by any and all
means, including wire, facsimile, or electronic transfer.



Money transmission does not apply to courier
services. "Outstanding payment instrument" means any payment
instrument issued by the licensee that has been sold in the United States:



(1)  Directly
by the licensee; or



(2)  By an authorized delegate of the licensee in the
United States, which has been reported to the licensee as having been sold, and
that has not yet been paid by or for the licensee.



"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, sold or issued to one or more persons, whether or not the instrument is
negotiable.  The term "payment instrument" does not include any
credit card voucher, any letter of credit, or any instrument that is redeemable
by the issuer in goods or services.



"Permissible investments" means:



(1)  Cash;



(2)  Certificates of deposit or other debt obligations
of a financial institution, either domestic or foreign;



(3)  Bills of exchange or time drafts drawn on and
accepted by a commercial bank, known as bankers' acceptances, that are eligible
for purchase by member banks of the Federal Reserve System;



(4)  Any investment bearing a rating of one of the
three highest grades as defined by a nationally recognized organization that
rates securities;



(5)  Investment securities that are obligations of the
United States, its agencies, or its instrumentalities, obligations that are guaranteed
fully as to principal and interest by the United States, or any obligations of
any state, municipality, or any political subdivision thereof;



(6)  Shares in a money market mutual fund, interest-bearing
bills, notes, or bonds, debentures or stock traded on any national securities
exchange or on a national over-the-counter market, mutual funds primarily
composed of these securities, or a fund composed of one or more permissible
investments as set forth in paragraphs (1) to (5);



(7)  Any demand borrowing agreement or agreements made
with a corporation or a subsidiary of a corporation whose capital stock is
listed on a national exchange;



(8)  Receivables that are due to a licensee from its
authorized delegates pursuant to a contract under section 489D-21, that are not
past due or doubtful of collection; or



(9)  Any other investments or security device approved
by the commissioner.



"Person" means any individual,
partnership, limited liability company, association, joint-stock association,
trust, or corporation.



"Principal" means any person, or
group of persons acting in concert, who exercises control over or has a
twenty-five per cent ownership interest in an applicant or licensee under this
chapter.  Principal also includes a manager and anyone else who supervises or
is in charge of the applicant or licensee.



"Remit" means:



(1)  To make direct payment of the funds to the
licensee or its representatives authorized to receive those funds; or



(2)  To deposit the funds in a bank, credit union,
savings and loan association, savings bank, financial services loan company, or
other similar financial institution in an account specified by the licensee.



"Stored value" means monetary value
that is evidenced by an electronic record. [L 2006, c 153, pt of §1; am L 2008,
c 19, §77 and c 195, §§2, 3]