State Codes and Statutes

State Codes and Statutes

Statutes > Nebraska > Chapter8 > 8-1001

8-1001. Terms, defined.For purposes of the Nebraska Sale of Checks and Funds TransmissionAct, unless the context otherwise requires:(1) Person means any individual, partnership, limited liabilitycompany, association, joint-stock association, trust, or corporation, butdoes not include the United States Government or the government of the Stateof Nebraska;(2) Licensee means any person duly licensed pursuant to theact;(3) Check means any check, draft, money order, personal moneyorder, or other instrument, order, or instruction for the transmission orpayment of money;(4) Personal money order means any instrument for the transmissionor payment of money in relation to which the purchaser or remitter appointsor purports to appoint the seller thereof as his or her agent for the receipt,transmission, or handling of money, whether such instrument is signed by theseller, by the purchaser or remitter, or by some other person;(5) Director means the Director of Banking and Finance;(6) Financial institution has the same meaning as in section 8-101;(7) Transmission means a transfer by oral, written, or electronicmeans or instruction; and(8) Controlmeans the power, directly or indirectly, to direct the management or policiesof a licensee, whether through ownership of securities, by contract, or otherwise.Any person who (a) has the power to elect a majority of executive officers,managers, directors, trustees, or other persons exercising managerial authorityof a licensee or any person in control of a licensee, (b) directly or indirectlyhas the right to vote ten percent or more of a class of voting security orhas the power to sell or direct the sale of ten percent or more of a classof voting securities, (c) in the case of a limited liability company, is amanaging member, or (d) in the case of a partnership, has the right to receive,upon dissolution, or has contributed, ten percent or more of the capital,is presumed to control that licensee. SourceLaws 1965, c. 26, § 1, p. 192; Laws 1993, LB 121, § 94; Laws 2001, LB 53, § 8; Laws 2003, LB 217, § 18; Laws 2004, LB 999, § 7; Laws 2009, LB327, § 11.