§ 6.2-1900. (Effective October 1, 2010) Definitions.
As used in this chapter, unless the context requires a different meaning:
"Authorized delegate" means a person designated or appointed by a licenseeto sell money orders or provide money transmission services on behalf of thelicensee.
"Licensee" means a person licensed under this chapter to engage in thebusiness of selling money orders or the business of money transmission, orboth.
"Monetary value" means a medium of exchange, whether or not redeemable inmoney.
"Money order" means a check, traveler's check, draft, or other instrumentfor the transmission or payment of money or monetary value whether or notnegotiable.
"Money order seller" means a person engaged in the business of sellingmoney orders.
"Money transmission" means receiving money or monetary value fortransmission by wire, facsimile, electronic means or other means or sellingor issuing stored value.
"Money transmitter" means a person engaged in the business of moneytransmission.
"Outstanding" means:
1. With respect to a money order, a money order that has been issued and solddirectly by a licensee, or sold by an authorized delegate of the licensee andreported to the licensee, that has not yet been paid by or on behalf of thelicensee; or
2. With respect to a money transmission transaction, a money transmissiontransaction for which the licensee, directly or through an authorizeddelegate of the licensee, has received money or monetary value from acustomer for transmission, but has not yet (i) completed the moneytransmission transaction by delivering the money or monetary value to theperson designated by the customer, or (ii) refunded the money or monetaryvalue to the customer.
"Principal" means any person who, directly or indirectly, owns or controlsa 10 percent or greater interest in any form of entity.
"Stored value" means monetary value that is evidenced by an electronicrecord.
(1974, c. 578, § 6.1-370; 1994, c. 889; 1998, c. 10; 2001, c. 372; 2009, c.346; 2010, c. 794.)
§ 6.2-1900. (Effective October 1, 2010) Definitions.
As used in this chapter, unless the context requires a different meaning:
"Authorized delegate" means a person designated or appointed by a licenseeto sell money orders or provide money transmission services on behalf of thelicensee.
"Licensee" means a person licensed under this chapter to engage in thebusiness of selling money orders or the business of money transmission, orboth.
"Monetary value" means a medium of exchange, whether or not redeemable inmoney.
"Money order" means a check, traveler's check, draft, or other instrumentfor the transmission or payment of money or monetary value whether or notnegotiable.
"Money order seller" means a person engaged in the business of sellingmoney orders.
"Money transmission" means receiving money or monetary value fortransmission by wire, facsimile, electronic means or other means or sellingor issuing stored value.
"Money transmitter" means a person engaged in the business of moneytransmission.
"Outstanding" means:
1. With respect to a money order, a money order that has been issued and solddirectly by a licensee, or sold by an authorized delegate of the licensee andreported to the licensee, that has not yet been paid by or on behalf of thelicensee; or
2. With respect to a money transmission transaction, a money transmissiontransaction for which the licensee, directly or through an authorizeddelegate of the licensee, has received money or monetary value from acustomer for transmission, but has not yet (i) completed the moneytransmission transaction by delivering the money or monetary value to theperson designated by the customer, or (ii) refunded the money or monetaryvalue to the customer.
"Principal" means any person who, directly or indirectly, owns or controlsa 10 percent or greater interest in any form of entity.
"Stored value" means monetary value that is evidenced by an electronicrecord.
(1974, c. 578, § 6.1-370; 1994, c. 889; 1998, c. 10; 2001, c. 372; 2009, c.346; 2010, c. 794.)
§ 6.2-1900. (Effective October 1, 2010) Definitions.
As used in this chapter, unless the context requires a different meaning:
"Authorized delegate" means a person designated or appointed by a licenseeto sell money orders or provide money transmission services on behalf of thelicensee.
"Licensee" means a person licensed under this chapter to engage in thebusiness of selling money orders or the business of money transmission, orboth.
"Monetary value" means a medium of exchange, whether or not redeemable inmoney.
"Money order" means a check, traveler's check, draft, or other instrumentfor the transmission or payment of money or monetary value whether or notnegotiable.
"Money order seller" means a person engaged in the business of sellingmoney orders.
"Money transmission" means receiving money or monetary value fortransmission by wire, facsimile, electronic means or other means or sellingor issuing stored value.
"Money transmitter" means a person engaged in the business of moneytransmission.
"Outstanding" means:
1. With respect to a money order, a money order that has been issued and solddirectly by a licensee, or sold by an authorized delegate of the licensee andreported to the licensee, that has not yet been paid by or on behalf of thelicensee; or
2. With respect to a money transmission transaction, a money transmissiontransaction for which the licensee, directly or through an authorizeddelegate of the licensee, has received money or monetary value from acustomer for transmission, but has not yet (i) completed the moneytransmission transaction by delivering the money or monetary value to theperson designated by the customer, or (ii) refunded the money or monetaryvalue to the customer.
"Principal" means any person who, directly or indirectly, owns or controlsa 10 percent or greater interest in any form of entity.
"Stored value" means monetary value that is evidenced by an electronicrecord.
(1974, c. 578, § 6.1-370; 1994, c. 889; 1998, c. 10; 2001, c. 372; 2009, c.346; 2010, c. 794.)
