This chapter does not apply to:
(1)the United States or a department, agency, or instrumentality thereof;
(2)money transmission by the United States Postal Service or by a contractor on behalf of the United States Postal Service;
(3)a state, county, city, or any other governmental agency or governmental subdivision of a State;
(4)a bank, bank holding company, office of an international banking corporation, branch of a foreign bank, corporation organized pursuant to the Bank Service Company Act, 12 U.S.C. §§ 1861-1867 (Supp. V 1999), or corporation organized under the Edge Act, 12 U.S.C. §§ 611-633 (1994 & Supp. V 1999) under the laws of a State or the United States if it does not issue, sell, or provide payment instruments, stored value, prepaid access, or virtual currency through an a Free access — add to your briefcase to read the full text and ask questions with AI
This chapter does not apply to: (1) the United States or a department, agency, or instrumentality thereof; (2) money transmission by the United States Postal Service or by a contractor on behalf of the United States Postal Service; (3) a state, county, city, or any other governmental agency or governmental subdivision of a State; (4) a bank, bank holding company, office of an international banking corporation, branch of a foreign bank, corporation organized pursuant to the Bank Service Company Act, 12 U.S.C. §§ 1861-1867 (Supp. V 1999), or corporation organized under the Edge Act, 12 U.S.C. §§ 611-633 (1994 & Supp. V 1999) under the laws of a State or the United States if it does not issue, sell, or provide payment instruments, stored value, prepaid access, or virtual currency through an authorized delegate that is not such a person; (5) electronic funds transfer of governmental benefits for a federal, state, county, or governmental agency by a contractor on behalf of the United States or a department, agency, or instrumentality thereof, or a State or governmental subdivision, agency, or instrumentality thereof; (6) a board of trade designated as a contract market under the federal Commodity Exchange Act, 7 U.S.C. §§ 1-25 (1994), or a person that, in the ordinary course of business, provides clearance and settlement services for a board of trade to the extent of its operation as or for such a board; (7) a registered futures commission merchant under the federal commodities laws to the extent of its operation as such a merchant; (8) a person that provides clearance or settlement services pursuant to a registration as a clearing agency or an exemption from such registration granted under the federal securities laws to the extent of its operation as such a provider; (9) an operator of a payment system to the extent that it provides processing, clearing, or settlement services, between or among persons excluded by this section, in connection with wire transfers, credit card transactions, debit card transactions, stored-value transactions, automated clearing house transfers, similar funds transfers, prepaid access, or virtual currency; (10) a person registered as a securities broker-dealer under federal or state securities laws to the extent of its operation as such a broker-dealer; (11) a credit union regulated and insured by the National Credit Union Administration; (12) an agent appointed by a payee to collect and process payment as the agent of the payee, if the agent can demonstrate that: (A) there exists a written agreement between the payee and the agent directing the agent to collect and process payments on behalf of the payee; (B) the payee holds the agent out to the public as accepting payments on behalf of the payee; and (C) payment is treated as received by the payee upon receipt by the agent so that there is no risk of loss to the individual initiating the transaction if the agent fails to remit the funds to the payee; (13) virtual currency or other digital representation of value redeemable exclusively for goods or services and limited to transactions involving a defined merchant, including without limitation a rewards program; (14) a digital representation of value issued by or on behalf of a publisher and used solely within an online game, game platform, or family of games sold by the same publisher or offered on the same game platform; (15) uses of a virtual distributed ledger system to verify ownership or authenticity in a digital capacity when the virtual currency is not used as a medium of exchange; or (16) the exchange, transfer, or storage of virtual currency or to virtual currency administration if any of the following apply to the transaction: (A) the Electronic Fund Transfer Act, 15 U.S.C. § 1693 et seq., as it existed on January 1, 2023; (B) the Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq., as it existed on January 1, 2023; (C) the Commodity Exchange Act, 7 U.S.C. § 1 et seq., as it existed on January 1, 2023; or (D) the Arkansas Securities Act, § 23-42-101 et seq.