As used in this article, the term:
(1)"Acting in concert" means knowingly acting together with a common goal of jointly acquiring control of a licensee whether or not pursuant to an express agreement.
(2)"Authorized agent" means a person designated by a licensee pursuant to Code Section 7-1-683.1 to engage in money transmission.
(3)"Average daily money transmission liability" means the amount of the licensee's outstanding money transmission obligations in this state at the end of each day in a given calendar quarter ending March 31, June 30, September 30, or December 31, added together and divided by the total number of days in the quarter.
(4)"Closed-loop transaction" means a transaction where the value or credit is primarily intended to be redeemed for a limited universe of goods, in
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As used in this article, the term: (1) "Acting in concert" means knowingly acting together with a common goal of jointly acquiring control of a licensee whether or not pursuant to an express agreement. (2) "Authorized agent" means a person designated by a licensee pursuant to Code Section 7-1-683.1 to engage in money transmission. (3) "Average daily money transmission liability" means the amount of the licensee's outstanding money transmission obligations in this state at the end of each day in a given calendar quarter ending March 31, June 30, September 30, or December 31, added together and divided by the total number of days in the quarter. (4) "Closed-loop transaction" means a transaction where the value or credit is primarily intended to be redeemed for a limited universe of goods, intangibles, services, or other items provided by the issuer of the payment instrument, its affiliates or agents, or others involved in the transaction functionally related to the issuer or its affiliates or agents. (5) "Commissioner" means the commissioner of banking and finance. (6) "Control" means the direct or indirect possession of power to direct or cause the direction of the management and policies of a person or the direct or indirect possession of power to elect or appoint a majority of executive officers or other persons exercising managerial authority of a person. (7) "Covered employee" means any employee of a licensee or an authorized agent engaged in any function related to money transmission. (8) "Department" means the Department of Banking and Finance. (9) "Executive officer" means the chief executive officer, president, chief financial officer, chief operating officer, each officer with responsibility involving policy-making functions for a significant aspect of a person's business, or any other individual performing similar managerial or supervisory functions with respect to any organization, whether incorporated or unincorporated. (10) "Individual" means a natural person. (11) "Licensee" means a person duly licensed by the department pursuant to this article. (12) "Misrepresent" means to make a false statement of a substantive fact. Such term may also mean to engage in any conduct which leads to a false belief which is material to the transaction. (13) "Monetary value" means a medium of exchange, whether or not redeemable in money. (14) "Money transmission," "transmit money," or "transmission of money" means engaging in the business of: (A) Receiving money or monetary value for transmission or transmitting money or monetary value within the United States or to locations abroad by any and all means, including, but not limited to: (i) An order; (ii) A wire; (iii) A facsimile; and (iv) An electronic transfer; (B) Selling or issuing payment instruments, including the creation, issuance, or sale of a payment instrument that is redeemable in cash or monetary value; and (C) Payroll processing services. Such term shall not include closed-loop transactions. (15) "Money transmitter" means a person licensed under this article to transmit money. (16) "Multistate licensing process" means any licensing agreement entered into by and among state agencies that regulate money transmitters. (17) "Nationwide Multistate Licensing System and Registry" means a licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the licensing and registration of certain persons engaged in nondepository activities. (18) "Open-loop transaction" means a transaction using a payment instrument to redeem for goods or services at any location that accepts such payment instrument. (19) "Passive investor" means a person that: (A) Owns, directly or indirectly, at least 10 percent but less than 25 percent interest in or voting shares of a licensee or person in control of a licensee; (B) Does not have the power to elect a majority of the members of the board of directors of a licensee; (C) Is not employed by and does not perform any managerial duties for the licensee or person in control of a licensee; and (D) Does not have the power to exercise, directly or indirectly, a controlling influence over the management or policies of a licensee or person in control of a licensee. (20) "Payment instrument" means any instrument, order, or device for the payment or transmission of money or monetary value, whether or not it is a negotiable instrument under the terms of Article 3 of Title 11, relating to negotiable instruments. Such term includes, but is not limited to, checks, money orders, drafts, stored value, and open-loop transactions. Such term shall not include closed-loop transactions, credit card vouchers, letters of credit, or any instrument that is redeemable by the issuer only in specific goods or services of the issuer. (21) "Payment instrument holder" means a person that has purchased a payment instrument from a money transmitter or who has had monetary value transmitted by a money transmitter. (22) "Payroll processing services" means receiving money for transmission pursuant to a contract with a person to deliver wages or salaries, make payment of payroll taxes to state and federal agencies, make payments relating to employee benefit plans, or make distributions of other authorized deductions from wages or salaries. Such term shall not include an employer performing payroll processing services on its own behalf or on behalf of its affiliate. (23) "Person" means any individual, sole proprietorship, corporation, limited liability company, partnership, trust, or any other group of individuals, however organized. (24) "Sale" and "selling" mean the passing of title from the money transmitter or the money transmitter's agent to a payment instrument holder or remitter or an agreement to transfer money or monetary value. (25) "Signed" shall have the same meaning as provided in Code Section 11-1-201 . (26) "Stored value" means monetary value that represents a claim against the issuer evidenced by an electronic or digital record and is intended and accepted for use as a means of redemption for money or monetary value or payment for goods or services. Such term includes, but is not limited to, prepaid access as defined by 31 C.F.R. Section 1010.100 . Such term shall not include closed-loop stored value that is not sold to the public but is issued and distributed as part of a loyalty, rewards, or promotional program. (27) "Tangible net worth" means the aggregate assets of a person, excluding all intangible assets, less liabilities, as determined in accordance with generally accepted accounting principles in the United States. (28) "Ultimate equitable owner" means a person that: (A) Owns, directly or indirectly, a 10 percent or more interest in a corporation or any other form of business organization; (B) Owns, directly or indirectly, 10 percent or more of the voting shares of any corporation or any other form of business organization; or (C) Exerts control, directly or indirectly, over a corporation or any other form of business organization, regardless of whether such person owns or controls such interest through one or more natural persons or one or more proxies, powers of attorney, nominees, corporations, associations, limited liability companies, partnerships, trusts, joint stock companies, other entities or devices, or any combination thereof. For purposes of determining ultimate equitable ownership by an individual, the individual's interest shall be aggregated with the interest of any other immediate family member, including the individual's spouse, parents, children, siblings, mothers- and fathers-in-law, sons- and daughters-in-law, brothers- and sisters-in-law, and any other individual who shares such individual's home. (29) "Unique identifier" means a number or other identifier assigned by protocols established by the Nationwide Multistate Licensing System and Registry. (30) "Virtual currency" means a digital representation of monetary value that does not have legal tender status as recognized by the United States government. Such term shall not include the software or protocols governing the transfer of the digital representation of monetary value; units of value that are issued in an affinity or rewards program and that cannot be redeemed for money or virtual currencies; or an affinity or rewards program tied to a credit, debit, or prepaid card that awards points for purchases or other transactions, which points can be redeemed for dollar denominated credit to a checking, credit card, or prepaid account, or for a gift card, goods, travel, or services.