§ 34-39-120 — Definitions.

As used in this chapter, unless the context clearly requires otherwise, the term: (1) "Board" means the State Board of Financial Institutions. (2) "Check" means a check signed by the maker and made payable to a person licensed pursuant to this chapter. The name of the maker must be preprinted on the face of the check. "Counter checks" and checks without the name of the maker preprinted on the face of the check may not be accepted by a licensee. (3) "Deferred presentment services" means a transaction pursuant to a written agreement involving the following combination of activities in exchange for a fee: (a) accepting a check dated on the date it was written; and (b) holding the check for a period of time before presentment for payment or deposit. (4) "Licensee" means a person licensed to provide deferred presentment services pursuant to this chapter. (5) "Person" means an individual, group of individuals, partnership, association, corporation, or other business unit or legal entity. (6) "Location" means the entire space in which deferred presentment services are provided. The space must be completely separated from any space where goods or services are sold or leased. The location must be separately staffed and must not have a common entrance with any other business not permitted by this chapter.

Legislative History

HISTORY: 1998 Act No. 433, SECTION 1, eff upon approval (became law without the Governor's signature on June 11, 1998).