§ 45-17-102 — Chapter definitions

As used in this chapter, unless the context otherwise requires: (1) "Check" means any payment instrument, including any customer authorization for electronic payment; (2) "Commissioner" means the commissioner of financial institutions or the commissioner's designated representative; (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 prior to presentment for payment or deposit; (4) "Department" means the department of financial institutions; (5) "Licensee" means a person licensed to provide deferred presentment services pursuant to this chapter; (6) "Payment instrument": (A) Means a check, draft, warrant, money order, traveler's check or other instrument for payment of money, whether or not negotiable, and also includes any authorization for electronic payment of money; and (B) Does not include an instrument that is redeemable by the issuer in merchandise or service, a credit card voucher, or a letter of credit; and (7) "Person" means an individual, group of individuals, partnership, association, corporation, or any other business unit or legal entity.

Legislative History

Acts 1997 , ch. 255, § 3; 1999, ch. 14, §1; 2011 , ch. 205, §§ 1, 2.