§ 40-22-102 — Definitions

Wyoming § 40-22-102

• Jurisdiction: Wyoming
• Title 40: Trade and Commerce
• Ch. 22: WYOMING MONEY TRANSMITTERS ACT

Text

(a) As used in this act:
(i) "Applicant" means a person filing an application
for a license;
(ii) "Authorized delegate" means an entity designated
by the licensee to engage in the business of money transmission
on behalf of a licensee;
(iii) "Commissioner" means the state banking
commissioner;
(iv) "Control" means the power to vote or ownership
of twenty-five percent (25%) or more of the outstanding voting
securities of a licensee or controlling person. To determine
the percentage of a licensee controlled by any person, there
shall be aggregated with the person's interest the interest of
any other person controlled by such person or by any spouse,
parent or child of the person;
(v) "Controlling person" means any person in control
of a licensee;
(vi) "Division" means the division of banking;
(vii) Repealed by Laws 2021, ch. 61, § 2.
(viii) "Executive officer" means the licensee's
president, chairman of the executive committee, senior officer
responsible for the licensee's business, chief financial officer
and any other person who performs similar functions;
(ix) "Key shareholder" means any person, or group of
persons acting in concert, who is the owner of twenty-five
percent (25%) or more of any voting class of an applicant's
stock;
(x) "Licensee" means a person licensed under this
act;
(xi) "Material litigation" means any litigation that
according to generally accepted accounting principles, is deemed
significant to an applicant's or licensee's financial health and
is referenced in the applicant's or licensee's annual audited
financial statements, report to shareholders or similar
documents;
(xii) "Monetary value" means a medium of exchange
whether or not redeemable in money;
(xiii) "Money transmission" means to engage in
business to sell or issue payment instruments or receive money
or monetary value for transmission to a location within or
outside the United States by any and all means, including but
not limited to wire, facsimile or electronic transfer;
(xiv) "Outstanding payment instrument" means any
payment instrument issued by the licensee which has been sold in
the United States directly by the licensee or any payment
instrument issued by the licensee which has been sold by an
authorized delegate or subdelegate of the licensee in the United
States, which has been reported to the licensee as having been
sold and which has not yet been paid by or for the licensee;
(xv) "Payment instrument" means any electronic or
written check, draft, money order, travelers check or other
electronic or written instrument or order for the transmission
or payment of money, sold or issued to one (1) or more persons,
whether or not the instrument is negotiable. "Payment
instrument" shall include prepaid access as defined in 31 C.F.R.
1010.100(ww). For purposes of this act, stored value shall be
deemed equivalent to prepaid access. The term "payment
instrument" does not include any credit card voucher, any letter
of credit or any instrument which is redeemable by the issuer in
goods or services;
(xvi) "Permissible investments" means:
(A) Cash;
(B) Certificates of deposit or other debt
obligations of a financial institution, either domestic or
foreign;
(C) Bills of exchange or time drafts drawn on
and accepted by a commercial bank, otherwise known as bankers'
acceptances, which are eligible for purchase by member banks of
the federal reserve system;
(D) Any investment securities bearing a rating
of one (1) of the four (4) highest grades as defined by a
nationally recognized organization that rates securities;
(E) Investment securities that are obligations
of the United States, its agencies or instrumentalities, or
obligations that are guaranteed fully as to principal and
interest of the United States, or any obligations of any state,
municipality or any political subdivision thereof;
(F) Shares in a money market mutual fund,
interest bearing bills, notes or bonds, debentures or stock
traded on any national securities exchange or on a national over
the counter market, or mutual funds primarily composed of such
securities or a fund composed of one (1) or more permissible
investments as set forth in this paragraph;
(G) Any demand borrowing agreement made to a
corporation or a subsidiary of a corporation whose capital stock
is listed on a national exchange;
(H) Receivables which are due to a licensee from
its authorized delegates or subdelegates which are not past due
or doubtful of collection; or
(J) Any other investments or security device
approved by the commissioner.
(xvii) "Remit" means either to make direct payment of
the funds to the licensee or its representatives authorized to
receive those funds, or to deposit the funds in a bank, credit
union or savings and loan association or other similar financial
institution in an account specified by the licensee;
(xviii) Repealed by Laws 2021, ch. 61, § 2.
(xix) "Channeling agent" means the third party
licensing system that gathers the application information and
distributes it to Wyoming for review for the approval or denial
decision;
(xx) "Registry" means the nationwide licensing system
and registry maintained by the State Regulatory Registry, LLC;
(xxi) "Subdelegate" means an entity designated by an
authorized delegate by written contract to engage in the
business of money transmission on behalf of a licensee;
(xxii) "Virtual currency" means any type of digital
representation of value that:
(A) Is used as a medium of exchange, unit of
account or store of value; and
(B) Is not recognized as legal tender by the
United States government.