As used in this chapter, unless the context otherwise requires:
(1) “Applicant” means a person filing an application for a license under this chapter;
(2) “Authorized agent” means an entity designated by the licensee under this chapter to sell or issue payment instruments or engage in the business of transmitting money on behalf of a licensee;
(3) “Commissioner” means the commissioner of financial institutions;
(4) “Control” means ownership of, or the power to vote, twenty-five percent (25%) or more of the outstanding voting securities of a licensee or controlling person. For purposes of determining 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 the person or by any spouse, parent, or child of the person;
(5) “Controlling person” means any person in control of a licensee;
(6) “Executive officer” means the licensee’s president, chair of the executive committee, executive vice president, treasurer, chief financial officer or any other person who performs similar functions;
(7) “Key shareholder” means any person (or group of persons acting in concert) who is the owner of ten percent (10%) or more of any class of any applicant‘s stock;
(8) “Licensee” means a person licensed under this chapter;
(9) “Material litigation” means any litigation that, according to generally accepted accounting principles, is deemed significant to a person’s financial health and would be required to be referenced in annual audited financial statements, report to shareholders or similar documents;
(10) “Money transmission” means the sale or issuance of payment instruments or engaging in the business of receiving money for transmission or transmitting money within the United States or to locations abroad by any and all means, including, but not limited to, payment instrument, wire, facsimile or electronic transfer;
(11) “Outstanding payment instrument” means any payment instrument issued by the licensee that has been sold in the United States directly by the licensee or any payment instrument issued by the licensee that has been sold and reported to the licensee as having been sold by an authorized agent of the licensee in the United States, and that has not yet been paid by or for the licensee;
(12) “Payment instrument” means any check, draft, money order, travelers check or other instrument or written 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” does not include any credit card voucher, any letter of credit or any instrument that is redeemable by the issuer in goods or services;
(13) “Permissible investments” means:
(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, that are eligible for purchase by member banks of the federal reserve system;
(D) Any investment bearing a rating of one (1) of the three (3) highest grades as defined by a nationally recognized organization that rates the 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 by the United States, or any obligations of any state, municipality or any political subdivision thereof;
(F) Receivables that are due any licensee from its authorized agents that are not past due or doubtful of collection;
(G) Shares in any mutual fund in which the assets of the mutual fund would constitute permissible investments, interest-bearing bills, notes or bonds, debentures or stock traded on any national over-the-counter market;
(H) Any demand borrowing agreement or agreements made to a corporation or a subsidiary of a corporation whose capital stock is listed on a national exchange; or
(I) Any other investments approved by the commissioner;
(14) “Person” means any individual, partnership, association, joint-stock association, trust or corporation; and
(15) “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 in the name of the licensee.
