For the purposes of this Chapter:

(1)  “Agent” means a person designated by the licensee under the provisions of this Chapter to sell or issue payment instruments or engage in the business of money transmission on behalf of a licensee.

(2)  “Applicant” means a person that files an application for a license under this Chapter.

(3)  “Check” means any check, draft, money order, personal money order, or other instrument for the transmission or payment of money.

(4)  “Commissioner” means the commissioner of financial institutions.

(5)  “Control” means ownership of or the power to directly or indirectly vote twenty-five percent or more of the outstanding voting interests of a licensee or applicant and includes an individual whose ownership is through one or more legal entities.

(6)  “Currency” means the coin and paper money of the United States or another country that is designated as legal tender and circulates and is customarily used and accepted as a medium of exchange in the country of issuance.

(7)  “Deliver” means to deliver a check to the first person who, in payment for same, makes or purports to make a remittance of or against the face amount thereof, whether or not the deliverer also charges a fee in addition to the face amount, and whether or not the deliverer signs the check.

(8)  “Electronic instrument” means a card or other tangible object for the transmission, transfer, or payment of money or monetary value that contains an electronic chip or strip for the storage of information or that provides access to information.

(9)  “Executive officer” means a president, a presiding officer of the executive committee, a treasurer or chief financial officer, or any other individual who performs similar functions.

(10)  “Licensee” means a person duly licensed by the commissioner of financial institutions pursuant to this Chapter.

(11)  “Location” means a place at which activity regulated by this Chapter occurs.

(12)  “Money” or “monetary value” means currency or a claim that can be converted into currency through a financial institution, electronic payments network, or other formal or informal payment system.

(13)  “Money transmission” means to engage in the business of the sale or issuance of payment instruments or of receiving 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.  The term includes:

(a)  Selling or issuing stored value or payment instruments including checks, money orders, and traveler’s checks.

(b)  Receiving money or monetary value for transmission including by payment instrument, wire, facsimile, electronic transfer, or Automated Clearing House (ACH) debit.

(c)  Providing third-party bill paying services.

(14)  “Outstanding” means:

(a)  With respect to a payment instrument or stored value, a payment instrument or stored value, issued and sold in the United States directly by the licensee or sold by an agent of the licensee in the United States and reported to the licensee, that has not yet been paid by or for the licensee.

(b)  With respect to a transmission, a money transmission for which the licensee, directly or through an agent of the licensee, has received money or monetary value from the customer for transmission but has not yet completed the money transmission by delivering the money or monetary value to the person designated by the customer or refunded the money or monetary value to the customer.

(15)  “Payment instrument” means any electronic or written check, draft, money order, traveler’s check, or other electronic or written instrument or order for the transmission or payment of money or monetary value, sold or issued to one or more persons, whether or not such instrument is negotiable.  The term “payment instrument” does not include any credit card voucher, any letter of credit, or any instrument which is redeemable by the issuer of goods or services.

(16)  “Person” means an individual or legal entity.

(17)  “Personal money order” means any instrument for the transmission or payment of money in relation to which the purchaser or remitter appoints or purports to appoint the seller thereof as his agent for the receipt, transmission, or handling of money, whether such instrument is signed by the seller or by the purchaser or remitter or some other person.

(18)  “Principal” means:

(a)  With respect to a sole proprietorship, an owner.

(b)  With respect to a legal entity other than a sole proprietorship, an executive officer, director, general partner, trustee, or manager, as applicable.

(19)  “Sell” means to sell, to issue, or to deliver a check.

(20)  “Stored value” means monetary value evidenced by an electronic record that is prefunded and for which value is reduced on each use.  The term does not include an electronic record that is:

(a)  Loaded with points, miles, or other nonmonetary value.

(b)  Not sold to the public but distributed as a reward or charitable donation.

Acts 1966, No. 476, §2.  Amended by Acts 1972, No. 324, §1; Acts 1974, No. 117, §1; Acts 1991, No. 812, §1, eff. July 22, 1991; Acts 2001, No. 586, §1, eff. June 22, 2001; Acts 2008, No. 26, §1.