Maine Revised Statutes Title 32 Sec. 6120 – Licensee liability
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Terms Used In Maine Revised Statutes Title 32 Sec. 6120
- Authorized delegate: means an entity designated by the licensee under the provisions of this subchapter to engage in the business of selling or issuing payment instruments or to engage in the business of transmitting money on behalf of a licensee. See Maine Revised Statutes Title 32 Sec. 6102
- Licensee: means a person licensed under this subchapter. See Maine Revised Statutes Title 32 Sec. 6102
- Money transmission: means the business of selling or issuing payment instruments or the business of receiving money, including virtual currencies, for transmission or transmitting money, including virtual currencies, within the United States or to locations abroad by any means, including, but not limited to, payment instrument, wire, facsimile or electronic transfer. See Maine Revised Statutes Title 32 Sec. 6102
- Payment instrument: means a check, draft, money order, travelers check or other instrument or written order for the transmission or payment of money, sold or issued to one or more persons, whether or not the instrument is negotiable. See Maine Revised Statutes Title 32 Sec. 6102
- Person: means an individual, partnership, association, joint-stock association, limited liability company, trust or corporation. See Maine Revised Statutes Title 32 Sec. 6102
Except in cases of gross negligence or intentional acts that result in harm to a person, a licensee‘s responsibility to a person for a money transmission conducted on that person’s behalf by the licensee or the licensee’s authorized delegate is limited to the amount of money transmitted or the face amount of the payment instrument purchased. [PL 1997, c. 155, Pt. A, §2 (NEW).]
SECTION HISTORY
PL 1997, c. 155, §A2 (NEW).