As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings. [1997, c. 155, Pt. A, §2 (NEW).]

1. Administrator.  “Administrator” means the Superintendent of Consumer Credit Protection.
[ 1997, c. 155, Pt. A, §2 (NEW); 2007, c. 273, Pt. B, §6 (REV); 2007, c. 695, Pt. A, §47 (AFF) .]

Terms Used In Maine Revised Statutes Title 32 Sec. 6132

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Personal property: All property that is not real property.
  • United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 15 Sec. 225
2. Applicant.  “Applicant” means a person filing an application for a license under this subchapter.
[ 1997, c. 155, Pt. A, §2 (NEW) .]

3. Capital adequacy.  “Capital adequacy” means that an applicant is financially sound and has liquid assets useable in the business of at least $10,000, computed according to generally accepted accounting principles, for the full term of the registration.
[ 1997, c. 155, Pt. A, §2 (NEW) .]

4. Check.  “Check” means any check, draft, money order or other instrument for the transmission or payment of money. “Check” does not include a travelers check.
[ 1997, c. 155, Pt. A, §2 (NEW) .]

5. Check cashing business.  “Check cashing business” means any person who engages in the business of cashing checks for a fee. “Check cashing business” does not include any of the following:
A. A supervised financial organization; [1997, c. 155, Pt. A, §2 (NEW).]

B. A supervised lender; [1997, c. 155, Pt. A, §2 (NEW).]

C. A licensee under the Money Transmitters Act; or [1997, c. 155, Pt. A, §2 (NEW).]

D. A person who is primarily engaged in the business of selling tangible personal property or services at retail and does not derive more than 5% of its income from check cashing. [1997, c. 155, Pt. A, §2 (NEW).]

[ 1997, c. 155, Pt. A, §2 (NEW) .]

6. Foreign currency exchange business.  “Foreign currency exchange business” means a person who engages in the business of exchanging foreign currency for a fee. “Foreign currency exchange business” does not include any of the following:
A. A supervised financial organization; [1997, c. 155, Pt. A, §2 (NEW).]

B. A licensee under the Money Transmitters Act; or [1997, c. 155, Pt. A, §2 (NEW).]

C. A person who is primarily engaged in the business of selling tangible personal property or services at retail and does not derive more than 5% of that person’s income from foreign currency exchange. [1997, c. 155, Pt. A, §2 (NEW).]

[ 1997, c. 155, Pt. A, §2 (NEW) .]

7. Identification.  “Identification” means, and is limited to, an unexpired and otherwise valid drivers license; a state identification card issued by any state of the United States or its territories or the District of Columbia showing a photograph and signature; a United States government resident alien identification card; a United States passport; or a United States military identification card.
[ 1997, c. 155, Pt. A, §2 (NEW) .]

8. Person.  “Person” means an individual, partnership, association, joint-stock association, limited liability company, trust or corporation.
[ 1997, c. 155, Pt. A, §2 (NEW) .]

9. Registrant.  “Registrant” means a person registered under this subchapter.
[ 1997, c. 155, Pt. A, §2 (NEW) .]

SECTION HISTORY

1997, c. 155, §A2 (NEW). 2007, c. 273, Pt. B, §7 (AFF). 2007, c. 273, Pt. B, §6 (REV). 2007, c. 695, Pt. A, §47 (AFF).