Sections
Subchapter 1 Money Transmitters 6101 – 6129
Subchapter 2 Check Cashing and Foreign Currency Exchange 6131 – 6146
Subchapter 3 Cash-Dispensing Machines Established by Nonbanks 6151 – 6162

Terms Used In Maine Revised Statutes > Title 32 > Chapter 80

  • Administrator: means the Superintendent of Consumer Credit Protection within the Department of Professional and Financial Regulation. See Maine Revised Statutes Title 32 Sec. 6102
  • Administrator: means the Superintendent of Consumer Credit Protection. See Maine Revised Statutes Title 32 Sec. 6132
  • Administrator: means the Superintendent of Consumer Credit Protection within the Department of Professional and Financial Regulation. See Maine Revised Statutes Title 32 Sec. 6151
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Applicant: means a person filing an application for a license under this subchapter. See Maine Revised Statutes Title 32 Sec. 6102
  • Applicant: means a person filing an application for a license under this subchapter. See 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.
  • 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
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • 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. See Maine Revised Statutes Title 32 Sec. 6132
  • Cash-dispensing machine: means an electronic device that, operating in conjunction with a processor and network, allows a customer to debit an account in exchange for dispensing cash and that may allow a customer to effectuate account transfers subject to the limitations of section 6152. See Maine Revised Statutes Title 32 Sec. 6151
  • Check: means any check, draft, money order or other instrument for the transmission or payment of money. See Maine Revised Statutes Title 32 Sec. 6132
  • Check cashing business: means any person who engages in the business of cashing checks for a fee. See Maine Revised Statutes Title 32 Sec. 6132
  • Contract: A legal written agreement that becomes binding when signed.
  • Control: means ownership of, or the power to vote, 25% or more of the outstanding voting securities of a licensee or controlling person. See Maine Revised Statutes Title 32 Sec. 6102
  • Controlling person: means any person in control of a licensee. See Maine Revised Statutes Title 32 Sec. 6102
  • Conviction: A judgement of guilt against a criminal defendant.
  • Council: means the Maine Children's Growth Council established in subsection 2. See Maine Revised Statutes Title 14 Sec. 1252-D
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
  • Establish: means to own, lease or otherwise legally control. See Maine Revised Statutes Title 32 Sec. 6151
  • Ex officio: Literally, by virtue of one's office.
  • Executive officer: means a licensee's president, senior officer responsible for the licensee's business, chief financial officer or any other person who performs similar functions. See Maine Revised Statutes Title 32 Sec. 6102
  • Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Felony: A crime carrying a penalty of more than a year in prison.
  • Financial institution: means any financial institution as defined in Title 9-B, section 131, subsection 17; any credit union as defined in Title 9-B, section 131, subsection 12; or any bank, commercial bank, savings bank, trust company, building and loan association, savings and loan association, savings association, cooperative bank, credit union or similar banking or credit union organization chartered by any other state or by the Federal Government. See Maine Revised Statutes Title 32 Sec. 6151
  • Foreign currency exchange business: means a person who engages in the business of exchanging foreign currency for a fee. See Maine Revised Statutes Title 32 Sec. 6132
  • 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. See Maine Revised Statutes Title 32 Sec. 6132
  • Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
  • Juror: A person who is on the jury.
  • Key shareholder: means a person or group of persons acting in concert that is the owner of 25% or more of any voting class of an applicant's stock. See Maine Revised Statutes Title 32 Sec. 6102
  • Licensee: means a person licensed under this subchapter. See Maine Revised Statutes Title 32 Sec. 6102
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Majority: when used in reference to age shall mean the age of 18 and over. See Maine Revised Statutes Title 15 Sec. 225
  • Material litigation: means any litigation that, according to generally accepted accounting principles, is considered significant to an applicant's or licensee's financial health and would be required to be referenced in that entity's annual audited financial statements, report to shareholders or similar documents. 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 for transmission or transmitting money 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
  • Month: means a calendar month. See Maine Revised Statutes Title 15 Sec. 225
  • National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
  • Oath: includes an affirmation, when affirmation is allowed. See Maine Revised Statutes Title 15 Sec. 225
  • Operator: means the person who owns, leases or otherwise legally controls a cash-dispensing machine and is responsible for registering the cash-dispensing machine. See Maine Revised Statutes Title 32 Sec. 6151
  • 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
  • Person: means an individual, partnership, association, joint-stock association, limited liability company, trust or corporation. See Maine Revised Statutes Title 32 Sec. 6132
  • Person: means an individual, partnership, corporation or other business association recognized under state law. See Maine Revised Statutes Title 32 Sec. 6151
  • Personal property: All property that is not real property.
  • Processor: means a person who electronically acquires financial data emanating from a cash-dispensing machine and relays that data to a network. See Maine Revised Statutes Title 32 Sec. 6151
  • Quorum: The number of legislators that must be present to do business.
  • Registrant: means a person registered under this subchapter. See Maine Revised Statutes Title 32 Sec. 6132
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • 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. See Maine Revised Statutes Title 32 Sec. 6102
  • Service corporation: means a service corporation, as defined in Title 9-B, section 131, subsection 37, owned by one or more financial institutions. See Maine Revised Statutes Title 32 Sec. 6151
  • Service of process: The service of writs or summonses to the appropriate party.
  • Servicing agent: means a person who contracts with an operator to provide customer relations, financial recordkeeping or similar services in regard to a cash-dispensing machine. See Maine Revised Statutes Title 32 Sec. 6151
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Town: includes cities and plantations, unless otherwise expressed or implied. See Maine Revised Statutes Title 15 Sec. 225
  • Young children: means children from birth through 5 years of age. See Maine Revised Statutes Title 14 Sec. 1252-D