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 - Money Transmitters and Check Cashers

  • 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.
  • Bureau: means the Bureau of Revenue Services, which may be referred to as "Maine Revenue Services. See Maine Revised Statutes Title 36 Sec. 111
  • 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
  • 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.
  • 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
  • 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 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
  • 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
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • 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
  • Fraud: Intentional deception resulting in injury to another.
  • 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.
  • 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
  • Legal tender: coins, dollar bills, or other currency issued by a government as official money. Source: U.S. Mint
  • 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.
  • 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, 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
  • Municipality: includes cities, towns and plantations, except that "municipality" does not include plantations in Title 10, chapter 110, subchapter IV; or Title 30?A, Part 2. See Maine Revised Statutes Title 1 Sec. 72
  • 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
  • Network: means a person who engages primarily in the establishment and maintenance of a computer-operated system for transmitting items and messages between financial institutions, processors and cash-dispensing machines or similar electronic devices. See Maine Revised Statutes Title 32 Sec. 6151
  • Notice: means written notification served personally, sent by certified mail or sent by first-class mail to the last known address of the person for whom the notification is intended. See Maine Revised Statutes Title 36 Sec. 111
  • 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
  • Outstanding payment instrument: means a payment instrument issued by the licensee that has been sold in the United States directly by the licensee or a payment instrument issued by the licensee that has been sold by an authorized delegate in the United States, and has been reported to the licensee as having been sold, and that has not yet been paid by or for the licensee. 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
  • 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
  • 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
  • Registrant: means a person registered under this subchapter. See Maine Revised Statutes Title 32 Sec. 6132
  • 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
  • Return: means any document, digital file or electronic data transmission containing information required by this Title to be reported to the State Tax Assessor. See Maine Revised Statutes Title 36 Sec. 111
  • Satellite facility: means a satellite facility as defined in Title 9?B, section 131, subsection 35. See Maine Revised Statutes Title 32 Sec. 6151
  • 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
  • Tax: means the total amount required to be paid, withheld and paid over or collected and paid over with respect to estimated or actual tax liability under this Title, any credit or reimbursement allowed or paid pursuant to this Title that is recoverable by the assessor and any amount assessed by the assessor pursuant to this Title, including any interest or penalties provided by law. See Maine Revised Statutes Title 36 Sec. 111