Terms Used In Maine Revised Statutes > Title 32 > Chapter 80 > Subchapter 1 - Money Transmitters

• Administrator: means the Superintendent of Consumer Credit Protection within the Department of Professional and Financial Regulation. See Maine Revised Statutes Title 32 Sec. 6102
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• 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
• 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.
• 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.
• 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.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• 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
• 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.
• in writing: include printing and other modes of making legible words. See Maine Revised Statutes Title 1 Sec. 72
• 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
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• 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
• 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.
• 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
• 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 of process: The service of writs or summonses to the appropriate party.
• 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 1 Sec. 72
• United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
• Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72