Terms used in this chapter mean:

(1) “Applicant,” any person filing an application for a license under this chapter;

(2) “Authorized delegate,” any entity designated by the licensee under the provisions of this chapter to sell or issue payment instruments or engage in the business of transmitting money on behalf of a licensee;

(3) “Controlling person,” any person in control of a licensee;

(4) “Director,” the director of the Division of Banking;

(5) “Division,” the Division of Banking;

(6) “Electronic instrument,” any card or other tangible object for the transmission or payment of money that contains a microprocessor chip, magnetic stripe, or other means for the storage of information, that is prefunded, and for which the value is decremented upon each use. The term does not include a card or other tangible object that is redeemable by the issuer in goods or services;

(7) “Executive officer,” the licensee’s president, chair of the executive committee, senior officer responsible for the licensee’s business, chief financial officer, and any other person who performs similar functions;

(8) “Key individual,” any individual ultimately responsible for establishing or directing policies and procedures of the licensee, such as an executive officer, manager, director, or trustee;

(9) “Key shareholder,” any person, or group of persons acting in concert, who is the owner of twenty-five percent or more of any voting class of an applicant’s stock;

(10) “Licensee,” any person licensed pursuant to this chapter;

(11) “Material litigation,” any litigation that, according to generally accepted accounting principles, is deemed 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;

(12) “Monetary value,” any medium of exchange, whether or not redeemable in money;

(13) “Money transmission,” engagement in the business of the sale or issuance of payment instruments or stored value or of receiving money or monetary value for transmission to a location within or outside the United States by any means;

(14) “Nationwide mortgage licensing system and registry,” a licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the licensing and registration of licensed mortgage loan originators and other regulated entities;

(15) “Outstanding payment instrument,” any payment instrument issued by the licensee which has been sold in the United States directly by the licensee or any payment instrument issued by the licensee which has been sold by an authorized delegate of the licensee in the United States, which has been reported to the licensee as having been sold, and which has not yet been paid by or for the licensee;

(16) “Payment instrument,” any electronic or written check, draft, money order, travelers check, or other electronic or written instrument or order for the transmission or payment of money, sold or issued to one or more persons, whether or not such instrument is negotiable. The term, payment instrument, does not include any credit card voucher, any letter of credit, or any instrument which is redeemable by the issuer in goods or services;

(17) “Remit,” either the direct payment of the funds to the licensee or its representatives authorized to receive those funds, or the deposit of the funds in a bank, credit union, savings and loan association, or other similar financial institution in an account specified by the licensee;

(18) “Security device,” any surety bond, irrevocable letter of credit, or similar security device;

(19) “Stored value,” monetary value that is evidenced by an electronic record. Stored value does not include any item that is redeemable by the issuer or its affiliates in goods or services of the issuer or its affiliates;

(20) “Tangible net worth,” aggregate assets of a licensee excluding all intangible assets, less liabilities, as determined in accordance with United States generally accepted accounting principles.

Source: SL 2008, ch 253, § 1; SL 2015, ch 241, § 1; SL 2022, ch 178, § 1; SL 2023, ch 159, § 1.