• As used in this part, unless the context otherwise requires:
    • (1) “Applicant” means a person filing an application for a license under this part;

    • Terms Used In Tennessee Code 45-7-203

      • Applicant: means a person filing an application for a license under this part. See Tennessee Code 45-7-203
      • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
      • Authorized agent: means an entity designated by the licensee under this part to sell or issue payment instruments or engage in the business of transmitting money on behalf of a licensee. See Tennessee Code 45-7-203
      • Bank: means any person, as hereinafter defined, doing a banking business subject to the laws of this or any other jurisdiction and, for the purposes of supervision, examination and liquidation, includes industrial investment companies and industrial banks authorized by chapter 5 of this title. See Tennessee Code 45-1-103
      • Commissioner: means the commissioner of financial institutions. See Tennessee Code 45-7-203
      • Control: means ownership of, or the power to vote, twenty-five percent (25%) or more of the outstanding voting securities of a licensee or controlling person. See Tennessee Code 45-7-203
      • Controlling person: means any person in control of a licensee. See Tennessee Code 45-7-203
      • 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.
      • Deposit: means a deposit of money, bonds or other things of value, creating a debtor-creditor relationship. See Tennessee Code 45-1-103
      • 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
      • Licensee: means a person licensed under this part. See Tennessee Code 45-7-203
      • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
      • 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 any check, draft, money order, travelers check or other instrument or written order for the transmission or payment of money, sold or issued to one (1) or more persons, whether or not the instrument is negotiable. See Tennessee Code 45-7-203
      • Permissible investments: means :

        • (A) Cash. See Tennessee Code 45-7-203

        • Person: means any individual, partnership, association, joint-stock association, trust or corporation. See Tennessee Code 45-7-203
        • Savings and loan association: includes a building and loan association, a federal or state savings and loan association, a federal savings bank, and any other financial institution, the accounts of which are insured by the federal savings and loan insurance corporation (FSLIC) or any successor of such corporation. See Tennessee Code 1-3-105
        • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
        • United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
        • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105

      (2) “Authorized agent” means an entity designated by the licensee under this part to sell or issue payment instruments or engage in the business of transmitting money on behalf of a licensee;

    • (3) “Commissioner” means the commissioner of financial institutions;

    • (4) “Control” means ownership of, or the power to vote, twenty-five percent (25%) or more of the outstanding voting securities of a licensee or controlling person. For purposes of determining the percentage of a licensee controlled by any person, there shall be aggregated with the person’s interest the interest of any other person controlled by the person or by any spouse, parent, or child of the person;

    • (5) “Controlling person” means any person in control of a licensee;

    • (6) “Executive officer” means the licensee’s president, chair of the executive committee, executive vice president, treasurer, chief financial officer or any other person who performs similar functions;

    • (7) “Key shareholder” means any person (or group of persons acting in concert) who is the owner of twenty-five percent (25%) or more of any class of any applicant‘s stock;

    • (8) “Licensee” means a person licensed under this part;

    • (9) “Material litigation” means any litigation that, according to generally accepted accounting principles, is deemed significant to a person’s financial health and would be required to be referenced in annual audited financial statements, report to shareholders or similar documents;

    • (10) “Money transmission” means the sale or issuance of payment instruments or engaging in the business of receiving money for transmission or transmitting money within the United States or to locations abroad by any and all means, including, but not limited to, payment instrument, wire, facsimile or electronic transfer;

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

    • (12) “Payment instrument” means any check, draft, money order, travelers check or other instrument or written order for the transmission or payment of money, sold or issued to one (1) or more persons, whether or not the instrument is negotiable. “Payment instrument” does not include any credit card voucher, any letter of credit or any instrument that is redeemable by the issuer in goods or services;

    • (13) “Permissible investments” means:

      • (A) Cash;

      • (B) Certificates of deposit or other debt obligations of a financial institution, either domestic or foreign;

      • (C) Bills of exchange or time drafts drawn on and accepted by a commercial bank, otherwise known as bankers’ acceptances, that are eligible for purchase by member banks of the federal reserve system;

      • (D) Any investment bearing a rating of one (1) of the three (3) highest grades as defined by a nationally recognized organization that rates the securities;

      • (E) Investment securities that are obligations of the United States, its agencies or instrumentalities, or obligations that are guaranteed fully as to principal and interest by the United States, or any obligations of any state, municipality or any political subdivision thereof;

      • (F) Receivables that are due any licensee from its authorized agents that are not past due or doubtful of collection;

      • (G) Shares in any mutual fund in which the assets of the mutual fund would constitute permissible investments, interest-bearing bills, notes or bonds, debentures or stock traded on any national over-the-counter market;

      • (H) Any demand borrowing agreement or agreements made to a corporation or a subsidiary of a corporation whose capital stock is listed on a national exchange; or

      • (I) Any other investments approved by the commissioner;

    • (14) “Person” means any individual, partnership, association, joint-stock association, trust or corporation; and

    • (15) “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 in the name of the licensee.