Part 2 Money Transmitters 45-7-201 – 45-7-229

Terms Used In Tennessee Code > Title 45 > Chapter 7 - Money Transmission

  • 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 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
  • 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.
  • Code: includes the Tennessee Code and all amendments and revisions to the code and all additions and supplements to the code. See Tennessee Code 1-3-105
  • Commissioner: means the commissioner of financial institutions. See Tennessee Code 45-7-203
  • Community: means a city, town, or incorporated village in this state, or where not within any of the foregoing, a trade area in this state. See Tennessee Code 45-1-103
  • Contract: A legal written agreement that becomes binding when signed.
  • 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
  • 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.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Department: means the department of financial institutions. See Tennessee Code 45-1-103
  • Deposit: means a deposit of money, bonds or other things of value, creating a debtor-creditor relationship. See Tennessee Code 45-1-103
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Docket: A log containing brief entries of court proceedings.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • 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. See Tennessee Code 45-7-203
  • 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.
  • 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.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • 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. See Tennessee Code 45-7-203
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • 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.
  • 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. See Tennessee Code 45-7-203
  • Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
  • 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. See Tennessee Code 45-7-203
  • Month: means a calendar month. See Tennessee Code 1-3-105
  • Oath: includes affirmation. See Tennessee Code 1-3-105
  • operating: means that:

    • (A) A charter has been issued to a bank by the United States comptroller of the currency or a certificate of authority has been issued by the commissioner. See Tennessee Code 45-1-103

    • Oversight: Committee review of the activities of a Federal agency or program.
    • 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
      • Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
      • Property: includes both personal and real property. See Tennessee Code 1-3-105
      • Public defender: Represent defendants who can't afford an attorney in criminal matters.
      • Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in a perceivable form. See Tennessee Code 1-3-105
      • 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. See Tennessee Code 45-7-203
      • Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
      • Representative: when applied to those who represent a decedent, includes executors and administrators, unless the context implies heirs and distributees. See Tennessee Code 1-3-105
      • 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
      • 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.
      • signed: includes a mark, the name being written near the mark and witnessed, or any other symbol or methodology executed or adopted by a party with intention to authenticate a writing or record, regardless of being witnessed. 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
      • Subpoena: A command to a witness to appear and give testimony.
      • 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
      • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105