§ 2500 - Definitions - Vermont Statutes

§ 2500. Definitions

The definitions in section 11101 of this title shall apply to this chapter, unless the context clearly indicates otherwise. As used in this chapter, the following terms shall have the following meanings:

(1) "Applicant" means a person that files an application for a license under this chapter.

(2) "Authorized delegate" means a person that a licensee designates to provide money services on behalf of the licensee.

(3) "Check cashing" means receiving at least $500.00 compensation within a 30-day period for taking payment instruments or stored value, other than traveler's checks, in exchange for money, payment instruments, or stored value delivered to the person delivering the payment instrument or stored value at the time and place of delivery without any agreement specifying when the person taking the payment instrument will present it for collection.

(4) "Currency exchange" means receipt of revenues equal to or greater than five percent of total revenues from the exchange of money of one government for money of another government.

(5) "Licensee" means a person licensed under this chapter.

(6) "Limited station" means private premises where a check casher is authorized to engage in check cashing for no more than two days of each week solely for the employees of the particular employer or group of employers specified in the check casher's license application.

(7) "Mobile location" means a vehicle or a movable facility where check cashing occurs.

(8) "Monetary value" means a medium of exchange, whether or not redeemable in money.

(9) "Money" means a medium of exchange that is authorized or adopted by the United States or a foreign government. The term includes a monetary unit of account established by an intergovernmental organization or by agreement between two or more governments.

(10) "Money services" means money transmission, check cashing, or currency exchange.

(11) "Money transmission" means to engage in the business of selling or issuing payment instruments, selling or issuing stored value, or receiving money or monetary value for transmission to a location within or outside the United States.

(12) "Outstanding," with respect to a payment instrument, means issued or sold by or for the licensee and which has been reported as sold but not yet paid by or for the licensee.

(13) "Payment instrument" means a check, draft, money order, traveler's check, or other instrument for the transmission or payment of money or monetary value, whether or not negotiable. The term does not include a credit card voucher, letter of credit, or instrument that is redeemable by the issuer in goods or services.

(14) "Person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency or instrumentality, or any other legal or commercial entity.

(15) "Principal equity owner" means any person (or group of persons acting in concert) who owns or controls 25 percent or more of any class of equity interest in the applicant.

(16) "Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium, and is retrievable in perceivable form.

(17) "Responsible individual" means an individual who is employed by a licensee and has principal, active managerial authority over the provision of money services by the licensee in this state.

(18) "State" means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States.

(19) "Stored value" means monetary value that is evidenced by an electronic record.

(20) "Unsafe or unsound practice" means a practice or conduct by a person licensed to engage in money transmission or an authorized delegate of such a person which creates the likelihood of material loss, insolvency, or dissipation of the licensee's assets, or otherwise materially prejudices the interests of its customers. (Added 2001, No. 55, § 1, eff. Jan. 1, 2002.)