US Laws, Codes, Statutes & Cases

                                  TITLE  26
                              BANKS AND BANKING
                                  CHAPTER 29
                              MONEY TRANSMISSION
    26-2902.  DEFINITIONS. Unless otherwise indicated, the following
definitions shall apply to the terms set forth below wherever such terms are
used in this chapter:
    (1)  "Applicant" means a person filing an application for a license under
the provisions of this chapter.
    (2)  "Authorized representative" means an 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)  "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.
    (4)  "Controlling person" means any person in control of a licensee. On
application the director shall determine whether a particular person qualifies
as a controlling person. The director may waive any or all requirements of
this chapter pertaining to a controlling person for good cause shown.
    (5)  "Department" means the Idaho department of finance.
    (6)  "Director" means the director of the department of finance.
    (7)  "Executive officer" means the licensee's president, chief executive
officer, treasurer, chief financial officer and any other person who performs
similar functions.
    (8)  "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
an applicant's stock.
    (9)  "Licensee" means a person licensed under the provisions of this
chapter.
    (10) "Material litigation" means any litigation that, according to
generally accepted accounting principles, is deemed significant to the
financial health of a business and would be required to be referenced in the
business's annual audited financial statements, report to shareholders or
similar documents.
    (11) "Money transmission" means the sale or issuance of payment
instruments or engaging in the business of receiving money for transmission or
the business of transmitting money within the United States or to locations
outside the United States by any and all means including, but not limited to,
payment instrument, wire, facsimile or electronic transfer.
    (12) "Outstanding payment instrument" means any payment instrument issued
by the licensee which has been sold in the United States directly by the
licensee or by an authorized representative of the licensee, which has been
reported to the licensee as having been sold and which has not yet been paid
by or for the licensee.
    (13) "Payment instrument" means any check, draft, money order, traveler's
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 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.
    (14) "Permissible investments" means:
    (a)  Cash;
    (b)  Certificate 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, which 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 such
    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 of the United States, or any obligations of any
    state, municipality or any political subdivision thereof;
    (f)  Shares in a money market mutual fund, interest-bearing bills or notes
    or bonds, debentures or stock traded on any national securities exchange
    or on a national over-the-counter market, or mutual funds primarily
    composed of such securities;
    (g)  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
    (h)  Receivables which are due to a licensee from its authorized
    representatives pursuant to a contract described in section 26-2918, Idaho
    Code, which are not past due or doubtful of collection; or any other
    investments approved by the director.
    (15)  "Person" means any individual, partnership, association, joint stock
association, limited liability company, trust or corporation.
    (16)  "State" means the state of Idaho.