2017 Code of Alabama
Title 8 - COMMERCIAL LAW AND CONSUMER PROTECTION.
Chapter 7A - ALABAMA MONETARY TRANSMISSION ACT.
Section 8-7A-2 - Definitions.
For purposes of this chapter, the following terms shall have the following meanings:
(1) AGENT or AUTHORIZED DELEGATE. Any person designated or employed by a licensee under this chapter to provide monetary transmission services on behalf of the licensee.
(2) APPLICANT. Any person that files an application for a license under this chapter.
(3) BANK. An institution organized under federal or state law which meets any of the following requirements:
a. Accepts demand deposits or deposits that the depositor may use for payment to third parties and engages in the business of making loans.
b. Engages in credit card operations and maintains only one office that accepts deposits, does not accept demand deposits or deposits that a depositor may use for payments to third parties, does not accept a savings or time deposit less than one hundred thousand dollars ($100,000), and does not engage in the business of making commercial loans.
c. Is a trust company subject to the jurisdiction of the Alabama State Banking Department, or subject to another state or federal banking regulatory authority.
(4) COMMISSION. The Alabama Securities Commission, its director, officers, or any person authorized to act on its behalf.
(5) CONTROL. Any of the following:
a. The ownership of, or the power to vote, directly or indirectly, at least 25 percent of a class of voting securities or voting interests of a licensee or person in control of a licensee.
b. The power to elect a majority of executive officers, managers, directors, trustees, or other persons exercising managerial authority of a licensee or person in control of a licensee.
c. The power to exercise, directly or indirectly, a controlling influence over the management or policies of a licensee or person in control of a licensee.
(6) EXECUTIVE OFFICER. A president, chair of the executive committee, chief financial officer, responsible individual, or other individual who performs similar functions.
(7) LICENSEE. A person licensed under this chapter.
(8) MONETARY VALUE. A medium of exchange, including virtual or fiat currencies, whether or not redeemable in money.
(9) MONEY. 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 TRANSMISSION. Selling or issuing payment instruments, stored value, or receiving money or monetary value for transmission. The term does not include the provision solely of delivery, online or telecommunications services, or network access.
(11) PAYMENT INSTRUMENT. A check, draft, money order, traveler's check, or other means utilized for the transmission or payment of money or monetary value, whether or not negotiable. The term does not include a credit voucher, letter of credit, or instrument that is redeemable by the issuer in goods and services.
(12) PERSON. An individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government; governmental subdivision, agency, or instrumentality; public corporation; or any other legal or commercial entity.
(13) RECORD. Information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
(14) RESPONSIBLE INDIVIDUAL. An individual who is employed by a licensee and has managerial authority over the provision of the money transmittal services of the licensee in this state.
(15) STORED VALUE. Monetary value that is evidenced by an electronic record.
(16) UNSAFE OR UNSOUND PRACTICE. A practice or conduct by a person licensed to engage in money transmission or an authorized delegate of such person which creates the likelihood of material loss, insolvency, or dissipation of the licensee's assets, or otherwise prejudices the interests of its customers or a practice or conduct defined by rule of the commission to be an unsafe or unsound practice.(Act 2017-389, §2.)