2012 Maine Revised Statutes
TITLE 32: PROFESSIONS AND OCCUPATIONS
Chapter 80: MONEY TRANSMITTERS AND CHECK CASHERS
32 §6132. Definitions
Subchapter 2: CHECK CASHING AND FOREIGN CURRENCY EXCHANGE HEADING: PL 1997, C. 155, PT. A, §2 (NEW)
§6132. Definitions
As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings. [1997, c. 155, Pt. A, §2 (NEW).]
1. Administrator. "Administrator" means the Superintendent of Consumer Credit Protection.
[ 1997, c. 155, Pt. A, §2 (NEW); 2007, c. 273, Pt. B, §6 (REV); 2007, c. 695, Pt. A, §47 (AFF) .]
2. Applicant. "Applicant" means a person filing an application for a license under this subchapter.
[ 1997, c. 155, Pt. A, §2 (NEW) .]
3. Capital adequacy. "Capital adequacy" means that an applicant is financially sound and has liquid assets useable in the business of at least $10,000, computed according to generally accepted accounting principles, for the full term of the registration.
[ 1997, c. 155, Pt. A, §2 (NEW) .]
4. Check. "Check" means any check, draft, money order or other instrument for the transmission or payment of money. "Check" does not include a travelers check.
[ 1997, c. 155, Pt. A, §2 (NEW) .]
5. Check cashing business. "Check cashing business" means any person who engages in the business of cashing checks for a fee. "Check cashing business" does not include any of the following:
A. A supervised financial organization; [1997, c. 155, Pt. A, §2 (NEW).]
B. A supervised lender; [1997, c. 155, Pt. A, §2 (NEW).]
C. A licensee under the Money Transmitters Act; or [1997, c. 155, Pt. A, §2 (NEW).]
D. A person who is primarily engaged in the business of selling tangible personal property or services at retail and does not derive more than 5% of its income from check cashing. [1997, c. 155, Pt. A, §2 (NEW).]
[ 1997, c. 155, Pt. A, §2 (NEW) .]
6. Foreign currency exchange business. "Foreign currency exchange business" means a person who engages in the business of exchanging foreign currency for a fee. "Foreign currency exchange business" does not include any of the following:
A. A supervised financial organization; [1997, c. 155, Pt. A, §2 (NEW).]
B. A licensee under the Money Transmitters Act; or [1997, c. 155, Pt. A, §2 (NEW).]
C. A person who is primarily engaged in the business of selling tangible personal property or services at retail and does not derive more than 5% of that person's income from foreign currency exchange. [1997, c. 155, Pt. A, §2 (NEW).]
[ 1997, c. 155, Pt. A, §2 (NEW) .]
7. Identification. "Identification" means, and is limited to, an unexpired and otherwise valid drivers license; a state identification card issued by any state of the United States or its territories or the District of Columbia showing a photograph and signature; a United States government resident alien identification card; a United States passport; or a United States military identification card.
[ 1997, c. 155, Pt. A, §2 (NEW) .]
8. Person. "Person" means an individual, partnership, association, joint-stock association, limited liability company, trust or corporation.
[ 1997, c. 155, Pt. A, §2 (NEW) .]
9. Registrant. "Registrant" means a person registered under this subchapter.
[ 1997, c. 155, Pt. A, §2 (NEW) .]
SECTION HISTORY
1997, c. 155, §A2 (NEW). 2007, c. 273, Pt. B, §6 (REV). 2007, c. 273, Pt. B, §7 (AFF). 2007, c. 695, Pt. A, §47 (AFF).
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