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2017 Mississippi Code
Title 75 - Regulation of Trade, Commerce and Investments
Chapter 15 - Mississippi Money Transmitters Act
§ 75-15-3. Definitions
Universal Citation: MS Code § 75-15-3 (2017)
- For the purposes of this chapter:
- (a) "Check" means any check, draft, money order, personal money order or other instrument, including but not limited to stored value cards, for the transmission or payment of money. The format of a check may be either paper, electronic, plastic or any combination thereof.
- (b) "Commissioner" means the Commissioner of Banking and Consumer Finance of the State of Mississippi.
- (c) "Deliver" means to deliver a check to the first person who in payment for same makes or purports to make a remittance of or against the face amount thereof, whether or not the deliverer also charges a fee in addition to the face amount, and whether or not the deliverer signs the check.
- (d) "Executive officer" means the licensee's president, chairman of the executive committee, senior officer responsible for the licensee's business, chief financial officer and any other person who performs similar functions.
- (e) "Licensee" means a person duly licensed by the commissioner under this chapter.
- (f) "Monetary value" means a medium of exchange, whether or not redeemable in money.
- (g) "Money transmission" means to engage in the business of the sale or issuance of checks or of receiving money or monetary value for transmission to a location within or outside the United States by any and all means, including but not limited to wire, facsimile or electronic transfer.
- (h) "Outstanding check" means any check issued or sold in Mississippi by or for the licensee that has been reported as sold but not yet paid by or for the licensee.
- (i) "Person" means any individual, partnership, association, joint-stock association, trust or corporation, but does not include the United States government or the government of this state.
- (j) "Personal money order" means any instrument for the transmission or payment of money in relation to which the purchaser or remitter appoints or purports to appoint the seller thereof as his agent for the receipt, transmission or handling of money, whether the instrument is signed by the seller or by the purchaser or remitter or some other person.
- (k) "Records" or "documents" means any item in hard copy or produced in a format of storage commonly described as electronic, imaged, magnetic, microphotographic or otherwise, and any reproduction so made shall have the same force and effect as the original thereof and be admitted in evidence equally with the original.
- (l) "Sell" means to sell, to issue or to deliver a check.
- (m) "Stored value" means monetary value that is evidenced by an electronic record.
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