For the purposes of 209 CMR 45.00, the following definitions apply unless the context requires otherwise.
Applicant means any person submitting an application for a license under the provisions of M.G.L. c. 167F, § 4, M.G.L. c. 169, or M.G.L. c. 169A. Applicant shall include partners or members, if the applicant is a partnership, limited liability company, or association, and officers, directors, and principal employees, if the applicant is a corporation.
Authorized Agent means a person designated by a licensed foreign transmittal agency or check seller to engage in the licensed business on the licensee’s behalf at an authorized location in the Commonwealth.
Check Casher means a person engaged in cashing checks, drafts, or money orders for consideration in excess of $ 1.00 per item.
Check Seller means a person engaged in the business of selling, issuing, or registering checks or money orders.
Clear and Conspicuous means disclosure of material information in a size, color, contrast and presentation that is sufficient to be readily noticed and understood by a reasonable person to whom it is being disclosed.
Commissioner means the Commissioner of Banks.
Division means the Division of Banks.
Foreign Transmittal Agency means a person who engages or is financially interested in the business of receiving deposits of money for the purpose of transmitting the same or equivalents thereof to foreign countries; provided, however, that the following activities shall not constitute activities requiring licensure by the Division as a Foreign Transmittal Agency:
(1) The transmission of money or its equivalents that is not primarily for personal, family, or household purposes; or
(2) A transaction in which the recipient of the money or other monetary value is an agent of the payee pursuant to a written contract and delivery of the money or other monetary value to the agent satisfies the payor’s obligation to the payee.
a. For purposes of this regulation, “payee” means the provider of goods or services who is owed payment of money or other monetary value from the payor for the goods or services.
b. For purposes of this regulation, “payor” means the recipient of goods or services, who owes payment of money or monetary value to the payee for the goods or services.
Licensee means any person who is licensed as a: check seller under M.G.L. c. 167F, § 4; foreign transmittal agency under M.G.L. c. 169; or a check casher under M.G.L. c. 169A.
Mobile Unit means a motor vehicle or other movable means from which the business of a licensed check casher is to be conducted.
Net Worth means the applicant's or licensee's total assets less total liabilities, omitting the following assets:
(a) that portion of an applicant's or licensee’s assets pledged to secure obligations of any person or entity other than that of the applicant or licensee;
(b) any assets due from officers or stockholders of the applicant or licensee, or from persons in which the applicant's or licensee’s officers or stockholders have an interest;
(c) an amount in excess of the lower of the cost or fair market value of real property;
(d) an investment shown on the balance sheet in joint ventures, subsidiaries, or affiliates, which is greater than the fair market value of the assets;
(e) goodwill or value placed on insurance renewals or other similar intangible value;
(f) organization costs; and
(g) any other intangible asset, as may be determined by the Commissioner.
NMLS means the Nationwide Multi-State Licensing System & Registry, a multistate licensing system owned and operated by the State Regulatory Registry LLC, a wholly owned subsidiary of the Conference of State Bank Supervisors, an association of state financial services regulators.
Person means a natural person or an organization, including, but not limited to, a corporation, partnership, association, limited liability company, cooperative, or trust.