§ 23-52-102 - Definitions.
23-52-102. Definitions.
As used in this chapter:
(1) "Board" means the State Board of Collection Agencies;
(2) "Check" means a check, warrant, draft, money order, travelers' check, or other instrument for the payment of money, whether or not negotiable, but excluding:
(A) Any such instrument drawn on an account or financial institution outside of the United States; and
(B) Money or currency of any nation;
(3) "Check-casher" means a person who for compensation engages, in whole or in part, in the check-cashing business, but excluding:
(A) The United States, any state of the United States, any political subdivision of such state, or any department or agency of the United States or such state;
(B) Receipt of money by any incorporated telegraph company at any agency or office of the company for immediate transmission by telegraph;
(C) Any state or federally chartered bank, savings and loan association, or credit union;
(D) Any retail seller primarily engaged in the business of selling consumer or other goods to retail buyers that cash checks or issue money orders for a fee as a service to its customers that is incidental to its main purpose or business so long as revenue from such fees does not exceed three percent (3%) of such retail seller's gross revenues; and
(E) Issuance of a money order;
(4) "Check-cashing business" means the business of a check cashier selling currency or a check to another person in exchange for a check, with or without a deferred presentment option;
(5) "Deferred presentment option" in connection with the check-cashing business means a transaction pursuant to a written agreement involving the following combination of activities in exchange for a fee:
(A) Accepting a customer's personal check dated on the date it was written;
(B) Paying that customer an amount of money equal to the face amount of that check less any fees charged pursuant to this chapter; and
(C) Granting the customer the option to repurchase the customer's personal check for an agreed period of time prior to presentment of such check for payment or deposit. The term "deferred presentment" includes related terms such as "delayed deposit", "deferred deposit", or substantially similar terms evidencing the same type of transaction;
(6) "Permit" means a permit to engage in the check-cashing business issued by the board in accordance with this chapter; and
(7) "Person" means an individual, group of individuals, partnership, incorporated or unincorporated association, corporation, or any other business unit or legal entity.