6.1-370 - (Repealed effective October 1, 2010) Definitions.
§ 6.1-370. (Repealed effective October 1, 2010) Definitions.
As used in this chapter, unless the context otherwise requires:
"Authorized delegate" means a person designated or appointed by a licenseeto sell money orders or provide money transmission services on behalf of thelicensee.
"Commissioner" means the Commissioner of Financial Institutions.
"Licensee" means a person licensed under this chapter.
"Monetary value" means a medium of exchange, whether or not redeemable inmoney.
"Money order" means a check, traveler's check, draft, or other instrumentfor the transmission or payment of money or monetary value whether or notnegotiable.
"Money transmission" means receiving money or monetary value fortransmission by wire, facsimile, electronic means or other means or sellingor issuing stored value.
"Outstanding" means:
1. With respect to a money order, a money order that has been issued and solddirectly by a licensee, or sold by an authorized delegate of the licensee andreported to the licensee, that has not yet been paid by or on behalf of thelicensee; or
2. With respect to a money transmission transaction, a money transmissiontransaction for which the licensee, directly or through an authorizeddelegate of the licensee, has received money or monetary value from acustomer for transmission, but has not yet (i) completed the moneytransmission transaction by delivering the money or monetary value to theperson designated by the customer, or (ii) refunded the money or monetaryvalue to the customer.
"Person" means any individual, firm, corporation, partnership, association,trust, or legal or commercial entity or group of individuals howeverorganized.
"Principal" means any person who, directly or indirectly, owns or controlsa ten percent or greater interest in any form of business organization.
"Stored value" means monetary value that is evidenced by an electronicrecord.
(1974, c. 578; 1994, c. 889; 1998, c. 10; 2001, c. 372; 2009, c. 346.)