Arkansas Administrative Code › Agency 214 - Arkansas Securities Department › Rule 214.00.08-001 - Uniform Money Services Act

Current through Register Vol. 49, No. 6, June, 2024
CHAPTER 1
GENERAL PROVISIONS
RULE 102.
DEFINITIONS
When the terms listed below are used in the Arkansas Uniform
			 Money Services Act, any Rules or forms promulgated under the Arkansas Uniform
			 Money Services Act, or any order of the Commissioner under the Arkansas Uniform
			 Money Services Act, the following definitions shall apply, unless a contrary
			 definition is expressly provided or clearly required by the context, to the
			 extent that they do not conflict with the definitions set forth in the Arkansas
			 Uniform Money Services Act.
(1)
Act.
The term "Act" means the Arkansas Uniform Money Services Act,
		  Ark. Code Ann. §
									23-55-101
		  et seq., as the same may be codified and amended from time to time.
(2)
Applicant.
The term
		  "applicant" means a person who submits an application for a money transmission
		  or currency exchange license or a person who submits an application for
		  approval to engage in money transmission or currency exchange in Arkansas
		  without being licensed.
(3)
Application.
The term "application" means the form prescribed by
		  the Commissioner for filing in connection with obtaining either a money
		  transmission license, currency exchange license, or the Commissioner's approval
		  to engage in money transmission or currency exchange in Arkansas, including all
		  amendments, papers, documents and exhibits incidental thereto.
(4)
Audited financial statement.
The term "audited financial statement" means a statement prepared by an
		  independent accountant according to generally accepted accounting
		  principles.
(5)
Commissioner.
The term "Commissioner" means the Arkansas
		  Securities Commissioner and includes the Commissioner's designees.
(6)
Currency exchange.
The term
		  "currency exchange" means exchanging the money of one government for money of
		  another government, or holding oneself out as able to exchange the money of one
		  government for money of another government. The following persons are not
		  considered currency exchangers:
(A) Affiliated
		  businesses that engage in currency exchange for a business purpose other than
		  currency exchange;
(B) A person who
		  provides currency exchange services for a person acting primarily for a
		  business, commercial, agricultural, or investment purpose when the currency
		  exchange is incidental to the transaction;
(C) A person who deals in coins or a person
		  who deals in money whose value is primarily determined because it is rare, old,
		  or collectible; and
(D) A person
		  who in the regular course of business chooses to accept from a customer the
		  currency of a country other than the United States in order to complete the
		  sale of a good or service other than currency exchange, that may include cash
		  back to the customer, and does not otherwise trade in currencies or transmit
		  money for compensation or gain.
(7)
Department.
The term
		  "Department" means the Arkansas Securities Department.
(8)
Engaged in the business of money
		  services.
The term "engaged in the business of money services," unless
		  otherwise provided, includes any person who holds himself out as being a
		  currency dealer or exchanger; an issuer of traveler's checks, money orders or
		  stored value; a seller or redeemer of traveler's checks, money orders or stored
		  value; or who receives money or monetary value for the purpose of transmitting
		  said money or monetary value using a system outside that of a conventional
		  financial institution.
(9)
Medium of exchange.
The term "medium of exchange" connotes that
		  the value is accepted by a larger group than the two parties to the change.
		  Therefore, no monetary value, as that term is defined in the Act, would exist
		  if the product (i.e. gift certificate) or payment mechanism (i.e. universal
		  payment card) is only accepted by one merchant.
(10)
Money transmission.
The
		  term "money transmission" means selling or issuing payments instruments, stored
		  value, or receiving money or monetary value for transmission. The term excludes
		  entities that provide delivery services (e.g. courier or package delivery
		  services) and entities that act as mere conduits for the transmission of data
		  (e.g. Internet service providers). The term does, however, include the
		  following:
(A) A bill payer service, except
		  that the term does not include a service that transfers money or monetary value
		  directly from a purchaser to a creditor of the purchaser or to an agent of the
		  creditor; and
(B) Any informal
		  money transfer system engaged in as a business for, or network of persons who
		  engage as a business in, facilitating the transfer between persons who engage
		  as a business in, facilitating the transfer of money outside the conventional
		  financial institutions system to a location within or outside the United
		  States.
(11)
Principal.
The term "principal" means any person who controls,
		  directly or indirectly through one or more intermediaries, alone or in concert
		  with others, a twenty-five percent or greater interest in a partnership,
		  company, corporation, or association, or the owner of a sole
		  proprietorship.
(12)
Staff.
The term "Staff" means the Staff of the Arkansas Securities
		  Department.