Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 45.00 - The Licensing and Regulation of Money Services Businesses › Section 45.02 - Definitions

Current through Register 1525, July 5, 2024
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,
				c. 169, or 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.
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 multi-state 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.