North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 03 - BANKING COMMISSION › Subchapter L - CHECK-CASHING BUSINESSES › Section .0100 - ADMINISTRATIVE › Section 03L .0101 - DEFINITIONS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) In addition to
				  the definitions in G.S. 53, Article 22, the following definitions apply:
(1) "Any one maker" means any single
				  signatory on a personal checking account.
(2) "Branch location" means a location,
				  including a mobile unit, but not the principal place of business, where the
				  licensee holds itself out to the public as engaging in a check-cashing
				  business.
(3) "Business day" means
				  a calendar day, other than Saturday, Sunday, or State recognized holiday under
				  25 NCAC
				  01E .0901, which is incorporated by reference
				  and includes subsequent amendments.
(4) "Check" means a draft (other than a draft
				  payable upon presentation of documentation, such as securities) payable on
				  demand and drawn on a bank. The term "check" may also include any cashier's
				  check or teller's check, but shall not include travelers checks or foreign
				  denomination payment instruments.
(5) "Conspicuously posted" means placed in
				  public view in a location, manner, and size of typeface that a person seeking
				  the services of a licensee could see and read the contents of the posted
				  notice.
(6) "Controlling person"
				  means a person who owns or holds with the power to vote 10% or more of the
				  equity securities of an applicant or licensee, or who has the power to direct
				  the management and policy of the licensee.
(7) "Draft" means a written order to pay
				  money signed by the drawer, to another person, who is the drawee.
(8) "Liquid assets" means cash, bank deposit
				  accounts, money market accounts, and US Treasury bonds owned by the applicant
				  or licensee, plus undeposited checks cashed by a licensee, less any returned
				  checks doubtful of collection and cash remittances due others.
(9) "Location" means a place of business
				  where check-cashing activity is conducted.
(10) "Mobile unit" means a vehicle, or other
				  movable means, or a computer terminal from which the business of check cashing
				  is conducted.
(11) "Principal"
				  means:
(A) any person who controls directly,
				  or indirectly through one or more intermediaries, alone or in concert with
				  others, a 10 percent or greater interest in a partnership, company,
				  association, or corporation;
(B)
				  the owner of a sole proprietorship;
(C) any natural person acting with apparent
				  authority for or on behalf of an owner, officer, member, or director of a
				  licensee; or
(D) any natural person
				  who directs the performance of other employees as manager of a branch of any
				  licensee.
(12)
				  "Principal place of business" means the location where the licensee holds
				  itself out to the public as engaging in a check cashing business and that the
				  licensee has declared to the Commissioner to be the main site of its business
				  operations.
(13) "Receipt" means a
				  written record of a check-cashing transaction.