Section 6132 - DefinitionsAs used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings. [1997, c. 155, Pt. A, §2(NEW).]
1. Administrator. "Administrator" means the Superintendent of Consumer Credit Protection. [1997, c. 155, Pt. A, §2(NEW); 2007, c. 273, Pt. B, §6(REV); 2007, c. 695, Pt. A, §47(AFF).]
2.Applicant. "Applicant" means a person filing an application for a license under this subchapter. [1997, c. 155, Pt. A, §2(NEW).]
3.Capital adequacy. "Capital adequacy" means that an applicant is financially sound and has liquid assets useable in the business of at least $10,000, computed according to generally accepted accounting principles, for the full term of the registration. [1997, c. 155, Pt. A, §2(NEW).]
4.Check. "Check" means any check, draft, money order or other instrument for the transmission or payment of money. "Check" does not include a travelers check. [1997, c. 155, Pt. A, §2(NEW).]
5.Check cashing business. "Check cashing business" means any person who engages in the business of cashing checks for a fee. "Check cashing business" does not include any of the following:A. A supervised financial organization; [1997, c. 155, Pt. A, §2(NEW).]B. A supervised lender; [1997, c. 155, Pt. A, §2(NEW).]C. A licensee under the Maine Money Transmission Modernization Act; orD. A person who is primarily engaged in the business of selling tangible personal property or services at retail and does not derive more than 5% of its income from check cashing. [1997, c. 155, Pt. A, §2(NEW).] [1997, c. 155, Pt. A, §2(NEW).]
6.Foreign currency exchange business. "Foreign currency exchange business" means a person who engages in the business of exchanging foreign currency for a fee. "Foreign currency exchange business" does not include any of the following: A. A supervised financial organization; [1997, c. 155, Pt. A, §2(NEW).]B. A licensee under the Maine Money Transmission Modernization Act; orC. A person who is primarily engaged in the business of selling tangible personal property or services at retail and does not derive more than 5% of that person's income from foreign currency exchange. [1997, c. 155, Pt. A, §2(NEW).] [1997, c. 155, Pt. A, §2(NEW).]
7.Identification. "Identification" means, and is limited to, an unexpired and otherwise valid drivers license; a state identification card issued by any state of the United States or its territories or the District of Columbia showing a photograph and signature; a United States government resident alien identification card; a United States passport; or a United States military identification card. [1997, c. 155, Pt. A, §2(NEW).]
8.Person. "Person" means an individual, partnership, association, joint-stock association, limited liability company, trust or corporation. [1997, c. 155, Pt. A, §2(NEW).]
9.Registrant. "Registrant" means a person registered under this subchapter. [1997, c. 155, Pt. A, §2(NEW).]
Amended by 2024, c. 662,§ 6, eff. 8/9/2024.Amended by 2024, c. 662,§ 5, eff. 8/9/2024.1997, c. 155, §A2 (NEW) . 2007, c. 273, Pt. B, §6 (REV) . 2007, c. 273, Pt. B, §7 (AFF) . 2007, c. 695, Pt. A, §47 (AFF) .