SUBCHAPTER 03L - CHECK-CASHING BUSINESSES

SECTION .0100 – ADMINISTRATIVE

04 NCAC 03L .0101          DEFINITIONS

(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.

(b)  A term not defined in this Rule or in G.S. 53, Article 22 shall have the meaning given it, if any, by G.S. 25, Article 3.

History Note:        Authority G.S. 53-288;

Eff. July 1, 2000;

Amended Eff. November 1, 2013;

Readopted Eff. August 1, 2018.