SUBCHAPTER 03L - CHECK-CASHING BUSINESSES

 

SECTION .0100 ADMINISTRATIVE

 

04 NCAC 03L .0101 DEFINITIONS

(a) As used in this Subchapter unless the context or the language of G.S. 53, Article 22 indicates a contrary intention, the following definitions shall apply:

(1) "Any one maker" shall mean any single signatory on a personal checking account.

(2) "Branch location" shall mean any 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" shall mean a calendar day, other than Saturday, Sunday or holiday.

(4) "Check" shall mean 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 or other check, draft, or money order, but shall not include travelers checks or foreign denomination payment instruments.

(5) "Conspicuously posted" shall mean placed in plain public view in such a location and in such a way and of such form and size and typeface that any person seeking the services of a licensee could easily see and read the contents of the posted notice.

(6) "Controlling person" shall mean any 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" shall mean a written order to pay money signed by one person, the drawer who signs the document, to another person, the drawee.

(8) "Liquid assets" shall mean cash, bank deposit accounts, and money market accounts or similar property 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" shall mean any place of business where check-cashing activity is conducted.

(10) "Mobile unit" shall mean a vehicle or other movable means from which the business of check cashing is conducted.

(11) "Principal" shall mean any person who controls directly, or indirectly through one or more intermediaries, alone or in concert with others, a 10% or greater interest in a partnership, company, association or corporation; the owner of a sole proprietorship; any natural person acting with apparent authority for or on behalf of an owner, officer, member, or director of a licensee; or any natural person who directs the performance of other employees as manager of a branch of any licensee.

(12) "Principal place of business" shall mean the location where the licensee holds itself out to the public as engaging in a check cashing business and which the licensee has declared to the Commissioner to be its main site of business operations.

(13) "Receipt" shall mean a written record of the check-cashing transaction.

(b) Unless a term is defined herein or in G.S. 53, Article 22, that term shall have the meaning given it, if any, by Article 3 "Negotiable Instruments" of Chapter 25, North Carolina Uniform Commercial Code.

 

History Note: Authority G.S. 53C-2-1; 53C-2-2; 53-288;

Eff. July 1, 2000;

Amended Eff. November 1, 2013.