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S.B. 774
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VETOES
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(G) "EXECUTIVE OFFICER" MEANS A PRESIDENT, VICE PRESIDENT, SENIOR
OFFICER RESPONSIBLE FOR BUSINESS OPERATIONS, CHIEF FINANCIAL OFFICER, OR
ANY OTHER INDIVIDUAL WHO PERFORMS SIMILAR FUNCTIONS.
(H) "KEY SHAREHOLDER" MEANS ANY PERSON, OR GROUP OF PERSONS
ACTING IN CONCERT, THAT IS THE OWNER OF 25% OR MORE OF ANY CLASS OF
VOTING STOCK.
[(c)] (I) "License" means a license issued by the Commissioner under this
subtitle to [transmit money] ENGAGE IN THE BUSINESS OF MONEY TRANSMISSION.
(J) "MATERIAL LITIGATION" MEANS LITIGATION THAT ACCORDING TO
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES:
(1) IS DEEMED SIGNIFICANT TO AN APPLICANT'S OR LICENSEE'S
FINANCIAL HEALTH; AND
(2) WOULD BE REQUIRED TO BE REFERENCED IN THE APPLICANT'S OR
LICENSEE'S ANNUAL AUDITED FINANCIAL STATEMENTS, REPORT TO
SHAREHOLDERS, OR SIMILAR DOCUMENT.
(K) "MONETARY VALUE" MEANS A MEDIUM OF EXCHANGE WHETHER OR NOT
REDEEMABLE IN MONEY.
[(d)] (L) (1) "Money transmission" means [the sale or issuance of] THE
BUSINESS OF SELLING OR ISSUING payment instruments OR STORED VALUE
DEVICES, OR RECEIVING MONEY OR MONETARY VALUE, FOR TRANSMISSION TO A
LOCATION WITHIN OR OUTSIDE THE UNITED STATES BY ANY MEANS, [or engaging in
the business of receiving money for transmission or transmitting money within the
United States or to locations abroad by any means, including payment instruments,
wire, facsimile, or electronic transfer] INCLUDING ELECTRONICALLY OR THROUGH
THE INTERNET.
(2) "MONEY TRANSMISSION" INCLUDES:
(I) A BILL PAYER SERVICE;
(II) AN ACCELERATED MORTGAGE PAYMENT SERVICE; AND
(III) ANY INFORMAL MONEY TRANSFER SYSTEM ENGAGED IN AS A
BUSINESS FOR, OR NETWORK OF PERSONS WHO ENGAGE AS A BUSINESS IN,
FACILITATING THE TRANSFER OF MONEY OUTSIDE THE CONVENTIONAL FINANCIAL
INSTITUTIONS SYSTEM TO A LOCATION WITHIN OR OUTSIDE THE UNITED STATES.
[(e)] (M) "Outstanding PAYMENT INSTRUMENT" [means sold in the United
States and reported to the licensee as not yet paid or transmitted.] MEANS A
PAYMENT INSTRUMENT THAT HAS BEEN SOLD OR ISSUED IN THE UNITED STATES
DIRECTLY BY A LICENSEE OR AN AUTHORIZED DELEGATE OF A LICENSEE THAT HAS
BEEN REPORTED AS NOT YET PAID BY OR FOR THE LICENSEE.
[(f)] (N) (1) "Payment instrument" means any ELECTRONIC OR WRITTEN
check, draft, money order, traveler's check, or other ELECTRONIC OR WRITTEN
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- 4846 -
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