Louisiana Revised Statutes 6:1002 – Definitions
Terms Used In Louisiana Revised Statutes 6:1002
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
For the purposes of this Chapter:
(1)(a) “Check-casher” means an individual, partnership, unincorporated association, or corporation that, for compensation, engages, in whole or in part, in the business of cashing checks, drafts, money orders, or other commercial paper serving the same purpose.
(b) “Check-casher” does not mean either one of the following:
(i) An individual, partnership, unincorporated association, or corporation that charges no fee to the presenter or payor for the cashing of a check, draft, money order, or traveler’s check.
(ii) An individual, partnership, unincorporated association, or corporation that cashes a check, draft, money order, or traveler’s check, or other commercial paper if the fee charged does not exceed two dollars and the currency exchange is incidental to the person‘s primary business.
(2) “Commissioner” means the commissioner of financial institutions.
(3) “Currency exchange” means the cashing of checks, drafts, money orders, or traveler’s checks, or other commercial paper serving the same purpose by a check-casher.
(4) “Licensee” means a check-casher licensed by the commissioner to engage in business in accordance with this Chapter.
Acts 1999, No. 1208, §1, eff. July 9, 1999; Acts 2000, 1st Ex. Sess., No. 31, §1.