Terms Used In Maine Revised Statutes > Title 32 > Chapter 80 > Subchapter 2 - Check Cashing and Foreign Currency Exchange

• Administrator: means the Superintendent of Consumer Credit Protection. See Maine Revised Statutes Title 32 Sec. 6132
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Applicant: means a person filing an application for a license under this subchapter. See Maine Revised Statutes Title 32 Sec. 6132
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• 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. See Maine Revised Statutes Title 32 Sec. 6132
• Check: means any check, draft, money order or other instrument for the transmission or payment of money. See Maine Revised Statutes Title 32 Sec. 6132
• Check cashing business: means any person who engages in the business of cashing checks for a fee. See Maine Revised Statutes Title 32 Sec. 6132
• 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.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Fiduciary: A trustee, executor, or administrator.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Foreign currency exchange business: means a person who engages in the business of exchanging foreign currency for a fee. See Maine Revised Statutes Title 32 Sec. 6132
• Fraud: Intentional deception resulting in injury to another.
• 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. See Maine Revised Statutes Title 32 Sec. 6132
• in writing: include printing and other modes of making legible words. See Maine Revised Statutes Title 1 Sec. 72
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) ^{Source: OCC}
• 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: means an individual, partnership, association, joint-stock association, limited liability company, trust or corporation. See Maine Revised Statutes Title 32 Sec. 6132
• Personal property: All property that is not real property.
• Registrant: means a person registered under this subchapter. See Maine Revised Statutes Title 32 Sec. 6132
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Service of process: The service of writs or summonses to the appropriate party.
• United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
• Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72