Virginia Code 6.2-1900: Definitions
As used in this chapter, unless the context requires a different meaning:
Terms Used In Virginia Code 6.2-1900
- Authorized delegate: means a person designated or appointed by a licensee to sell money orders or provide money transmission services on behalf of the licensee. See Virginia Code 6.2-1900
- Entity: means any corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or other legal or commercial entity. See Virginia Code 6.2-100
- Licensee: means a person licensed under this chapter to engage in the business of selling money orders or the business of money transmission, or both. See Virginia Code 6.2-1900
- Monetary value: means a medium of exchange, whether or not redeemable in money. See Virginia Code 6.2-1900
- Money order: means a check, traveler's check, draft, or other instrument for the transmission or payment of money or monetary value whether or not negotiable. See Virginia Code 6.2-1900
- Money transmission: means receiving money or monetary value for transmission by wire, facsimile, electronic means or other means or selling or issuing stored value. See Virginia Code 6.2-1900
- Person: means any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or other legal or commercial entity. See Virginia Code 6.2-100
- Registry: means the licensing and registration system operated by the State Regulatory Registry LLC. See Virginia Code 6.2-1900
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
- Stored value: means monetary value that is evidenced by an electronic record. See Virginia Code 6.2-1900
“Authorized delegate” means a person designated or appointed by a licensee to sell money orders or provide money transmission services on behalf of the licensee.
“Licensee” means a person licensed under this chapter to engage in the business of selling money orders or the business of money transmission, or both.
“Member” means a person who owns or controls a 10 percent or greater interest in a limited liability company.
“Monetary value” means a medium of exchange, whether or not redeemable in money.
“Money order” means a check, traveler’s check, draft, or other instrument for the transmission or payment of money or monetary value whether or not negotiable.
“Money order seller” means a person engaged in the business of selling money orders.
“Money transmission” means receiving money or monetary value for transmission by wire, facsimile, electronic means or other means or selling or issuing stored value.
“Money transmitter” means a person engaged in the business of money transmission.
“Nationwide Multistate Licensing System and Registry” or “Registry” means the licensing and registration system operated by the State Regulatory Registry LLC.
“Outstanding” means:
1. With respect to a money order, a money order that has been issued and sold directly by a licensee, or sold by an authorized delegate of the licensee and reported to the licensee, that has not yet been paid by or on behalf of the licensee; or
2. With respect to a money transmission transaction, a money transmission transaction for which the licensee, directly or through an authorized delegate of the licensee, has received money or monetary value from a customer for transmission, but has not yet (i) completed the money transmission transaction by delivering the money or monetary value to the person designated by the customer, or (ii) refunded the money or monetary value to the customer.
“Principal” means any person who, directly or indirectly, owns or controls a 10 percent or greater interest in any form of entity.
“Stored value” means monetary value that is evidenced by an electronic record.
1974, c. 578, § 6.1-370; 1994, c. 889; 1998, c. 10; 2001, c. 372; 2009, c. 346; 2010, c. 794; 2014, c. 454; 2019, c. 634.