6-1251. Definitions

In this chapter, unless the context otherwise requires:

1. " Branch office" means any office operated by a licensee to provide deferred presentment services.

2. " Check" means a draft signed by the maker and made payable to a person that is licensed pursuant to this chapter with the name of the maker preprinted on the face of the check.

3. " Deferred presentment services" means a transaction pursuant to a written agreement in which the licensee accepts a check and agrees to hold the check for at least five days before presentment for payment or deposit.

4. " Engaged in the business" means either:

(a) Advertising to or any other solicitation of a resident of this state that offers deferred presentment services and that occurs within this state.

(b) Providing three or more deferred presentment services within a calendar year to residents of this state.

5. " License" means a license issued pursuant to this chapter.

6. " Licensee" means a corporation, company, firm, partnership, association or natural person that is licensed by the superintendent to engage in the business of providing deferred presentment services pursuant to this chapter.

7. " Location" means the entire space in which a licensee provides deferred presentment services.

8. " Partner" means a person who either:

(a) Is authorized by law or a partnership agreement to participate in the management of the business of the partnership.

(b) Owns more than twenty-five per cent of the applicant or licensee partnership.