04 NCAC 03F .0201           DEFINITIONS

(a)  As used in this Subchapter, unless the context clearly requires otherwise:

(1)           "Agent" shall mean a person, partnership, corporation, or other entity authorized by a licensee to sell or issue checks of the licensee in this State as a service or for a fee or other consideration on the behalf of the licensee;

(2)           "Applicant" shall mean a person who applies for a license under the Money Transmitters Act;

(3)           "Controlling person" shall mean any person as defined in G.S. 53-208.2(16) who owns or holds with the power to vote 10% or more of the equity securities of the applicant or licensee, or who has the power to direct the management and policy of the applicant or licensee;

(4)           "Executive officer" shall have the same meaning as set forth in Regulation "O," promulgated by the Board of Governors of the Federal Reserve System and codified in the Code of Federal Regulations at Title 12, Chapter II, Subchapter A, Part 215.2;

(5)           "Location" shall mean any place of business within this State operated by the licensee or the licensee's agent at which checks of the licensee are issued or sold;

(6)           "Money Transmitters Act" shall mean the Money Transmitters Act codified at Chapter 53, Article 16A of the North Carolina General Statutes (G.S. 53-208.1,et seq.);

(7)           "State" shall mean the State of North Carolina;

(8)           Terms defined in G.S. 53-208.2 shall have the same meaning in this Subchapter.

(b)  An application for a license, amendment to the application, annual statement, notice, or any other document which is required by law or rule to be filed with the Commissioner shall be addressed as follows:

Mailing Address:

Office of the Commissioner of Banks

4309 Mail Service Center

Raleigh, North Carolina  27699-4309.


Street Address:

Office of the Commissioner of Banks

316 West Edenton Street

Raleigh, North Carolina  27603


History Note:        Authority G.S. 53-208.27;

Eff. February 1, 1993;

Amended Eff. November 1, 2013; September 1, 2006; June 1, 1995.