As used in this article 110, unless the context otherwise requires:
"Banking board" or "board" means the banking board created in section 11-102-103.
"Commissioner" means the state bank commissioner appointed and serving pursuantto section 11-102-101 (2).
"Control" means:
Ownership of, or the power to vote, directly or indirectly, twenty-five percent ormore of a class of voting securities or voting interests of a licensee, applicant, or person in control of a licensee or applicant;
The power to elect a majority of executive officers, managers, directors, trustees, orother persons exercising managerial authority of a licensee, applicant, or person in control of a licensee or applicant; or
The power to exercise, directly or indirectly, a controlling influence over the management or policies of a licensee, applicant, or person in control of a licensee or applicant.
"Engagement letter" means a letter that sets the scope and terms of an independentaudit.
"Exchange" means any check, draft, money order, or other instrument for the transmission or payment of money or credit. It does not mean money or currency of any nation.
"Executive officer" means a president, chief executive officer, chairperson of an executive committee, responsible individual, or chief financial officer of a licensee, and any other person who performs similar functions.
"Issuing" means the act of drawing any instrument of exchange by a person whoengages in the business of drawing the instruments as a service or for a fee or other consideration.
"Licensee" means any person duly licensed by the banking board pursuant to theprovisions of this article 110.
"Management letter" means a letter, written by the auditor to the management of alicensee, reporting the auditor's findings and suggestions resulting from an independent audit.
"Managing official" means a person who has significant oversight duties over alicensee or applicant as determined by the board.
"Money transmission" means the sale or issuance of exchange or engaging in thebusiness of receiving money for transmission or transmitting money within the United States or to locations abroad by any and all means including but not limited to payment instrument, wire, facsimile, or electronic transfer.
"Outstanding payment instrument" means any exchange sold or issued by a licenseeor any exchange issued by the licensee that has been sold by an agent of the licensee in the United States, that has been reported to the licensee as having been sold, and that has not yet been paid by or for the licensee.
"Owner" means a person with an ownership interest in a licensee or applicant that isa sole proprietorship or partnership.
"Person" means any natural person, firm, association, partnership, registered limitedliability partnership, syndicate, joint stock company, unincorporated company or association, limited liability company, common law trust, or any corporation organized under the laws of the United States or of any state or territory of the United States or of any foreign country.
"Principal member" means a person who has a significant ownership interest in alicensee or applicant that is an association, trust, or limited liability company or similar entity, as determined by the board.
"Principal shareholder" means a person who has a significant ownership interest ina corporate licensee or applicant.
"Significant ownership interest" means an ownership interest that causes the ownerto have significant control of a licensee or applicant as determined by the board.
Source: L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 576, § 2, effective August 9.
Editor's note: This section is similar to former § 12-52-103 as it existed prior to 2017.