Definitions

Terms that are defined in M.G.L. c. 169B and used in 209 CMR 44.00 et seq. shall have the same meaning as in M.G.L. c. 169B, unless otherwise provided in this section. As used in 209 CMR 44.00, the following words shall, unless the context otherwise requires, have the following meanings: Applicant - Any person submitting an application for a license under the provisions of M.G.L. c. 169B. Applicant shall include partners or members, if the Applicant is a partnership, limited liability company, or association; and officers, directors, key individuals, and principal employees, if the Applicant is a corporation. Money Transmitter - a person who engages in the business of money transmission or advertises, solicits, or holds itself out as providing money transmission. NMLS means the Nationwide Multi-State Licensing System & Registry, a multi-state licensing system owned and operated by the State Regulatory Registry LLC, a wholly owned subsidiary of the Conference of State Bank Supervisors, an association of state financial services regulators. Payroll Processing Services – Receiving money for transmission pursuant to a contract with a person to deliver wages or salaries, make payment of payroll taxes to state and federal agencies, make payments relating to employee benefit plans, or make distributions of other authorized deductions from wages or salaries.