Definitions

For the purposes of 209 CMR 45.00, the following definitions apply unless the context requires otherwise. Applicant means any person submitting an application for a license under the provisions of M.G.L. c. 169A. Applicant shall include partners or members, if the Applicant is a partnership, limited liability company, or association, and officers, directors, and principal employees, if the Applicant is a corporation. Check Casher means a person engaged in cashing checks, drafts, or money orders for consideration in excess of $ 1.00 per item. Clear and Conspicuous means disclosure of material information in a size, color, contrast and presentation that is sufficient to be readily noticed and understood by a reasonable person to whom it is being disclosed. Commissioner means the Commissioner of Banks. Division means the Division of Banks. Licensee means any person who is licensed as a check casher under M.G.L. c. 169A. Mobile Unit means a motor vehicle or other movable means from which the business of a licensed check casher is to be conducted. Net Worth means the Applicant's or Licensee's total assets less total liabilities, omitting the following assets: (a) that portion of an Applicant's or Licensee’s assets pledged to secure obligations of any person or entity other than that of the Applicant or Licensee; (b) any assets due from officers or stockholders of the Applicant or Licensee, or from persons in which the Applicant's or Licensee’s officers or stockholders have an interest; (c) an amount in excess of the lower of the cost or fair market value of real property; (d) an investment shown on the balance sheet in joint ventures, subsidiaries, or affiliates, which is greater than the fair market value of the assets; (e) intangible assets such as goodwill, value placed on insurance renewals or copyrights, patents, trademarks and intellectual property; (f) organization costs; and (g) any other intangible asset, as may be determined by the Commissioner. 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. Person means a natural person or an organization including, but not limited to, a corporation, partnership, association, limited liability company, cooperative, or trust.