In this chapter, unless the context requires otherwise,
(1) "advance" means a deferred deposit advance;
(2) "advance recipient" means a borrower to whom an advance is made;
(3) "control," in the case of a person who is not a natural person, means direct or indirect ownership, the right to vote or otherwise control 10 percent or more of the governance interests of the entity, or the ability of a person to elect a majority of the directors;
(4) "deferred deposit advance" means a transaction in which a person
(A) accepts a dated check from a person seeking an advance;
(B) agrees to hold the check for a specified period of time before depositing or otherwise negotiating the check; and
(C) pays to the advance recipient, credits to the account of the advance recipient, or pays to another person on behalf of the advance recipient the amount of the check less the charges allowed under this chapter;
(5) "department" means the Department of Commerce, Community, and Economic Development;
(6) "license" means a license issued under this chapter;
(7) "licensee" means a person to whom a license has been issued under this chapter.
Section: 06.50.900Last modified: November 15, 2016