§ 6.1-370. Definitions
As used in this chapter:
"Monetary value" means a medium of exchange, whether or not redeemable in money.
"Money order" means a check, traveler's check, draft, or other instrument for the transmission or payment of money or monetary value whether or not negotiable.
"Money transmission" means receiving money or monetary value for transmission by wire, facsimile, electronic means or other means or selling or issuing stored value.
"Money transmitter" or "licensee" means a person who is authorized pursuant to this chapter to engage in the business of selling money orders or the business of money transmission, or both.
"Principal" means any person who, directly or indirectly, owns or controls a ten percent or greater interest in any form of business organization.
"Stored value" means monetary value that is evidenced by an electronic record.
(1974, c. 578; 1994, c. 889; 1998, c. 10; 2001, c. 372.)
Sections: 6.1-370 6.1-371 6.1-372 6.1-373 6.1-374 6.1-375 6.1-376 6.1-377 6.1-378 6.1-378.1 6.1-378.2 6.1-378.3 6.1-378.4 6.1-379 6.1-380 NextLast modified: April 2, 2009