Roentgen.We. Gen. Laws § 19-14-1
Until otherwise given, the next words shall have the pursuing the definitions throughout chapters 14, 14.step 1, 14.dos, fourteen.step 3, 14.cuatro, fourteen.6, fourteen.8, , as well as that it name:
(1) “Real worker” will suggest an employee away from a licensee who functions under the oversight and you will supervision of your licensee.
(2) “Check” means people consider, write, currency purchase, private money buy, or any other means towards the transmission otherwise fee of money. “Glance at cashing” form providing currency to own inspections.
(3) “View casher” setting a person otherwise organization who otherwise you to definitely, to have settlement, engages, in whole or perhaps in area, in the business off cashing monitors.
(ii) Searching currency otherwise value getting transmission or holding loans incidental in order to indication within the All of us or even urban centers abroad because of the all form, in addition to fee device, held value, cord, fax, or digital import, priily, or house purposes. Including keeping command over virtual money otherwise transactions when you look at the virtual money on the behalf of someone else.
Chapter 14Licensed Items
(5) “Deferred-put deal” mode people transaction, such as those commonly known as “pay day loan,” “payday cash,” otherwise “deferred-presentment fund,” where a cash loan was created to a customer from inside the change toward user’s private evaluate or perhaps in exchange for the owner’s agreement to debit this new user’s deposit account and you will in which the activities concur often the look at will not be cashed or transferred, otherwise that owner’s deposit account are not debited up to a selected upcoming big date.
(7) “Deliver” means to deliver a check into the first individual that, when you look at the fee with the check, produces, otherwise purports and also make, an effective remittance regarding, or facing, see your face number of the latest glance at, whether or not the deliverer plus costs a fee additionally on the face count and you can whether or not the deliverer cues the new see.
(8) “Top loans agreement” setting an agreement in which an insured, otherwise possible covered, promises to pay in order to an insurance premium monetary institution extent cutting-edge, or to getting cutting-edge, beneath the contract so you’re able to an enthusiastic insurance provider or even an insurance coverage producer, for the commission off a made, or superior, on an insurance contract, or agreements, and attention and you can a payday loans no teletrack check service costs, just like the registered and simply for which term.
(9) “Cost monetary institution” function men or entity engaged in the company of making advanced financing plans otherwise acquiring insurance premium fund plans from most other insurance premium boat finance companies.
(10) (i) “Lender” setting people just who renders or loans financing inside state into man or woman’s individual fund, no matter whether the individual ‘s the affordable mortgagee or collector toward appliance evidencing the mortgage;
(B) A software for a financial loan was pulled because of the an employee, representative, otherwise representative of the bank within this condition;
(iii) The definition of “lender” should also include individuals engaged in an exchange by which the brand new person produces otherwise funds financing contained in this county utilizing the proceeds off a progress significantly less than a line of credit more hence continues the individual enjoys dominion and you can manage and for the cost where the person are unconditionally liable. Which purchase isn’t a table-money exchange. A person is deemed for dominion and power over brand new proceeds of an upfront around a line of credit always funds that loan no matter whether:
(A) The person get, contemporaneously which have, or eventually adopting the, the brand new investment of your own financing, designate otherwise submit towards line of credit lender one to otherwise far more funds funded of the continues out-of an advance towards the individual beneath the line of credit;