About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

Checklist of Major Issues 1

handle is hein.nccusl/nccpub01142 and id is 1 raw text is: Checklist Major Issues Which Need to be Decided Concerning Uniform Money Services Businesses Act (UMSBA) Definitions (Sectionl-102) 1. Definition of Check casher (Section 1-102(3)) (a) Does the current definition of check casher achieve the goal of excluding those retailers and entities which provide a de minimis level of check cashing which is incidental to their main business? (b) Are further revisions necessary? 2. Definition of Control (Section 1-102(5)) The Drafting Committee needs to make a choice between Alternatives 1 and 2. 3. Definition of Engage in the business (Section 1-102(9)) This is a new definition that was suggested by an Observer. Should this definition be retained and if so, should a frequency of more than 10 times per year be used as the threshold for determines whether a person engages in money services business? How does one tell how early in the year it applies? 4. Definition of Money transmitter (Section 1-102(18)) (a) Should the definition encompass and subsume the definition of payment instrument seller? (b) Should the definition encompass and subsume the definition of stored value provider? 5. Definition of Stored value instrument (Section 1-102(26)) (a) Does the current definition appropriately cover the scope of those entities which should be licensed? (b) Does the current definition include the appropriate types of exclusions (e.g., for entities that are regulated by federal or state banking regulators)? 6. Definition of Stored value provider (Section 1-102(27)) Do we need a definition of stored value provider given that the term payment instrument included stored value instrument and payment instrument seller would include selling stored value instruments?

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most