Money Services

Transferring funds from one location to another, by electronic devices or otherwise, for the acceptance of funds for bill payment when the bill payee does not have a contractual agreement with the service provider.

Accepting checks or monetary instruments in return for currency or a combination of currency and other monetary instruments or other instruments.

Accepting or instructing to be delivered currency, funds, or other value, such as stored value, that substitutes for currency to another location or person by electronic means, such as mobile-to-mobile payments.

Accepting the currency, or other monetary instruments, funds or other instruments denominated in the currency, of one or more countries in exchange for the currency, or other monetary instruments, funds, or other instruments denominated in the currency of one or more countries.

Issuing and / or selling either a negotiable instrument or non-negotiable instrument denominated in United States or foreign currency.

Being ultimately responsible for payment of money orders as the drawer of such instruments or a money transmitter that has the obligation to guarantee payment of a money transfer.

Issuing a digital asset that is to be used as a means of payment or settlement where (1) the Issuer is obligated to convert, redeem, or repurchase the digital asset for a fixed amount of monetary value, and (2) the Issuer represents that it will maintain or create the reasonable expectation that the digital asset will maintain a stable value relative to a fixed amount of monetary value. This does not include a digital asset that is national currency, a deposit or a security.

Prepaid access / stored value is defined as accepting currency, funds or other value that substitutes for currency that has been paid in advance and can be retrieved or transferred at some point in the future through an electronic device or vehicle such as a card, code, electronic serial number, mobile identification number or personal identification number. This may include both “open loop” prepaid access (a type of prepaid access that can be used in transactions at any accepting retail location) and “closed loop” prepaid access (a type of prepaid access that can only be used in transactions involving a defined merchant or location or set of locations).

Being ultimately responsible for payment of traveler’s checks as the drawer of such instruments or a money transmitter that has the obligation to guarantee payment of a money transfer.

Receiving money for transmission pursuant to a contract with a person to deliver wages or salaries, make payment or payroll taxes to state and federal agencies, make payments relating to employee benefits plans, or make distributions of other authorized deductions from wages or salaries. The definition does not include an employer performing payroll processing services on its own behalf or on behalf of its affiliate, or a professional employment organization subject to regulation under other applicable state law.

Operating a business that money order issuers authorize, through written agreement or otherwise, to sell the issuer’s money orders or send and receive the issuers transfer services.

Prepaid access / stored value is defined as accepting currency, funds or other value that substitutes for currency that has been paid in advance and can be retrieved or transferred at some point in the future through an electronic device or vehicle such as a card, code, electronic serial number, mobile identification number or personal identification number. This may include both “open loop” prepaid access (a type of prepaid access that can be used in transactions at any accepting retail location) and “closed loop” prepaid access (a type of prepaid access that can only be used in transactions involving a defined merchant or location or set of locations).

Operating a business that traveler’s check issuers authorize, through written agreement or otherwise, to sell the issuer’s traveler’s checks or send and receive the issuer’s transfer services.

Engaging in the physically transportation of currency.

Buying and selling virtual currency as a customer business on the company’s own account; providing services allowing for the conversion or exchange of

1. fiat currency or other value into virtual currency, or
2. virtual currency into fiat currency or other value, or
3. one form of virtual currency into another form of virtual currency; including offering an online digital currency exchange and/or trading platform.

Providing an electronic terminal for use by customers that enables an owner or operator to directly or indirectly sell or exchange or facilitate the sale or exchange of (1) money or monetary value for virtual currency or (2) virtual currency for money or monetary value or other virtual currency.

Such sale or exchange may include but is not limited to (1) connecting directly to a separate virtual currency exchange that performs the actual virtual currency transmission or (2) by drawing upon the virtual currency in the ownership, control, or possession of the owner or operator of the electronic terminal.