Arizona Arizona Revised Statutes

§ 6-1201 — Definitions

ARS § 6-1201Title 6. Banks and Financial Institutions · Ch. 12. TRANSMITTERS OF MONEY · Art. 1. Money Transmission

Statute text

6-1201. Definitions In this article, unless the context otherwise requires: 1. "Acting in concert" means persons knowingly acting together with a common goal of jointly acquiring control of a licensee whether or not pursuant to an express agreement. 2. "Authorized delegate" means a person that a licensee designates to engage in money transmission on behalf of the licensee. 3. "Average daily money transmission liability" means the amount of the licensee's outstanding money transmission obligations at the end of each day in quarters ending March 31, June 30, September 30 and December 31, added together and divided by the total number of days in each quarter. 4. "Closed loop stored value" means stored value that is redeemable by the issuer only for goods or services provided by the issuer or its affiliate or franchisees of the issuer or its affiliate, except to the extent required by applicable law to be redeemable in cash for its cash value. 5. "Control" means:

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