Senate Bill No. 659
(By Senator Minard)
[Introduced March 21, 2005; referred to the Committee
on Banking and Insurance.]
A BILL to amend and reenact §32A-2-1 of the Code of West Virginia,
1931, as amended, relating to the definition of "money
Be it enacted by the Legislature of West Virginia:
That §32A-2-1 of the Code of West Virginia, 1931, as amended,
be amended and reenacted to read as follows:
ARTICLE 2. CHECKS AND MONEY ORDER SALES, MONEY TRANSMISSION
SERVICES, TRANSPORTATION AND CURRENCY EXCHANGE.
(1) "Commissioner" means the Commissioner of Banking of this
(2) "Check" or "payment instrument" means any check,
traveler's check, draft, money order or other instrument for the
transmission or payment of money whether or not the instrument is
negotiable. The term does not include a credit card voucher, a letter of credit or any instrument that is redeemable by the issuer
in goods or services.
(3) "Currency" means a medium of exchange authorized or
adopted by a domestic or foreign government.
(4) "Currency exchange" means the conversion of the currency
of one government into the currency of another government, but does
not include the issuance and sale of travelers checks denominated
in a foreign currency. Transactions involving the electronic
transmission of funds by licensed money transmitters which may
permit, but do not require, the recipient to obtain the funds in a
foreign currency outside of West Virginia are not currency exchange
, That they are not reportable as currency
exchange transactions under federal laws and regulations.
(5) "Currency exchange, transportation, transmission business"
means a person who is engaging in currency exchange, currency
transportation or currency transmission as a service or for profit.
(6) "Currency transmission" or "money transmission" means
engaging in the business of selling or issuing checks or the
business of receiving currency or the payment of money by any means
for the purpose of transmitting, either prior to or after receipt,
that currency, payment of money or its equivalent by wire,
facsimile or other electronic means, or through the use of a
financial institution, financial intermediary, the federal reserve
system or other funds transfer network. It includes the
transmission of funds through the issuance and sale of stored value cards which are intended for general acceptance and used in
commercial or consumer transactions.
(7) "Currency transportation" means knowingly engaging in the
business of physically transporting currency from one location to
another in a manner other than by a licensed armored car service
exempted under section three of this article.
(8) "Licensee" means a person licensed by the Commissioner
under this article.
(9) "Money order" means any instrument for the transmission or
payment of money in relation to which the purchaser or remitter
appoints or purports to appoint the seller thereof as his or her
agent for the receipt, transmission or handling of money, whether
the instrument is signed by the seller, the purchaser or remitter
or some other person.
(10) "Person" means any individual, partnership, association,
joint stock association, limited liability company, trust or
(11) "Principal" means a licensee's owner, president, senior
officer responsible for the licensee's business, chief financial
officer or any other person who performs similar functions or who
otherwise controls the conduct of the affairs of a licensee. A
person controlling ten percent or more of the voting stock of any
corporate applicant is a principal under this provision.
(12) "Securities" means all bonds, debentures or other
evidences of indebtedness: (a) Issued by the United States of America or any agency thereof, or guaranteed by the United States
of America, or for which the credit of the United States of America
or any agency thereof is pledged for the payment of the principal
and interest thereof; and/or (b) which are direct general
obligations of this state, or any other state if unconditionally
guaranteed as to the principal and interest by the other state and
if the other state has the power to levy taxes for the payment of
the principal and interest thereof and is not in default in the
payment of any part of the principal or interest owing by it upon
any part of its funded indebtedness; and/or (c) which are general
obligations of any county, school district or municipality in this
state, issued pursuant to law and payable from ad valorem taxes
levied on all of the taxable property located therein, if the
county, school district or municipality is not in default in the
payment of any part of the principal or interest on any debt
evidenced by its bonds, debentures or other evidences of
(NOTE: The purpose of this bill is to clarify the definition
of money transmission.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would