North Dakota § 13-08-01 - Definitions

§ 13-08-01. Definitions

As used in this chapter, unless the context otherwise requires: 1. "Check" means a personal check signed by the maker and made payable to a licensee. 2. "Commissioner" means the commissioner of financial institutions. 3. "Completed deferred presentment service transaction" means a transaction that is completed when a check is redeemed by the maker by payment in full to the licensee in cash, money order, or certified check or by negotiation or deposit by the licensee, or when an electronic funds transfer or other transfer of money has taken place to repay the contracted debt. 4. "Customer" means a person to which funds are advanced under a deferred presentment service transaction. 5. "Deferred presentment service transaction" means a transaction by which a person: a. Pays to a customer the amount of a check, less the fees permitted under this chapter, and accepts a check from the customer dated on the date of the transaction and agrees to hold the check for a period of time before negotiation or presentment; b. Accepts a check dated after the date of the transaction and agrees to hold the check for deposit until the date written on the check; or c. Pays to the customer an agreed-upon amount, and obtains the customer's authorization to transfer or withdraw, electronically or otherwise, funds from a customer's account in repayment at some future, agreed-upon date. 6. "Licensee" means a person licensed under this chapter to provide deferred presentment services.