533D.2 Definitions.

137 words·~1 min read·/ia/chapter-533d-delayed-deposit-services/533d-2

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

For purposes of this chapter, unless the context otherwise requires:

1. “Check” means a check, draft, share draft, or other instrument for the payment of money.

2. “Delayed deposit services business” means a person who for a fee does either of the following:

a. Accepts a check dated subsequent to the date it was written.

b. Accepts a check dated on the date it was written and holds the check for a period of time prior to deposit or presentment pursuant to an agreement with, or any representation made to, the maker of the check, whether express or implied.

3. “Licensee” means a person licensed to operate pursuant to this chapter.

4. “Person” means an individual, group of individuals, partnership, association, corporation, or any other business unit or legal entity.

5. “Superintendent” means the superintendent of banking.