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(a) Liquid assets. — Means money in cash and bank deposits.(b) Service charges. — Means the amount of money or commission that a person engaged in the 'check-cashing business' charges his/her clients as payment for the services he/she renders in that capacity.(c) Check. — Means a bill of exchange or order drawn against a bank, requiring payment at sight against deposited funds; a bank draft or any payment order or instrument for the transfer or payment of money. This term does not include traveler’s checks, payment instruments in foreign currency, nor transfers of funds by electronic means, cable, telephone, or any other electronic medium.(d) Postdated check. — Means a check issued for collection at a future date.(e) Commissioner. — Means the Commissioner of Financial Institutions of Puerto Rico.(f) Concessionaire. — Means a person who holds a license issued by the Commissioner under this chapter.(g) NAFTA. — Means the North America Free Trade Agreement.(h) Check-cashing business. — Means any person engaged in check-cashing business activities in exchange for the payment of a fee or commission, as compensation for the services rendered.(i) Office.

t.(h) Check-cashing business. — Means any person engaged in check-cashing business activities in exchange for the payment of a fee or commission, as compensation for the services rendered.(i) Office. — Means the physical location of the main office of the concessionaire and any other location or mobile unit in which he/she conducts check-cashing business activities.(j) Person. — Means any individual, corporation, partnership, association, or any other juridical or unincorporated entity.(k) Mobile unit. — Means any vehicle or movable means of transportation in which check-cashing transactions are conducted.(l) Check cashing. — Means the delivery of money in cash in exchange for payment instruments and orders for the transfer or payment of money, pursuant to the definition established in subsection (c) of this section. History —Aug. 11, 1996, No. 119, § 2; Aug. 12, 1997, No. 73, § 1, eff. 30 days after Aug. 12, 1997.