Unless the context clearly indicates otherwise, the following words when used in this act shall have the following meanings:

“Agent” means any person that provides money transmission services on behalf of another person.

“Closed loop system” means a system in which an entity issues a transmittal instrument which can be used at various physical or virtual locations of that entity.

“Commission” means the Banking and Securities Commission of the Commonwealth, as established under Subarticle C of Article XI-A of the act of May 15, 1933 (P.L. 565, No. 111),¹ known as the Department of Banking and Securities Code.

“Department” means the Department of Banking and Securities of the Commonwealth.

“Goods” means personal property bought primarily for personal, family or household use.

“Government benefit” means money or monetary value given to an individual by a Federal, State or local government agency for purposes of financial assistance, including unemployment compensation, supplemental nutritional assistance program benefits and Social Security benefits.

“Hybrid closed loop system” means a system in which an entity issues a transmittal instrument which may be used at a limited number of establishments or entities which have a common bond to the issuing entity and in which the establishments or entities have a written agreement to honor the transmittal instrument.

“License” means a license under this act.

“Money” means currency or legal tender or any other product that is generally recognized as a medium of exchange.

“Person” includes an individual or an organization but does not include the Federal Government or the government of the Commonwealth or any other state, or any political subdivisions or instrumentalities of such governments.

“Personal money order” means any transmittal instrument in relation to which the purchaser or remitter appoints the seller thereof as the agent for the handling of the transmittal instrument or its proceeds no matter by whom the transmittal instrument is signed.

“Public utility” means the term as defined in 66 Pa.C.S. § 102 (relating to definitions).

“Services” means work, labor and services for other than a commercial or business use.

“Stored value” means money or monetary value in a digital electronic format, stored or capable of storage on an electronic medium in such a manner as to be retrievable and transferable electronically.

“Tangible net worth” means an entity's net worth less intangible assets as determined by generally accepted accounting principles.

“Transmittal instrument” means any check, draft, money order, personal money order, debit card, stored value card, electronic transfer or other method for the payment of money or transmittal of credit, other than a merchandise gift certificate or instrument with a similar purpose sold in the regular course of business by a vendor of personal property or services in a closed loop system or hybrid closed loop system.