For the purpose of this subchapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
CHECK(S). Shall include a check, draft, money order, or personal money order.
DEFERRED DEPOSIT TRANSACTION. Shall mean a transaction in which a check casher advances cash to a consumer against a personal check made out to the check casher for the amount advanced, less a fee, and the check casher then holds and does not deposit the personal check in the check casher's account for a period of three days or more.
INTEREST BEARING LOAN. An interest bearing loan shall be a loan in which interest is charged upon the principal amount borrowed.
PAYDAY LENDING INSTITUTION. Shall mean a person that routinely and customarily engages in deferred deposit transactions or payday loan transactions.
PAYDAY LOAN TRANSACTION. Shall mean any transaction in which a person loans money to a borrower and the loan becomes due and payable upon the next payday of the borrower or any member of the borrower's immediate family.
PERSON. Shall mean an individual, partnership, an association, a trust, a corporation, or any other legal entity.
SHORT-TERM LOAN. Shall mean a loan for a term of not more than 30 days.
(Ord. 02-23, passed 6-19-02)