Card System Law and Legal Definition

Card system means “a system for authorizing, clearing and settling transactions in which credit cards, debit cards, pre-paid cards, or stored value cards (such cards being issued or authorized by the operator of the system), are used to purchase goods or services or to obtain a cash advance. The term includes systems both in which the merchant acquirer, card issuer, and system operator are separate entities and in which more than one of these roles are performed by the same entity.” [31 CFR 132.2; Title 31-Money And Finance: Treasury; Subtitle B-Regulations Relating To Money And Finance; Chapter I-Monetary Offices, Department Of The Treasury; Part 132-Prohibition On Funding Of Unlawful Internet Gambling]