DIVISION 1.2. MONEY TRANSMISSION ACT [2000. - 2176.]
Division 1.2 added by Stats. 2011, Ch. 243, Sec. 4.
§§ 2000–2176 · 63 sections
CHAPTER 1. General Provisions §§ 2000–2003 · 4 sections
- § 2000 This division shall be known and may be cited as the Money Transmission Act.
- § 2001 The Legislature finds and declares all of the following: (a) Money transmission businesses conduct a significant amount of business in this state and…
- § 2002 It is the intent of the Legislature that the provisions of this act accomplish all of the following: (a) Protect the interests of persons in this state who use…
- § 2003 For purposes of this division: (a) “Affiliate,” when used with respect to a specified person, means any person controlling, controlled by, or under common…
CHAPTER 2. Exemptions §§ 2010–2011 · 2 sections
- § 2010 This division does not apply to any of the following: (a) The United States or a department, agency, or instrumentality thereof, including any federal reserve…
- § 2011 (a) The commissioner may, by regulation or order, either unconditionally or upon specified terms and conditions or for specified periods, exempt from all or…
CHAPTER 3. Licenses §§ 2030–2043 · 14 sections
- § 2030 (a) A person shall not engage in the business of money transmission in this state, or advertise, solicit, or hold itself out as providing money transmission in…
- § 2031 Only the following persons may apply for or be issued a license: (a) A corporation or limited liability company organized under the laws of this state. (b) A…
- § 2032 (a) An applicant for licensure under this division shall pay to the commissioner a nonrefundable fee of five thousand dollars ($5,000). (b) An applicant for a…
- § 2033 (a) The commissioner may conduct an examination of the applicant and the applicant shall pay the reasonable cost of the examination. (b) If the commissioner…
- § 2034 (a) Before any corporation or limited liability company is issued a license, the corporation or limited liability company shall file with the commissioner, in…
- § 2035 (a) No person shall, directly or indirectly, acquire control of a licensee unless the commissioner has first approved, in writing, the acquisition of control.…
- § 2036 The commissioner may impose on any authorization, approval, license, or order issued pursuant to this division any conditions that are necessary for the safety…
- § 2037 (a) As security, each licensee shall deposit and thereafter maintain on deposit with the Treasurer cash in an amount not less than, or securities having a…
- § 2038 Fees shall be paid to, and collected by, the commissioner, as follows: (a) The fee for filing an application for a license is five thousand dollars ($5,000),…
- § 2039 (a) The commissioner may, by order or regulation, grant exemptions from this section in cases in which the commissioner finds that the requirements of this…
- § 2040 (a) Subject to subdivision (b), a licensee shall maintain at all times a tangible net worth of the greater of one hundred thousand dollars ($100,000) or 3…
- § 2041 (a) A licensee shall conduct money transmission in California under its true name unless it has complied with Chapter 5 (commencing with Section 17900) of Part…
- § 2042 (a) In addition to the fees provided in Section 2038, the commissioner shall levy an assessment each fiscal year, on a pro rata basis, on those licensees that…
- § 2043 (a) On or before April 1, 2013, and annually thereafter, each licensee shall provide its agents under contract with training materials on recognizing elder or…
CHAPTER 4. Agents §§ 2060–2063 · 4 sections
- § 2060 (a) In this section, “remit” means to make direct payments of money to a licensee or its representative authorized to receive money or to deposit money in a…
- § 2061 (a) No licensee shall appoint any person as an agent unless it has conducted a review of the proposed agent’s fitness to act as an agent and has determined…
- § 2062 A person may not provide money transmissions on behalf of a person not licensed or not exempt from licensure under this division. A person that engages in that…
- § 2063 (a) No agent of a licensee who has actual notice that the commissioner has suspended or revoked the license of the licensee or that the commissioner has issued…
CHAPTER 5. Eligible Securities §§ 2081–2089 · 9 sections
- § 2081 (a) A licensee shall at all times own eligible securities having an aggregate market value computed in accordance with United States generally accepted…
- § 2082 (a) “Eligible security” means any United States currency eligible security or foreign currency eligible security. (b) For the purposes of this division, the…
- § 2083 (a) In computing, for purposes of Section 2082, the aggregate value of eligible securities owned by a licensee, all of the following shall be excluded: (1) The…
- § 2084 (a) A licensee shall be deemed to own an eligible security only if the following apply: (1) (A) The licensee owns the eligible security solely and exclusively…
- § 2085 If the commissioner finds that any eligible security or class of eligible securities is not of sufficient liquidity or quality to be eligible securities, the…
- § 2086 If the commissioner finds that any security or class of securities that is not an eligible security is of sufficient liquidity and quality to be an eligible…
- § 2087 (a) If the commissioner finds that a rating assigned to a class of securities by an eligible securities rating service indicates that the class of securities…
- § 2088 (a) The commissioner may by regulation or order declare a credit rating agency to be an eligible securities rating service if the commissioner finds the…
- § 2089 A licensee shall maintain eligible securities that are adequately diversified, predominantly of a duration commensurate with the licensee’s outstanding money…
CHAPTER 6. Consumer Disclosures §§ 2100–2107 · 8 sections
- § 2100 (a) (1) Each licensee shall file with the commissioner a certified copy of every receipt form used by it or by its agent for receiving money for transmission…
- § 2101 Every licensee or its agent shall forward all money received for transmission or give instructions committing equivalent money to the person designated by the…
- § 2102 (a) Every licensee or its agent shall refund to the customer within 10 days of receipt of the customer’s written request for a refund any and all money…
- § 2103 (a) In the case of money received for transmission, the licensee or its agent shall give the customer a receipt at the time of the transaction. (1) The receipt…
- § 2104 Each licensee or agent shall prominently post on the premises of each branch office that issues or sells payment instruments, and at machines located in this…
- § 2105 (a) Each licensee or agent shall prominently post on the premises of each branch office that conducts money transmission a notice stating that: “If you have…
- § 2106 (a) No licensee shall sell or issue any form of payment instrument in California unless a certified copy of the payment instrument has first been filed with…
- § 2107 (a) A licensee shall prominently display on its internet website a toll-free telephone number through which a customer may contact the licensee for customer…
CHAPTER 7. Examinations, Special Reports, and Records §§ 2120–2127 · 7 sections
- § 2120 (a) The commissioner may at any time and from time to time examine the business and any office, within or outside this state, of any licensee or any agent of a…
- § 2121 The commissioner may consult and cooperate with other state or federal money transmission regulators in enforcing and administering this division. They may…
- § 2122 A licensee shall file a report with the commissioner within five business days after the licensee has reason to know of the occurrence any of the following…
- § 2123 A licensee that is a money services business under the regulations adopted pursuant to the United States Bank Secrecy Act (31 C.F.R. Chapter X) and the agents…
- § 2124 (a) A licensee shall maintain the following records for determining its compliance with this division for at least three years: (1) A record of each payment…
- § 2125 A licensee adding or replacing a key individual shall do all of the following: (a) Provide notice to the commissioner within 15 days after the effective date…
- § 2127 Before January 1, 2025, a person licensed under this division to engage in the business of money transmission shall not be subject to a provision of the act…
CHAPTER 8. Additional Enforcement Provisions §§ 2148–2153 · 9 sections
- § 2148 (a) If it appears to the commissioner that a licensee is violating or has violated, or is failing or has failed to comply with any law of this state, the…
- § 2149 (a) The commissioner may issue an order suspending or revoking a license, or taking possession of and placing a licensee in receivership, if after notice and…
- § 2150 (a) The commissioner may issue an order suspending or revoking the designation of an agent if, after notice and an opportunity for hearing, the commissioner…
- § 2150.1 (a) Every order, decision, or other official act of the commissioner is subject to review in accordance with law. (b) Whenever the commissioner has taken…
- § 2150.2 (a) If the commissioner finds that any of the factors set forth in Section 2149 is true with respect to any licensee and that it is necessary for the…
- § 2151 (a) If the commissioner finds that any of the factors set forth in Section 2150 is true with respect to any agent and that it is necessary for the protection…
- § 2151.1 The commissioner may assess a civil penalty against a person that violates this division or a regulation adopted or an order issued under this division in an…
- § 2152 (a) A person that intentionally makes a false statement, misrepresentation, or false certification in a record filed or required to be maintained under this…
- § 2153 The enforcement provisions of this division are in addition to any other enforcement powers that the commissioner may have under law.
CHAPTER 9. Miscellaneous Provisions §§ 2170–2176 · 6 sections
- § 2170 Any licensee may surrender its license by filing with the commissioner the license and a report with any information as the commissioner requires. The…
- § 2171 If any provision of this division or the application thereof to any person or circumstances is held invalid, illegal, or unenforceable, that invalidity,…
- § 2172 (a) A license issued under the former Chapter 14 (commencing with Section 1800), Chapter 14A (commencing with Section 1851), or the former Division 16…
- § 2174 (a) The commissioner may prepare written decisions, opinion letters, and other formal written guidance to be issued to persons seeking clarification regarding…
- § 2175 The commissioner may offer informal guidance to any prospective applicant for a license under this division, regarding the conditions of licensure that may be…
- § 2176 At any time, if the commissioner deems it necessary for the general welfare of the public, he or she may exercise any power set forth in this division with…