AB-1507
Budget & Economy

Financial institutions.

Introduced
CA
2025-2026 Regular Session
0
0
Track

Key Takeaways

  • Updates required contact information for consumer complaints at money transmission locations.
  • Requires notices in English and the primary language used by the business for advertising.
  • Allows alternative notice formats for money transmission services on websites and mobile apps.
  • Removes an outdated reporting requirement for deferred deposit transactions.

Summary

The California Assembly Committee on Banking and Finance proposes updating consumer notice requirements for money transmission businesses while streamlining reporting obligations for deferred deposit transactions. The committee's legislation modifies contact information that money transmitters must display and eliminates an outdated implementation report requirement.

Under the proposed changes, money transmission businesses must post notices containing new contact details for the California Department of Financial Protection and Innovation, including a toll-free number, email address, and mailing address. These notices require English and any primary languages used for business operations, with minimum size requirements and placement in clearly visible locations. For money transmitters operating through websites or mobile applications rather than physical branches, the commissioner may authorize alternative notice formats.

The legislation also removes a provision in the California Deferred Deposit Transaction Law that required a one-time implementation report to the Governor and Legislature in 2007. This deletion reflects the completed status of that reporting requirement. The bill maintains existing regulatory frameworks while updating specific administrative elements to align with current operational practices.

Key Dates

Next Step
Referred to the Assembly Standing Committee on Banking and Finance
Next Step
Assembly Committee
Referred to the Assembly Standing Committee on Banking and Finance
Hearing scheduled for , State Capitol, Room 444
Read first time. To print.
Assembly Floor
Read first time. To print.
Read first time. To print.

Contacts

Profile
Phillip ChenR
Assembly Member
Committee Member
Not Contacted
Not Contacted
Profile
Blanca RubioD
Assembly Member
Committee Member
Not Contacted
Not Contacted
Profile
Mike FongD
Assembly Member
Committee Member
Not Contacted
Not Contacted
Profile
Diane DixonR
Assembly Member
Committee Member
Not Contacted
Not Contacted
Profile
Pilar SchiavoD
Assembly Member
Committee Member
Not Contacted
Not Contacted
0 of 9 row(s) selected.
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Select All Legislators
Profile
Phillip ChenR
Assembly Member
Committee Member
Profile
Blanca RubioD
Assembly Member
Committee Member
Profile
Mike FongD
Assembly Member
Committee Member
Profile
Diane DixonR
Assembly Member
Committee Member
Profile
Pilar SchiavoD
Assembly Member
Committee Member
Profile
Esmeralda SoriaD
Assembly Member
Committee Member
Profile
Avelino ValenciaD
Assembly Member
Committee Member
Profile
Maggy KrellD
Assembly Member
Committee Member
Profile
Michelle RodriguezD
Assembly Member
Committee Member

Get Involved

Act Now!

Email the authors or create an email template to send to all relevant legislators.

Introduced By

10% progression
Bill has been formally introduced and read for the first time in its house of origin (2/27/2025)

Key Takeaways

  • Updates required contact information for consumer complaints at money transmission locations.
  • Requires notices in English and the primary language used by the business for advertising.
  • Allows alternative notice formats for money transmission services on websites and mobile apps.
  • Removes an outdated reporting requirement for deferred deposit transactions.

Get Involved

Act Now!

Email the authors or create an email template to send to all relevant legislators.

Introduced By

Summary

The California Assembly Committee on Banking and Finance proposes updating consumer notice requirements for money transmission businesses while streamlining reporting obligations for deferred deposit transactions. The committee's legislation modifies contact information that money transmitters must display and eliminates an outdated implementation report requirement.

Under the proposed changes, money transmission businesses must post notices containing new contact details for the California Department of Financial Protection and Innovation, including a toll-free number, email address, and mailing address. These notices require English and any primary languages used for business operations, with minimum size requirements and placement in clearly visible locations. For money transmitters operating through websites or mobile applications rather than physical branches, the commissioner may authorize alternative notice formats.

The legislation also removes a provision in the California Deferred Deposit Transaction Law that required a one-time implementation report to the Governor and Legislature in 2007. This deletion reflects the completed status of that reporting requirement. The bill maintains existing regulatory frameworks while updating specific administrative elements to align with current operational practices.

10% progression
Bill has been formally introduced and read for the first time in its house of origin (2/27/2025)

Key Dates

Next Step
Referred to the Assembly Standing Committee on Banking and Finance
Next Step
Assembly Committee
Referred to the Assembly Standing Committee on Banking and Finance
Hearing scheduled for , State Capitol, Room 444
Read first time. To print.
Assembly Floor
Read first time. To print.
Read first time. To print.

Contacts

Profile
Phillip ChenR
Assembly Member
Committee Member
Not Contacted
Not Contacted
Profile
Blanca RubioD
Assembly Member
Committee Member
Not Contacted
Not Contacted
Profile
Mike FongD
Assembly Member
Committee Member
Not Contacted
Not Contacted
Profile
Diane DixonR
Assembly Member
Committee Member
Not Contacted
Not Contacted
Profile
Pilar SchiavoD
Assembly Member
Committee Member
Not Contacted
Not Contacted
0 of 9 row(s) selected.
Page 1 of 2
Select All Legislators
Profile
Phillip ChenR
Assembly Member
Committee Member
Profile
Blanca RubioD
Assembly Member
Committee Member
Profile
Mike FongD
Assembly Member
Committee Member
Profile
Diane DixonR
Assembly Member
Committee Member
Profile
Pilar SchiavoD
Assembly Member
Committee Member
Profile
Esmeralda SoriaD
Assembly Member
Committee Member
Profile
Avelino ValenciaD
Assembly Member
Committee Member
Profile
Maggy KrellD
Assembly Member
Committee Member
Profile
Michelle RodriguezD
Assembly Member
Committee Member