The California Assembly Committee on Banking and Finance proposes updating notice requirements for money transmission businesses while removing an obsolete reporting mandate from state financial regulations. The legislation modifies contact information that money transmitters must display for consumer complaints and eliminates a 2007 reporting requirement under the California Deferred Deposit Transaction Law.
Under the proposed changes, money transmission businesses must post notices containing current contact details for the California Department of Financial Protection and Innovation, including a toll-free number, email address, and mailing address. The notices must appear in English and any primary language used for business operations, with letters at least one-half inch tall in an unobstructed public view. While licensees must provide the notices to their agents, the agents bear responsibility for proper posting at locations they operate. For money transmission services offered through websites or mobile applications, the commissioner may authorize alternative notice formats.
The legislation also removes Section 23057 of the Financial Code, which required a one-time implementation report on deferred deposit transactions due in December 2007. This deletion aligns the code with current operational needs by removing an expired mandate.
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The California Assembly Committee on Banking and Finance proposes updating notice requirements for money transmission businesses while removing an obsolete reporting mandate from state financial regulations. The legislation modifies contact information that money transmitters must display for consumer complaints and eliminates a 2007 reporting requirement under the California Deferred Deposit Transaction Law.
Under the proposed changes, money transmission businesses must post notices containing current contact details for the California Department of Financial Protection and Innovation, including a toll-free number, email address, and mailing address. The notices must appear in English and any primary language used for business operations, with letters at least one-half inch tall in an unobstructed public view. While licensees must provide the notices to their agents, the agents bear responsibility for proper posting at locations they operate. For money transmission services offered through websites or mobile applications, the commissioner may authorize alternative notice formats.
The legislation also removes Section 23057 of the Financial Code, which required a one-time implementation report on deferred deposit transactions due in December 2007. This deletion aligns the code with current operational needs by removing an expired mandate.
| Ayes | Noes | NVR | Total | Result |
|---|---|---|---|---|
| 37 | 0 | 3 | 40 | PASS |
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