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    AB-1507
    Budget & Economy

    Financial institutions.

    Engrossed
    CA
    ∙
    2025-2026 Regular Session
    0
    0
    Track
    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    • Removes an outdated reporting requirement for deferred deposit transactions.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 The committee's legislation modifies contact information that money transmitters must display and eliminates an outdated implementation report requirement.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 Senate Standing Committee on Banking and Financial Institutions
    Next Step
    Senate Committee
    Referred to the Senate Standing Committee on Banking and Financial Institutions
    Hearing scheduled for , 1021 O Street, Room 2100
    Vote on Assembly Floor
    Assembly Floor
    Vote on Assembly Floor
    AB 1507 Banking and Finance Consent Calendar Second Day Regular Session
    Assembly Banking And Finance Hearing
    Assembly Committee
    Assembly Banking And Finance Hearing
    Do pass. To Consent Calendar
    Introduced
    Assembly Floor
    Introduced
    Read first time. To print.

    Contacts

    Profile
    Roger NielloR
    Senator
    Committee Member
    Not Contacted
    Not Contacted
    Profile
    Tim GraysonD
    Senator
    Committee Member
    Not Contacted
    Not Contacted
    Profile
    Monique LimonD
    Senator
    Committee Member
    Not Contacted
    Not Contacted
    Profile
    Sabrina CervantesD
    Senator
    Committee Member
    Not Contacted
    Not Contacted
    Profile
    Melissa HurtadoD
    Senator
    Committee Member
    Not Contacted
    Not Contacted
    0 of 6 row(s) selected.
    Page 1 of 2
    Select All Legislators
    Profile
    Roger NielloR
    Senator
    Committee Member
    Profile
    Tim GraysonD
    Senator
    Committee Member
    Profile
    Monique LimonD
    Senator
    Committee Member
    Profile
    Sabrina CervantesD
    Senator
    Committee Member
    Profile
    Melissa HurtadoD
    Senator
    Committee Member
    Profile
    Laura RichardsonD
    Senator
    Committee Member

    Get Involved

    Act Now!

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

    40% progression
    Bill has passed all readings in its first house and is ready to move to the other house (5/12/2025)

    Latest Voting History

    View History
    May 12, 2025
    PASS
    Assembly Floor
    Vote on Assembly Floor
    AyesNoesNVRTotalResult
    770279PASS

    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.

    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.

    40% progression
    Bill has passed all readings in its first house and is ready to move to the other house (5/12/2025)

    Key Dates

    Next Step
    Referred to the Senate Standing Committee on Banking and Financial Institutions
    Next Step
    Senate Committee
    Referred to the Senate Standing Committee on Banking and Financial Institutions
    Hearing scheduled for , 1021 O Street, Room 2100
    Vote on Assembly Floor
    Assembly Floor
    Vote on Assembly Floor
    AB 1507 Banking and Finance Consent Calendar Second Day Regular Session
    Assembly Banking And Finance Hearing
    Assembly Committee
    Assembly Banking And Finance Hearing
    Do pass. To Consent Calendar
    Introduced
    Assembly Floor
    Introduced
    Read first time. To print.

    Latest Voting History

    View History
    May 12, 2025
    PASS
    Assembly Floor
    Vote on Assembly Floor
    AyesNoesNVRTotalResult
    770279PASS

    Contacts

    Profile
    Roger NielloR
    Senator
    Committee Member
    Not Contacted
    Not Contacted
    Profile
    Tim GraysonD
    Senator
    Committee Member
    Not Contacted
    Not Contacted
    Profile
    Monique LimonD
    Senator
    Committee Member
    Not Contacted
    Not Contacted
    Profile
    Sabrina CervantesD
    Senator
    Committee Member
    Not Contacted
    Not Contacted
    Profile
    Melissa HurtadoD
    Senator
    Committee Member
    Not Contacted
    Not Contacted
    0 of 6 row(s) selected.
    Page 1 of 2
    Select All Legislators
    Profile
    Roger NielloR
    Senator
    Committee Member
    Profile
    Tim GraysonD
    Senator
    Committee Member
    Profile
    Monique LimonD
    Senator
    Committee Member
    Profile
    Sabrina CervantesD
    Senator
    Committee Member
    Profile
    Melissa HurtadoD
    Senator
    Committee Member
    Profile
    Laura RichardsonD
    Senator
    Committee Member