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 The committee's legislation modifies contact information that money transmitters must display and eliminates an outdated implementation report requirement.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.
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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 The committee's legislation modifies contact information that money transmitters must display and eliminates an outdated implementation report requirement.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.
| Ayes | Noes | NVR | Total | Result |
|---|---|---|---|---|
| 37 | 0 | 3 | 40 | PASS |
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