Roger Dickinson
- Democratic
Author
Existing law, the Money Transmission Act, provides for the regulation of money transmissions and, unless an exemption applies, requires the licensure by the Commissioner of Business Oversight of persons, including corporations and limited liability companies, to engage in this activity. Existing law declares the need to regulate money transmission businesses in the state, to maintain public confidence in financial institutions doing business in this state, and to preserve the health, safety, and general welfare of the people of California. Under existing law, a licensee under the act is required to file various reports with the commissioner with specified information, including the total volume of activities, number of transactions conducted, and outstanding money transmissions in California and the United States in a given calendar year quarter, as specified. Existing law makes it a felony to intentionally make a false statement, misrepresentation, or false certification in a record filed or required to be maintained under the act, or to knowingly engage in an activity for which a license is required without being licensed or exempt from licensure. This bill would exempt from the requirements of the act a transaction in which the recipient of the money or other monetary value is an agent of the payee pursuant to a preexisting written contract and delivery of the money or other monetary value to the agent satisfies the payor's obligation to the payee. The bill would revise and reorganize various provisions of the act relating to, among other things, the definition of relevant terms under the act and the required contents of license applications and customer receipts. The bill would require that the report described above also include, if feasible, whether an outstanding money transmission was conducted via a mobile application or an Internet Web site. By expanding the scope of an existing crime, this bill would impose a state-mandated local program. This bill would authorize the commissioner to exercise any power set forth in the act with respect to a money transmission business, if necessary for the general welfare of the public, regardless of the licensure status of the money transmission business. The bill would revise provisions relating to the commissioner's authority to provide guidance to prospective applicants for a license to operate a money transmission business. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.
Approved by the Governor.
Chaptered by Secretary of State - Chapter 499, Statutes of 2014.
Enrolled and presented to the Governor at 2 p.m.
Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 78. Noes 0. Page 6103.).
In Assembly. Concurrence in Senate amendments pending. May be considered on or after August 15 pursuant to Assembly Rule 77.
Read third time. Passed. Ordered to the Assembly. (Ayes 36. Noes 0. Page 4458.).
Read second time. Ordered to third reading.
From committee: Be placed on second reading file pursuant to Senate Rule 28.8.
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on APPR.
Read second time and amended. Re-referred to Com. on APPR.
From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 9. Noes 0.) (June 18).
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on B. & F.I.
In Senate. Read first time. To Com. on RLS. for assignment.
Read third time. Passed. Ordered to the Senate. (Ayes 73. Noes 0. Page 5112.)
Read second time. Ordered to consent calendar.
From committee: Do pass. To consent calendar. (Ayes 17. Noes 0.) (May 14).
Read second time and amended.
From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 11. Noes 0.) (April 28).
From printer. May be heard in committee March 23.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB2209 | HTML |
| 02/20/14 - Introduced | |
| 05/05/14 - Amended Assembly | |
| 06/09/14 - Amended Senate | |
| 06/25/14 - Amended Senate | |
| 08/04/14 - Amended Senate | |
| 08/21/14 - Enrolled | |
| 09/20/14 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
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