Laura Richardson
- Democratic
- Senator
- District 35
Author
The Money Transmission Act (MTA) prohibits a person from engaging in the business of money transmission in the state, or from advertising, soliciting, or holding itself out as providing money transmission in the state, unless the person is licensed by the Department of Financial Protection and Innovation under the act. The MTA defines "money transmission" to mean, among other things, selling or issuing stored value to a person located in the state and defines "stored value" to mean monetary value representing a claim against the issuer that is stored on an electronic or digital medium and evidenced by an electronic or digital record and that is intended and accepted for use as a means of redemption for money or monetary value or payment for goods or services. The MTA punishes noncompliance with, among other things, a civil penalty, license revocation, and, for certain violations, as a felony, as prescribed. This bill would prohibit, beginning January 1, 2028, under the act, a digital wallet provider or money transmitter operating in the state from allowing a user to log in without using two-factor authentication or multifactor authentication for any login by that user. By expanding the scope of a crime, this bill would impose a state-mandated local program. 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.
Set for hearing January 20.
Withdrawn from committee.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 5. Noes 0.) (January 7). Re-referred to Com. on APPR.
Withdrawn from committee.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F.I.
Set for hearing January 7.
April 2 set for first hearing canceled at the request of author.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F.I.
Set for hearing April 2.
From printer. May be acted upon on or after March 22.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB505 | HTML |
| 02/19/25 - Introduced | |
| 03/24/25 - Amended Senate | |
| 01/05/26 - Amended Senate |
| Document | Format |
|---|---|
| 01/05/26- Senate Banking and Financial Institutions |
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