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California Codes
Public Contract Code, Division 2, Part 3, Chapter 1, Article 22, Section 20367
Simmie Graves

Simmie Graves / August 22, 2014 at 4:58 AM EDT

All contracts entered into pursuant to this article shall include a requirement that the contractor exercise good faith efforts to achieve the disadvantaged business enterprise participation goals to be established for each contract by the commission in accordance with that agency's disadvantaged business enterprise program. The overall participation goal for the total dollar value of contracts awarded pursuant to this article shall be not less than 20 percent for disadvantaged business enterprises.

DBE good faith efforts


United States Code
29 U.S.C. § 160: Title 29, Chapter 7, Sub-Chapter II, Section 160

Anonymous / June 28, 2014 at 7:54 PM EDT

ard is empowered, as h

test


United States Code
21 U.S.C. § 20: Title 21, Chapter 1, Sub-Chapter II, Section 20

Anonymous / June 20, 2014 at 7:00 PM EDT

or offered for sale within the District of Columbia or the Territories of the United States shall be as follows: Apples of one variety, which are well-grown specimens, hand picked, of good color for the variety, normal shape, practically free from insect and fungous injury, bruises, and other defects, except such as are necessarily caused in the operation of packing, or apples of one variety which

Test


United States Code
17 U.S.C. § 107: Title 17, Chapter 1, Section 107
Aaron Greenspan

Aaron Greenspan / December 9, 2013 at 5:56 PM EST

teaching (including multiple copies for classroom use)

Doesn't this mean that coursepacks or law school casebooks are considered fair use and should therefore be free (as opposed to hundreds of dollars just for photocopies)?


Virginia Code
Title 8, Chapter 5, Section 258

Anonymous / February 18, 2013 at 1:47 AM EST

§ 8.01-258. Venue not jurisdictional.

Venue of Title 8, Chapter 5 of VA Code


California Codes
Financial Code, Division 1.2, Chapter 3, Section 2040
Aaron Greenspan

Aaron Greenspan / October 16, 2012 at 3:40 AM EDT

in no event shall tangible shareholders' equity be less than five hundred thousand dollars ($500,000)

Money transmitters must have tangible net worth of at least $500,000 to hold $1 of another person's money, even though they don't make loans. What this really means is that there are no new money transmitters.


California Codes
Financial Code, Division 1.2, Chapter 3, Section 2040
Aaron Greenspan

Aaron Greenspan / October 16, 2012 at 3:38 AM EDT

in an amount determined to be adequate by the commissioner from time to time

Deputy Commissioner Robert Venchiarutti stated in Think Computer Corporation's mandatory pre-filing interview that he required anywhere from $1 million to $80 million in capital as "adequate" funding because according to his experience all financial startups were guaranteed to be unprofitable for three years. When asked later by California Senate Banking and Finance Committee Staff Director Eileen Newhall what the actual requirement was, she was told $1.5 million.


California Codes
Financial Code, Division 1.2, Chapter 3, Section 2033
Aaron Greenspan

Aaron Greenspan / October 16, 2012 at 3:35 AM EDT

(a) The commissioner may conduct an examination of the applicant and the applicant shall pay the reasonable cost of the examination.

Deputy Commissioner Robert Venchiarutti threatened to use this power as a weapon by causing there to be excessive "reasonable" examination costs when Think Computer Corporation attempted to apply for a money transmission license. Since "reasonable" is not defined, this can make or break the difference between a startup receiving a license or not. This is one of many places with the Money Transmission Act runs into problems with due process and unbridled discretion.


California Codes
Financial Code, Division 1.2, Chapter 3, Section 2037
Aaron Greenspan

Aaron Greenspan / October 16, 2012 at 3:25 AM EDT

(d) A licensee that sells or issues payment instruments or stored value shall maintain securities on deposit or a bond of a surety company in an amount of no less than five hundred thousand dollars ($500,000) or 50 percent of the average daily outstanding payment instrument and stored value obligations in California, whichever is greater; provided that such amount shall not be more than two million dollars ($2,000,000).


(e) A licensee that engages in receiving money for transmission shall maintain securities on deposit or a bond of a surety company in an amount greater than the average daily outstanding obligations for money received for transmission in California, provided that such amount shall not be less than two hundred fifty thousand dollars ($250,000) nor more than seven million dollars ($7,000,000).


(f) The amount of securities on deposit or a bond of a surety company required to be maintained by subdivisions (d) and (e) are cumulative.

The Money Transmission Act's surety bond requirements scale up to $9 million maximum when you combine the $2 million figure of section (d) with the $7 million figure of section (e), which is basically what section (f) says. Relative to other state money transmission laws this is a pretty high figure, but even $9 million would barely make a dent in a high-profile money transmitter failing, e.g. PayPal. Consumers would only get back pennies on the dollar.


California Codes
Financial Code, Division 1.2, Chapter 1, Section 2003
Aaron Greenspan

Aaron Greenspan / October 16, 2012 at 3:20 AM EDT

Receiving money for transmission

This incredibly vague definition of money transmission encompasses the routine business activities of nearly every private university, law firm, payroll company, escrow service, realtor, and construction company in California. Several startups are affected as well. Almost none of these companies have licenses.


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