Laws and Regulations, California Codes
Financial Code, Division 1.2

• 2000: This chapter shall be known and may be cited as the Money Transmission Act.
• 2001: The Legislature finds and declares all of the following: (a) Money transmission businesses conduct a...
• 2002: It is the intent of the Legislature that the provisions of this act accomplish all of the following:...
• 2003: For purposes of this chapter, the following definitions shall apply: (a) "Affiliate," when used with...
• 2010: This chapter does not apply to the following: (a) The United States or a department, agency, or inst...
• 2011: The commissioner may, by regulation or order, either unconditionally or upon specified terms and con...
• 2030: (a) A person shall not engage in the business of money transmission in this state, or advertise, sol...
• 2031: (a) No person other than a corporation or limited liability company may apply for or be issued a lic...
• 2032: (a) In this section, "material litigation" means litigation that according to United States generall...
• 2033: (a) The commissioner may conduct an examination of the applicant and the applicant shall pay the rea...
• 2034: (a) Before any corporation or limited liability company is issued a license, the corporation or limi...
• 2035: (a) No person shall, directly or indirectly, acquire control of a licensee unless the commissioner h...
• 2036: The commissioner may impose on any authorization, approval, license, or order issued pursuant to thi...
• 2037: (a) As security, each licensee shall deposit and thereafter maintain on deposit with the Treasurer c...
• 2038: Fees shall be paid to, and collected by, the commissioner, as follows: (a) The fee for filing an app...
• 2039: (a) The commissioner may by order or regulation grant exemptions from this section in cases where th...
• 2040: (a) A licensee under this chapter shall maintain tangible shareholders' equity in an amount determin...
• 2041: (a) A licensee shall conduct money transmission in California under its true name unless it has comp...
• 2042: (a) In addition to the fees provided in Section 2038, the commissioner shall levy an assessment each...
• 2060: (a) In this section, "remit" means to make direct payments of money to a licensee or its representat...
• 2061: (a) No licensee shall appoint any person as an agent unless it has conducted a review of the propose...
• 2062: A person may not provide money transmissions on behalf of a person not licensed or not exempt from l...
• 2063: (a) No agent of a licensee who has actual notice that the commissioner has suspended or revoked the ...
• 2081: (a) A licensee shall at all times own eligible securities having an aggregate market value computed ...
• 2082: (a) "Eligible security" means any United States currency eligible security or foreign currency eligi...
• 2083: (a) In computing for purposes of Section 2082 the aggregate value of eligible securities owned by a ...
• 2084: (a) A licensee shall be deemed to own an eligible security only if the following apply: (1) The lice...
• 2085: If the commissioner finds that any eligible security or class of eligible securities is not of suffi...
• 2086: If the commissioner finds that any security or class of securities that is not an eligible security ...
• 2087: (a) If the commissioner finds that a rating assigned to a class of securities by an eligible securit...
• 2088: (a) The commissioner may by regulation or order declare a securities rating service to be an eligibl...
• 2089: A licensee shall maintain eligible securities that are adequately diversified, predominantly of a du...
• 2100: (a) (1) Each licensee shall file with the commissioner a certified copy of every receipt form used b...
• 2101: Every licensee or its agent shall forward all money received for transmission or give instructions c...
• 2102: (a) Every licensee or its agent shall refund to the customer within 10 days of receipt of the custom...
• 2103: (a) The receipt presented to each customer for money received for transmission pursuant to subdivisi...
• 2104: Each licensee or agent shall prominently post on the premises of each branch office that issues or s...
• 2105: (a) Each licensee or agent shall prominently post on the premises of each branch office that conduct...
• 2120: (a) The commissioner may at any time and from time to time examine the business and any office, with...
• 2121: The commissioner may consult and cooperate with other state or federal money transmission regulators...
• 2122: A licensee shall file a report with the commissioner within five business days after the licensee ha...
• 2123: A licensee that is a money services business under the regulations adopted pursuant to the United St...
• 2124: (a) A licensee shall maintain the following records for determining its compliance with this chapter...
• 2148: (a) If it appears to the commissioner that a licensee is violating or failing to comply with any law...
• 2149: (a) The commissioner may issue an order suspending or revoking a license, or taking possession of an...
• 2150: (a) The commissioner may issue an order suspending or revoking the designation of an agent if, after...
• 2150.1: (a) Every order, decision, or other official act of the commissioner is subject to review in accorda...
• 2150.2: (a) If the commissioner finds that any of the factors set forth in Section 2149 is true with respect...
• 2151: (a) If the commissioner finds that any of the factors set forth in Section 2150 is true with respect...
• 2151.1: The commissioner may assess a civil penalty against a person that violates this chapter or a regulat...
• 2152: (a) A person that intentionally makes a false statement, misrepresentation, or false certification i...
• 2153: The enforcement provisions of this chapter are in addition to any other enforcement powers that the ...
• 2170: Any licensee may surrender its license by filing with the commissioner the license and a report with...
• 2171: If any provision of this chapter or the application thereof to any person or circumstances is held i...
• 2172: (a) A license issued under the former Chapter 14 (commencing with Section 1800), Chapter 14A (commen...