reglab/housing_qa huggingface dataset:
CA Fin Code § 2042 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.2 - MONEY TRANSMISSION ACT|CHAPTER 3 - Licenses|Section 2042.

2042.  (a) In addition to the fees provided in Section 2038, the commissioner shall levy an assessment each fiscal year, on a pro rata basis, on those licensees that at any time during the preceding calendar year engaged in the business of money transmission in California in an amount that is, in his or her judgment, sufficient to meet the commissioner’s expenses in administering the provisions of this division and to provide a reasonable reserve for contingencies.(b) For licensees that sell or issue payment instruments or stored value, the amount of the annual assessment on any licensee shall not exceed the sum of the products determined by multiplying (1) increments of the aggregate face amount of payment instruments and stored value issued or sold in California by the licensee, directly or indirectly through agents, in the calendar year next preceding the date of such assessment, by (2) percentages of the base assessment rate, according to the following table:Aggregate face amount of payment instruments and stored value sold (in millions)Percentage of base assessment rateFirst $1 ........................ 100.0Next $9 ........................ 25.0Next $40 ........................ 12.5Next $50 ........................ 6.0Next $400 ........................ 3Next $500 ........................ 2Excess over $1,000 ........................ 1The base assessment rate shall be fixed from time to time by the commissioner but shall not exceed one dollar ($1) per one thousand dollars ($1,000) face amount of payment instruments and stored value sold.(c) For licensees receiving money for transmission, the basis of the apportionment of the assessment among the licensees assessed shall be the proportion that the total amount of money received for transmission by the licensee in California bears in relation to the total amount of money received for transmission by all licensees in California, as shown by the reports of licensees to the commissioner for the preceding calendar year. The assessment rate shall be fixed from time to time by the commissioner but shall not exceed one dollar ($1) per one thousand dollars ($1,000) of money received for transmission in California by the licensee.(d) The commissioner shall notify each licensee by mail of the amount levied against it. The licensee shall pay the amount levied within 20 days. If payment is not made to the commissioner within that time, the commissioner shall assess and collect, in addition to the annual assessment, a penalty of 5 percent of the assessment for each month or part thereof that the payment is delinquent.(Amended by Stats. 2012, Ch. 356, Sec. 15. (SB 979) Effective January 1, 2013.)
CA Fin Code § 2043 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.2 - MONEY TRANSMISSION ACT|CHAPTER 3 - Licenses|Section 2043.

2043.  (a) On or before April 1, 2013, and annually thereafter, each licensee shall provide its agents under contract with training materials on recognizing elder or dependent adult financial abuse, and how to appropriately respond if the agent suspects that he or she is being asked to engage in money transmission for a fraudulent transaction involving an elder or dependent adult.(b) To ensure that agents that are newly appointed by licensees pursuant to Section 2060 receive the training materials described in subdivision (a) in a timely manner, each licensee shall provide those materials to any newly appointed agent no later than one month following the appointment of that agent.(c) This section shall not apply to licensees that are engaged solely in selling or issuing stored value pursuant to paragraph (2) of subdivision (q) of Section 2003. Licensees that engage in money transmission activities pursuant to paragraph (1) or (3) of that subdivision, shall be subject to this section only with respect to their agents under contract for activities described in those paragraphs. Additionally, this section shall not apply to licensees who exclusively offer their services via an Internet Web site, a mobile application, or both.(Amended by Stats. 2014, Ch. 499, Sec. 9. (AB 2209) Effective January 1, 2015.)
CA Fin Code § 2061 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.2 - MONEY TRANSMISSION ACT|CHAPTER 4 - Agents|Section 2061.

2061.  (a) No licensee shall appoint any person as an agent unless it has conducted a review of the proposed agent’s fitness to act as an agent and has determined that the proposed agent and any persons who control the proposed agent are of good character and sound financial standing.(b) A licensee shall maintain records of this review for each agent while the agent is providing money transmission on behalf of the licensee, and for three years after the relationship with the agent has terminated.(Added by Stats. 2011, Ch. 243, Sec. 4. (SB 664) Effective January 1, 2012.)
CA Fin Code § 2062 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.2 - MONEY TRANSMISSION ACT|CHAPTER 4 - Agents|Section 2062.

2062.  A person may not provide money transmissions on behalf of a person not licensed or not exempt from licensure under this division. A person that engages in that activity provides money transmissions services to the same extent as if the person was a licensee, and shall be jointly and severally liable with the unlicensed or nonexempt person.(Amended by Stats. 2012, Ch. 356, Sec. 17. (SB 979) Effective January 1, 2013.)
CA Fin Code § 2063 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.2 - MONEY TRANSMISSION ACT|CHAPTER 4 - Agents|Section 2063.

2063.  (a) No agent of a licensee who has actual notice that the commissioner has suspended or revoked the license of the licensee or that the commissioner has issued an order taking possession of the property and business of the licensee shall conduct money transmission on behalf of the licensee.(b) If any agent of a licensee, after first having actual notice that the commissioner has suspended or revoked the license of the licensee or that the commissioner has issued an order taking possession of the property and business of the licensee, conducts money transmission on behalf of the licensee, the agent shall be jointly and severally liable with the licensee for payment of the money transmission.(Added by Stats. 2011, Ch. 243, Sec. 4. (SB 664) Effective January 1, 2012.)
CA Fin Code § 2081 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.2 - MONEY TRANSMISSION ACT|CHAPTER 5 - Eligible Securities|Section 2081.

2081.  (a) A licensee shall at all times own eligible securities having an aggregate market value computed in accordance with United States generally accepted accounting principles of not less than the aggregate amount of all of its outstanding payment instruments and stored value obligations issued or sold in the United States and all outstanding money received for transmission in the United States.(b) If the commissioner finds that the financial condition of a licensee is impaired, or that the financial condition of a licensee is such that its business is being conducted in an unsafe and unsound manner, the commissioner, to protect the public interest, may issue an order, subject to the procedures set forth in Section 2148, doing one or both of the following:(1) Increasing the amount of eligible securities that the licensee must maintain.(2) Requiring the licensee to obtain, as security for the payment of outstanding money transmission obligations, additional security in the form of financial guarantees.(c) Eligible securities, even if commingled with other assets of the licensee, are deemed to be held in trust for the benefit of the purchasers and holders of the licensee’s outstanding payment instrument and stored value obligations, and all senders of outstanding money received for transmission, in the event of bankruptcy or receivership of the licensee, or in the event of an action by a creditor against the licensee who is not a beneficiary of this statutory trust. No eligible securities impressed with a trust pursuant to this subdivision shall be subject to attachment, levy of execution, or sequestration by order of any court, except for a beneficiary of this statutory trust.(d) All outstanding payment instruments and stored value issued or sold by a licensee or its agent, and all outstanding money received for transmission by a licensee or its agent, shall remain a liability of the licensee from the time money or monetary value is received by the licensee or its agent until the licensee receives confirmation that such money or monetary value was received by the beneficiary, or until the outstanding payment instrument or stored value obligation has been paid, or until the money is refunded to the customer.(e) A licensee shall maintain a record in the United States of proof of receipt by the beneficiary or refund to the customer of money received for transmission.(Added by Stats. 2011, Ch. 243, Sec. 4. (SB 664) Effective January 1, 2012.)
CA Fin Code § 2084 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.2 - MONEY TRANSMISSION ACT|CHAPTER 5 - Eligible Securities|Section 2084.

2084.  (a) A licensee shall be deemed to own an eligible security only if the following apply:(1) The licensee owns the eligible security solely and exclusively in its own right, both of record and beneficially.(2) The eligible security is not subject to any pledge, lien, or security interest.(3) The licensee can freely negotiate, assign, or otherwise transfer the eligible security.(b) Notwithstanding subdivision (a), no licensee shall be deemed not to own an eligible security solely on account of any of the following facts, provided that, but for that fact, the licensee would be deemed to own the eligible security under the provisions of subdivision (a):(1) The fact that the eligible security is owned of record by a documented nominee of the licensee or by a securities depository.(2) The fact that the licensee has pledged the eligible security with the United States or any state of the United States to secure payment by the licensee of transmission money.(3) The fact that the licensee holds the eligible security in a custodial capacity as an agent of its customers in a pooled account titled in the name of the licensee for the benefit of its customers.(c) The commissioner shall make a determination of the application of paragraph (3) of subdivision (b) based on the following:(1) The amount, nature, quality, and liquidity of the licensee’s assets.(2) The amount and nature of the licensee’s liabilities.(3) The history of the licensee’s compliance with applicable state and federal law.(Amended by Stats. 2013, Ch. 533, Sec. 6. (AB 786) Effective January 1, 2014.)
CA Fin Code § 2085 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.2 - MONEY TRANSMISSION ACT|CHAPTER 5 - Eligible Securities|Section 2085.

2085.  If the commissioner finds that any eligible security or class of eligible securities is not of sufficient liquidity or quality to be eligible securities, the commissioner may by regulation or order declare the security or class of securities to be ineligible.(Added by Stats. 2011, Ch. 243, Sec. 4. (SB 664) Effective January 1, 2012.)
CA Fin Code § 2086 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.2 - MONEY TRANSMISSION ACT|CHAPTER 5 - Eligible Securities|Section 2086.

2086.  If the commissioner finds that any security or class of securities that is not an eligible security is of sufficient liquidity and quality to be an eligible security, the commissioner may by regulation or order declare the security or class of securities to be eligible securities.(Added by Stats. 2011, Ch. 243, Sec. 4. (SB 664) Effective January 1, 2012.)
CA Fin Code § 2087 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.2 - MONEY TRANSMISSION ACT|CHAPTER 5 - Eligible Securities|Section 2087.

2087.  (a) If the commissioner finds that a rating assigned to a class of securities by an eligible securities rating service indicates that the class of securities is of sufficient quality to be eligible securities, the commissioner may by regulation or order declare the rating to be an eligible rating.(b) With respect to this division “eligible rating” means any rating assigned to such security or class of securities by such eligible securities rating service which the commissioner has by regulation or order declared to be an eligible rating.(Amended by Stats. 2012, Ch. 356, Sec. 20. (SB 979) Effective January 1, 2013.)
CA Fin Code § 2088 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.2 - MONEY TRANSMISSION ACT|CHAPTER 5 - Eligible Securities|Section 2088.

2088.  (a) The commissioner may by regulation or order declare a credit rating agency to be an eligible securities rating service if the commissioner finds the following with respect to the securities rating service:(1) It has been continuously engaged in the business of rating securities for a period of not less than three years.(2) It is competent to rate securities and is nationally recognized for rating securities in a competent manner.(3) It publishes its ratings of securities on a nationwide basis.(b) With respect to this division “eligible securities rating service” means any credit rating agency that the commissioner by regulation or order declared to be an eligible securities ratings service.(Amended by Stats. 2014, Ch. 499, Sec. 11. (AB 2209) Effective January 1, 2015.)
CA Fin Code § 2089 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.2 - MONEY TRANSMISSION ACT|CHAPTER 5 - Eligible Securities|Section 2089.

2089.  A licensee shall maintain eligible securities that are adequately diversified, predominantly of a duration commensurate with the licensee’s outstanding money transmission obligations, and of sufficient liquidity and quality to promptly pay the outstanding money transmission obligations of the licensee.(Added by Stats. 2011, Ch. 243, Sec. 4. (SB 664) Effective January 1, 2012.)
CA Fin Code § 2100 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.2 - MONEY TRANSMISSION ACT|CHAPTER 6 - Consumer Disclosures|Section 2100.

2100.  (a) (1) Each licensee shall file with the commissioner a certified copy of every receipt form used by it or by its agent for receiving money for transmission prior to its first use. No licensee or its agent shall use any receipt, a certified copy of which has not been filed with the commissioner, or use a receipt that the commissioner has deemed not to be in compliance pursuant to paragraph (2).(2) If the commissioner determines, within 30 business days of the filing date of a receipt, that the receipt does not comply with the requirements of this section or Sections 2102 and 2103, the commissioner shall notify the licensee in writing that the receipt is not in compliance with those requirements.(b) Notwithstanding subdivision (a), before a new licensee issues its first receipt to a customer, it shall file with the commissioner a certified copy of the receipt forms to be used by it or its agents for receiving money for transmission. The new licensee shall not use the receipt forms until approved by the commissioner. For purposes of this subdivision, a new licensee is a licensee that has not been previously licensed by the commissioner as a money transmitter or has not previously received money for transmission in California.(c) If a receipt is required by this division to be in English and another language, the English version of the receipt shall govern any dispute concerning the terms of the receipt. However, any discrepancies between the English version and any other version due to the translation of the receipt from English to another language including errors or ambiguities shall be construed against the licensee or its agent and the licensee or its agent shall be liable for any damages caused by these discrepancies.(d) Any licensee violating the requirements of this section shall be subject to a fine of fifty dollars ($50) for each violation. This provision is in addition to any other enforcement provisions that may apply to such a violation.(e) If any licensee or its agent uses a receipt form, a certified copy of which has not been filed with the commissioner, the licensee shall be liable for the acts of its agent whether or not the licensee authorized the agent to use that form.(f) The receipt form shall comply with the requirements of Sections 2102 and 2103.(Amended by Stats. 2012, Ch. 356, Sec. 22. (SB 979) Effective January 1, 2013.)
CA Fin Code § 2101 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.2 - MONEY TRANSMISSION ACT|CHAPTER 6 - Consumer Disclosures|Section 2101.

2101.  Every licensee or its agent shall forward all money received for transmission or give instructions committing equivalent money to the person designated by the customer. Unless the transmission is for the payment of goods or services or unless otherwise ordered by his or her customer, this requirement shall be satisfied within 10 days after receiving that money.(Amended by Stats. 2013, Ch. 533, Sec. 7. (AB 786) Effective January 1, 2014.)
CA Fin Code § 2102 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.2 - MONEY TRANSMISSION ACT|CHAPTER 6 - Consumer Disclosures|Section 2102.

2102.  (a) Every licensee or its agent shall refund to the customer within 10 days of receipt of the customer’s written request for a refund any and all money received for transmission unless any of the following occurs:(1) The money has been forwarded within 10 days of the date of receipt.(2) Instructions have been given committing an equivalent amount of money to the person designated by the customer within 10 days of the date of the receipt of the money from the customer.(3) The customer instructs the licensee to transmit the money at a time beyond 10 days. If the customer gives instructions as to when the money shall be forwarded or transmitted and the moneys have not yet been forwarded or transmitted, the licensee or its agent shall refund the customer’s money within 10 days of receipt of the customer’s written request for a refund.(4) The refund would violate law.(b) If a customer’s instructions as to when the money shall be forwarded or transmitted are not complied with and the money has not yet been forwarded or transmitted, the customer has a right to a refund of his or her money. A cause of action under this section may be brought in small claims court if it does not exceed the jurisdiction of that court, or in any other appropriate court. The customer shall be entitled to recover each of the following:(1) Any and all money received for transmission, plus any fees and charges paid by the customer.(2) A penalty in an amount not to exceed one thousand dollars ($1,000). The court shall award the prevailing party costs and attorney’s fees.(Amended by Stats. 2014, Ch. 499, Sec. 12. (AB 2209) Effective January 1, 2015.)
CA Fin Code § 2104 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.2 - MONEY TRANSMISSION ACT|CHAPTER 6 - Consumer Disclosures|Section 2104.

2104.  Each licensee or agent shall prominently post on the premises of each branch office that issues or sells payment instruments, and at machines located in this state and operated by the licensee or agent that issues or sells payment instruments, a notice clearly stating that payment instruments are not insured by the federal government, the state government, or any other public or private entity. This notice shall be printed in English and in the same language principally used by the licensee or any agent of the licensee to advertise, solicit, or negotiate, either orally or in writing, with respect to the purchase of payment instruments. The information required in this notice shall be clear, legible, and in letters not less than one-half inch in height. The notice shall be posted in a conspicuous location in the unobstructed view of the public within the premises. The licensee shall provide to each of its agents the notice required by this section. In those locations operated by an agent, the agent, not the licensee, shall be responsible for the failure to properly post the required notice.(Added by Stats. 2011, Ch. 243, Sec. 4. (SB 664) Effective January 1, 2012.)
CA Fin Code § 2105 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.2 - MONEY TRANSMISSION ACT|CHAPTER 6 - Consumer Disclosures|Section 2105.

2105.  (a) Each licensee or agent shall prominently post on the premises of each branch office that conducts money transmission a notice stating that:“If you have complaints with respect to any aspect of the money transmission activities conducted at this location, you may contact the California Department of Business Oversight at its toll-free telephone number, 1-866-275-2677, by email at consumer.services@dbo.ca.gov, or by mail at the Department of Business Oversight, Consumer Services, 1515 K Street, Suite 200, Sacramento, CA 95814.”(b) The commissioner may by order or regulation modify the content of the notice required by this section. This notice shall be printed in English and in the same language principally used by the licensee or any agent of the licensee to advertise, solicit, or negotiate either orally or in writing, with respect to money transmission at that branch office. The information required in this notice shall be clear, legible, and in letters not less than one-half inch in height. The notice shall be posted in a conspicuous location in the unobstructed view of the public within the premises. The licensee shall provide to each of its agents the notice required by this section. In those locations operated by an agent, the agent, and not the licensee, shall be responsible for the failure to properly post the required notice.(c) In the event that a licensee or agent conducts money transmission activity via an Internet Web site or a mobile application that is not in a branch office, the commissioner may authorize an alternative form of the notice required in subdivision (a).(Amended by Stats. 2015, Ch. 190, Sec. 34. (AB 1517) Effective January 1, 2016.)
CA Fin Code § 2106 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.2 - MONEY TRANSMISSION ACT|CHAPTER 6 - Consumer Disclosures|Section 2106.

2106.  (a) No licensee shall sell or issue any form of payment instrument in California unless a certified copy of the payment instrument has first been filed with the commissioner. The payment instrument shall clearly identify the licensee as the issuer.(b) The commissioner may by order or regulation declare that a form of payment instrument is prohibited if it is misleading in any material respect or otherwise does not comply with applicable law.(c) A payment instrument that identifies the agent through which the licensee sells the payment instrument shall identify the agent as such and shall identify the licensee at least as conspicuously as it does the agent.(Added by Stats. 2011, Ch. 243, Sec. 4. (SB 664) Effective January 1, 2012.)
CA Fin Code § 2107 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.2 - MONEY TRANSMISSION ACT|CHAPTER 6 - Consumer Disclosures|Section 2107.

2107.  (a) A licensee shall prominently display on its internet website a toll-free telephone number through which a customer may contact the licensee for customer service issues and receive live customer assistance.(b) The telephone line shall be operative at least 10 hours per day, Monday through Friday, excluding federal holidays.(c) This section shall become operative on July 1, 2022.(Added by Stats. 2021, Ch. 453, Sec. 2. (AB 1320) Effective January 1, 2022. Operative July 1, 2022, by its own provisions.)