reglab/statecodes huggingface dataset:
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 5 - Issuance of License › Subarticle 2 - Application › Section 80.4125 - Signature, Acknowledgment, and Verification

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) An application for a license shall be
					 signed at the place provided on the facing page in the name of the applicant by
					 an executive officer of the applicant.
(b) The signature of the applicant on an
					 application for a license shall be acknowledged.
(c) An application for a license shall be
					 verified by the executive officer of the applicant who signs such application
					 on behalf of the applicant. Such verification shall state that such executive
					 officer has read the application (including the documents incorporated therein
					 by reference), that he knows the contents of the application, and that the
					 statements made in the application are true and correct.
1.
						Amendment of NOTE filed 8-11-2015; operative 10-1-2015 (Register 2015, No.
						33).
Note: Authority cited: Sections
						  321,
						  334 and
						  2032,
						  Financial Code. Reference: Section
						  2032,
						  Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 5 - Issuance of License › Subarticle 2 - Application › Section 80.4126 - Fee

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
An application for a license shall be accompanied by the
						fee prescribed in Financial Code Section
						2032(b).
1.
						Amendment of section and NOTE filed 8-11-2015; operative 10-1-2015 (Register
						2015, No. 33).
Note: Authority cited: Sections
						  321,
						  334 and
						  2032,
						  Financial Code. Reference: Section
						  2032,
						  Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 5 - Issuance of License › Subarticle 2 - Application › Section 80.4127 - Amendment

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
An amendment to an application for a license shall be
						signed in the name of the applicant by an executive officer of the applicant or
						by another person authorized to represent the applicant in connection with such
						application and shall be verified by such executive officer or other
						person.
1.
						Amendment of NOTE filed 8-11-2015; operative 10-1-2015 (Register 2015, No.
						33).
Note: Authority cited: Sections
						  321,
						  334 and
						  2032,
						  Financial Code. Reference: Section
						  2032,
						  Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 5 - Issuance of License › Subarticle 3 - Administrative Standards and Procedures › Section 80.4200 - Scope

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
This Subarticle contains regulations which set forth
						administrative standards and procedures relating to an application for a
						license.
1.
						Amendment of NOTE filed 8-11-2015; operative 10-1-2015 (Register 2015, No.
						33).
Note: Authority cited: Sections
						  321,
						  334 and
						  2032,
						  Financial Code. Reference: Section
						  2032,
						  Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 5 - Issuance of License › Subarticle 3 - Administrative Standards and Procedures › Section 80.4201 - Incomplete Application

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
As an administrative procedure, the Commissioner
						generally will reject for filing any application for a license which is not
						substantially complete.
1. Change
						without regulatory effect amending section filed 8-19-97 pursuant to section
						100, title 1, California Code of
						Regulations (Register 97, No. 34).
2. Amendment of NOTE filed
						8-11-2015; operative 10-1-2015 (Register 2015, No.
						33).
Note: Authority cited: Sections
						  321,
						  334 and
						  2032,
						  Financial Code. Reference: Section
						  2032,
						  Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 5 - Issuance of License › Subarticle 4 - Post-Approval Matters › Section 80.4300 - Scope

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
This Subarticle contains regulations relating to matters
						after an application for a license is approved by the
						Commissioner.
1. Change
						without regulatory effect amending section filed 8-19-97 pursuant to section
						100, title 1, California Code of
						Regulations (Register 97, No. 34).
2. Amendment of NOTE filed
						8-11-2015; operative 10-1-2015 (Register 2015, No.
						33).
Note: Authority cited: Sections
						  321 and
						  334,
						  Financial Code. Reference: Chapter 3, Division 1.2, Financial
						  Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 5 - Issuance of License › Subarticle 4 - Post-Approval Matters › Section 80.4301 - Time for Filing Documents

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
In case a provision of this Subarticle calls for an
						applicant to file a document with the Commissioner not less than a specified
						number of days or business days before such applicant is issued a license, the
						applicant is encouraged to make the filing before such deadline, if possible,
						so as to allow ample time not only for the staff of the Department to process
						the document filed but also for the applicant to make any corrections or
						changes in such document that may be found to be necessary before the license
						is issued.
1. Change
						without regulatory effect amending section filed 8-19-97 pursuant to section
						100, title 1, California Code of
						Regulations (Register 97, No. 34).
2. Amendment of NOTE filed
						8-11-2015; operative 10-1-2015 (Register 2015, No.
						33).
Note: Authority cited: Sections
						  321 and
						  334,
						  Financial Code. Reference: Chapter 3, Division 1.2, Financial
						  Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 5 - Issuance of License › Subarticle 4 - Post-Approval Matters › Section 80.4302 - Reports

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
In addition to filing with the Commissioner each report
						called for in this Subarticle, an applicant shall file with the Commissioner
						each report which the provisions of the Money Transmission Act or of this
						Subchapter require of a licensee. A report required by any such provision shall
						be filed within the period specified in such provision; however, any report
						which is required of a licensee under the provisions of Subarticle 4
						(commencing with Section
						80.8300), Article 9 of this
						Subchapter and which relates to an event that occurs before a license is issued
						to an applicant shall be filed with the Commissioner not less than five
						business days before such license is issued, notwithstanding the fact that the
						provision which requires such report may allow a longer time for filing the
						report.
1. Change
						without regulatory effect amending section filed 8-19-97 pursuant to section
						100, title 1, California Code of
						Regulations (Register 97, No. 34).
2. Amendment of section and NOTE
						filed 8-11-2015; operative 10-1-2015 (Register 2015, No.
						33).
Note: Authority cited: Section
						  2039,
						  Financial Code. Reference: Section
						  2039,
						  Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 5 - Issuance of License › Subarticle 4 - Post-Approval Matters › Section 80.4303 - Implementation of Proposals

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Not less than five business days before an applicant is
						issued a license, such applicant shall implement each of the proposals which it
						represented in its application for a license, explicitly or implicitly, that it
						would implement before commencing to transact in the State of California the
						business of money transmission (for example, proposals to appoint officers,
						sell securities, or obtain financing) and shall file with the Commissioner a
						report regarding the implementation of each such proposal.
1. Change
						without regulatory effect amending section filed 8-19-97 pursuant to section
						100, title 1, California Code of
						Regulations (Register 97, No. 34).
2. Amendment of section and NOTE
						filed 8-11-2015; operative 10-1-2015 (Register 2015, No.
						33).
Note: Authority cited: Sections
						  321,
						  334 and
						  2039,
						  Financial Code. Reference: Section
						  2039,
						  Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 5 - Issuance of License › Subarticle 4 - Post-Approval Matters › Section 80.4304 - Certificate of Good Standing

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) In case an applicant is a foreign
					 corporation, such applicant shall, not less than five business days before
					 being issued a license, file with the Commissioner a Certificate of Good
					 Standing--Foreign Corporation of the Secretary of State of the State of
					 California, certifying that the applicant has qualified to transact intrastate
					 business in the State of California and is in good corporate standing under the
					 laws of the State of California.
(b) In case an applicant is a foreign limited
					 liability company, such applicant shall, not less than five business days
					 before being issued a license, file with the Commissioner a Certificate of Good
					 Standing--Foreign Limited Liability Company of the Secretary of State of the
					 State of California, certifying that the applicant has qualified to transact
					 intrastate business in the State of California and is in good standing under
					 the laws of the State of California.
1. Change
						without regulatory effect amending section filed 8-19-97 pursuant to section
						100, title 1, California Code of
						Regulations (Register 97, No. 34).
2. Amendment of section and NOTE
						filed 8-11-2015; operative 10-1-2015 (Register 2015, No.
						33).
Note: Authority cited: Sections
						  321,
						  334 and
						  2032,
						  Financial Code. Reference: Section
						  17708.02,
						  Corporations Code; and Section
						  2032,
						  Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 5 - Issuance of License › Subarticle 4 - Post-Approval Matters › Section 80.4305 - Report Regarding Directors, Executive Officers, and Balance Sheet

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) In case there
					 is a change in the applicant's directors or executive officers since the filing
					 of the application, the applicant shall file a report detailing such change(s)
					 with the Commissioner within five business days of such change.
(b) The applicant shall file with the
					 Commissioner a balance sheet as of a date within 30 days before the license is
					 issued.
1. New
						section filed 8-11-2015; operative 10-1-2015 (Register 2015, No. 33). For prior
						history, see Register 97, No. 15.
Note: Authority cited: Sections
						  321,
						  334 and
						  2032,
						  Financial Code. Reference: Section
						  2033,
						  Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 5 - Issuance of License › Subarticle 4 - Post-Approval Matters › Section 80.4306 - Policy Regarding Agents. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Change
						without regulatory effect amending subsection (b) filed 8-28-91 pursuant to
						section 100, title 1, California Code of
						Regulations (Register 92, No. 4).
2. Repealer filed 4-7-97;
						operative 4-7-97 pursuant to Government Code section
						11343.4(d)
						(Register 97, No. 15).
Note: Authority cited: Section
						  33202,
						  Financial Code. Reference: Section
						  33202, Chapter 4, Division 16,
						  Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 5 - Issuance of License › Subarticle 4 - Post-Approval Matters › Section 80.4307 - Agreement. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Change
						without regulatory effect amending section filed 8-19-97 pursuant to section
						100, title 1, California Code of
						Regulations (Register 97, No. 34).
2. Repealer filed 8-11-2015;
						operative 10-1-2015 (Register 2015, No. 33).
Note: Authority cited: Section
						  33202,
						  Financial Code. Reference: Sections
						  33202 and
						  33280, and Chapter 4, Division 16,
						  Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 5 - Issuance of License › Subarticle 4 - Post-Approval Matters › Section 80.4308 - Appointment of Commissioner as Agent for Service of Process

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
In accordance with Financial Code Section
						2034, not
						less than five business days before an applicant is issued a license, such
						applicant shall file with the Commissioner an Appointment of Commissioner of
						Business Oversight as Agent for Service of Process in the form of Department
						Form 5025, signed in the name of applicant by an executive officer of the
						applicant. The signature of the applicant on such Appointment shall be
						acknowledged.
1. Change
						without regulatory effect amending section filed 8-19-97 pursuant to section
						100, title 1, California Code of
						Regulations (Register 97, No. 34).
2. Amendment of section and NOTE
						filed 8-11-2015; operative 10-1-2015 (Register 2015, No.
						33).
Note: Authority cited: Sections
						  321,
						  334 and
						  2034,
						  Financial Code. Reference: Section
						  2034,
						  Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 5 - Issuance of License › Subarticle 4 - Post-Approval Matters › Section 80.4309 - Authorization for Release of Information

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Not less than five business days before an applicant is
						issued a license, such applicant shall file with the Commissioner an
						Authorization for Release of Information in the form of Department Form 5030,
						signed in the name of the applicant by an executive officer of the applicant.
						The signature of the applicant on such Authorization shall be
						acknowledged.
1. Change
						without regulatory effect amending section filed 8-19-97 pursuant to section
						100, title 1, California Code of
						Regulations (Register 97, No. 34).
2. Amendment of NOTE filed
						8-11-2015; operative 10-1-2015 (Register 2015, No.
						33).
Note: Authority cited: Sections
						  321,
						  334 and
						  2032,
						  Financial Code. Reference: Section
						  2032,
						  Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 5 - Issuance of License › Subarticle 4 - Post-Approval Matters › Section 80.4310 - Report Regarding Differences from Application

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) Not more than 30 days nor less than five
					 business days before an applicant is issued a license, such applicant shall
					 file with the Commissioner a report signed by an executive officer of the
					 applicant, stating whether or not the applicant or the applicant's plan for
					 transacting in the State of California the business of money transmission is or
					 is to be different in any material respect from what was set forth in its
					 application for a license and, if so, describing such difference.
(b) As an administrative standard, if the
					 Commissioner finds that an applicant or the applicant's plan for transacting in
					 the State of California the business money transmission is or is to be
					 different in any material respect from what was set forth in its application
					 for a license and that, if such difference had existed at the time when the
					 Commissioner decided such application, the Commissioner would have denied the
					 application, the Commissioner will revoke his approval of the application and
					 will not issue a license to the applicant.
1. Change
						without regulatory effect amending section filed 8-19-97 pursuant to section
						100, title 1, California Code of
						Regulations (Register 97, No. 34).
2. Amendment of subsection (a)
						and NOTE filed 4-14-98; operative 5-14-98 (Register 98, No. 16).
3.
						Amendment of section and NOTE filed 8-11-2015; operative 10-1-2015 (Register
						2015, No. 33).
Note: Authority cited: Section
						  2032,
						  Financial Code. Reference: Section
						  2032,
						  Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 5 - Issuance of License › Subarticle 4 - Post-Approval Matters › Section 80.4311 - Expiration and Extension of Approval of Application for License

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) The
					 Commissioner's approval of an application for a license shall, unless extended
					 by the Commissioner, expire three months after the date of such
					 approval.
(b) An application for an
					 extension of the Commissioner's approval of an application for a license shall
					 contain the following information:
(1) Date
					 on which the approval is scheduled to expire.
(2) Description of the applicant's progress
					 to date in preparing to commence transacting in the State of California the
					 business of money transmission.
(3)
					 Proposed timetable for completing preparations to commence transacting in the
					 State of California the business of money transmission.
(4) Amount of additional time requested for
					 completing preparations to commence transacting in the State of California the
					 business of money transmission.
(5)
					 Statement of reasons why such additional time is required for completing
					 preparations to commence transacting in the State of California the business of
					 money transmission.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 5 - Issuance of License › Subarticle 4 - Post-Approval Matters › Section 80.4312 - License-Issuance and Expiration

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) Not less than one business day before an
					 applicant is issued a license, such applicant shall file with the Commissioner
					 an application for the issuance of such license. Such applicant shall state the
					 date on which the applicant proposes to commence transacting in the State of
					 California the business of money transmission, and shall be accompanied by the
					 fee prescribed in Financial Code Section
					 374.
(b) An applicant may commence transacting in
					 the State of California the business of money transmission on or after the date
					 on which a license is issued to such applicant.
1. Change
						without regulatory effect amending section filed 8-19-97 pursuant to section
						100, title 1, California Code of
						Regulations (Register 97, No. 34).
2. Amendment of section and NOTE
						filed 8-11-2015; operative 10-1-2015 (Register 2015, No.
						33).
Note: Authority cited: Sections
						  321,
						  334 and
						  2036,
						  Financial Code. Reference: Sections
						  374,
						  2032 and
						  2036,
						  Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 5 - Issuance of License › Subarticle 4 - Post-Approval Matters › Section 80.4313 - Reports Regarding Commencement of Business, California Offices, and California Agents

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Not more than five business days after commencing to
						transact in the State of California the business of money transmission, an
						applicant shall file with the Commissioner a report containing the following
						information:
(a) State the date on
					 which the applicant commenced to transact in the State of California the
					 business of money transmission.
(b)
					 State the address and telephone number of each of the applicant's offices in
					 the State of California at which the applicant transacts money transmission,
					 and describe the money transmission business conducted at each such
					 office.
(c) In case the applicant
					 had any California agents as of the date on which it commenced to transact in
					 the State of California the business of money transmission, state the name of
					 each California agent.
1.
						Amendment of section heading, and first paragraph, new subsections (c)-(c)(2)
						and amendment of NOTE filed 4-7-97; operative 4-7-97 pursuant to Government
						Code section
						11343.4(d)
						(Register 97, No. 15).
2. Change without regulatory effect amending
						section and NOTE filed 8-19-97 pursuant to section
						100, title 1, California Code of
						Regulations (Register 97, No. 34).
3. Amendment of section and NOTE
						filed 8-11-2015; operative 10-1-2015 (Register 2015, No.
						33).
Note: Authority cited: Section
						  2039,
						  Financial Code. Reference: Section
						  2039,
						  Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 6 - Licensees › Subarticle 1 - General Provisions › Section 80.5000 - Scope

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
This Article contains regulations relating to licensees.
						This Subarticle contains general provisions relating to licensees. Subarticle 2
						(commencing with Section
						80.5100) contains regulations
						relating to tangible shareholders' equity. Subarticle 3 (commencing with
						Section 80.5200) of this Article contains
						regulations relating to consumer disclosures. Subarticle 4 (commencing with
						Section 80.5300) of this Article contains
						regulations relating to eligible securities.
1.
						Amendment of section and NOTE filed 8-11-2015; operative 10-1-2015 (Register
						2015, No. 33).
Note: Authority cited: Sections
						  321 and
						  334,
						  Financial Code. Reference: Division 1.2, Financial
						  Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 6 - Licensees › Subarticle 2 - Tangible Shareholders' Equity › Section 80.5100 - Tangible Shareholders' Equity

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) In this Subarticle, "subject institution"
					 means a California licensed money transmitter or an applicant for a money
					 transmitter license.
(b) In
					 considering the factors set forth in subdivision (c) of Financial Code Section
					 2040 to
					 determine the amount of tangible shareholders' equity required of a subject
					 institution, the Commissioner may assess how those factors when considered as
					 whole would affect the safety and soundness of the subject institution and/or
					 prejudice the interests of the customers of the subject institution.
1. New
						subarticle 2 (section
						80.5100) and section filed
						8-11-2015; operative 10-1-2015 (Register 2015, No.
						33).
Note: Authority cited: Section
						  2040,
						  Financial Code. Reference: Section
						  2040,
						  Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 6 - Licensees › Subarticle 3 - Consumer Disclosures › Section 80.5200 - Scope

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
This Subarticle contains regulations relating to
						receiving money for transmission and the sale by a licensee of payment
						instruments, and other required disclosures.
1.
						Amendment of subarticle heading, section and NOTE filed 8-11-2015; operative
						10-1-2015 (Register 2015, No. 33).
Note: Authority cited: Sections
						  321 and
						  334,
						  Financial Code. Reference: Chapter 6, Division 1.2, Financial
						  Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 6 - Licensees › Subarticle 3 - Consumer Disclosures › Section 80.5200.1 - Forms of Receipt for Receiving Money for Transmission

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) An application by a licensee for approval
					 under Financial Code Section
					 2100 of the
					 form of receipt used by the licensee or by its agent shall contain the
					 following:
(1) Provide a sample form of
					 receipt.
(2) Provide a
					 certification by an officer of the applicant, in accordance with Section
					 5.3007, Title 10, California Code
					 of Regulations, which certifies that the sample form of receipt is the receipt
					 form used by the applicant and its agents.
(3) Provide a translator's certificate, if
					 applicable, in accordance with Section
					 5.3002, Title 10, California Code
					 of Regulations.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 6 - Licensees › Subarticle 3 - Consumer Disclosures › Section 80.5201 - Forms of Payment Instruments

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) An application by a licensee for approval
					 under Financial Code Section
					 2106 of the
					 form of a payment instrument issued by such licensee shall contain the
					 following:
(1) Provide a specimen copy of the
					 form of payment instrument.
(2) In
					 case the licensee proposes to sell the form of payment instrument only in
					 certain circumstances (for example, only through a certain California agent or
					 type of California agent or only in certain geographical areas), describe such
					 circumstances.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 6 - Licensees › Subarticle 3 - Consumer Disclosures › Section 80.5202 - Clearing Banks. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1.
						Amendment filed 4-7-97; operative 4-7-97 pursuant to Government Code section
						11343.4(d)
						(Register 97, No. 15).
2. Repealer filed 8-11-2015; operative
						10-1-2015 (Register 2015, No. 33).
Note: Authority cited: Section
						  33202,
						  Financial Code. Reference: Sections
						  33220 and
						  33522,
						  Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 6 - Licensees › Subarticle 3 - Consumer Disclosures › Section 80.5210 - Notices

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) The notice
					 required by Financial Code Section
					 2104 only
					 applies to branch offices, as defined by Financial Code Section
					 2003(e),
					 and machines located in this state and operated by the licensee or agent, that
					 issue or sell payment instruments to customers who are physically on the
					 premises of the branch offices or physically on the premises where the machines
					 are located.
(b) The notice
					 required by Financial Code Section
					 2105 only
					 applies to branch offices, as defined by Financial Code Section
					 2003(e),
					 that conduct money transmission with customers who are physically in the branch
					 offices.
1. New
						section filed 8-11-2015; operative 10-1-2015 (Register 2015, No.
						33).
Note: Authority cited: Sections
						  321 and
						  334,
						  Financial Code. Reference: Sections
						  2104 and
						  2105,
						  Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 6 - Licensees › Subarticle 4 - Eligible Securities › Section 80.5300 - Scope

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
This Subarticle contains regulations relating to eligible
						securities.
1.
						Amendment of NOTE filed 8-11-2015; operative 10-1-2015 (Register 2015, No.
						33).
Note: Authority cited: Sections
						  321 and
						  334,
						  Financial Code. Reference: Chapter 5, Division 1.2, Financial
						  Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 6 - Licensees › Subarticle 4 - Eligible Securities › Section 80.5301 - Ownership-Ability to Transfer

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
					 For purposes of Financial Code Section
					 2084(a)(3),
					 a licensee shall not be deemed to be able freely to otherwise transfer an
					 eligible security which consists of a deposit in a bank or savings and loan
					 association unless such licensee is able freely to withdraw such deposit.
					 However, if the deposit is a savings or time deposit and is subject to
					 restrictions on withdrawal usually imposed on a savings or time deposit, as the
					 case may be, the licensee shall not, on account of such restrictions, be deemed
					 unable freely to withdraw the deposit.
(b) For purposes of Financial Code Section
					 2084(a)(3),
					 a licensee shall not be deemed to be able freely to negotiate, assign, or
					 otherwise transfer an eligible security if any negotiation, assignment, or
					 other transfer of such eligible security would constitute a breach or event of
					 default by such licensee or by any affiliate of the licensee under any
					 contract, obligation, note, or other security issued by the licensee or by any
					 affiliate of the licensee. For example, for purposes of Financial Code Section
					 2084(a)(3),
					 a licensee shall not be deemed to be able freely to negotiate, assign, or
					 otherwise transfer an eligible security which consists of a deposit in a bank
					 if such licensee's failure to maintain such deposit would constitute a breach
					 of a provision for compensating balances set forth in a loan contract between
					 such bank and the licensee or a parent of the licensee.
1.
						Amendment of section and NOTE filed 8-11-2015; operative 10-1-2015 (Register
						2015, No. 33).
Note: Authority cited: Sections
						  321 and
						  334,
						  Financial Code. Reference: Section
						  2084,
						  Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 6 - Licensees › Subarticle 4 - Eligible Securities › Section 80.5302 - Ownership-Documented Nominee

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
For purposes of Financial Code Section
						2084 and
						this Subchapter, "documented nominee," when used with respect to a licensee,
						means a partnership:
(a) The articles
					 of partnership of which authorize it to engage in no business other than the
					 business of owning, buying, selling, or otherwise transferring of record
					 securities which are owned beneficially by the licensee;
(b) The partners of which include no persons
					 other than the licensee and officers and employees of the licensee;
(c) Which is controlled by the
					 licensee;
(d) Which is beneficially
					 owned solely and exclusively by the licensee; and
(e) Which is shown by the records of the
					 licensee to comply with the provisions of Subdivisions (a) to (d), inclusive,
					 of this Section.
1.
						Amendment of first paragraph and NOTE filed 8-11-2015; operative 10-1-2015
						(Register 2015, No. 33).
Note: Authority cited: Sections
						  321 and
						  334,
						  Financial Code. Reference: Sections
						  2039 and
						  2084,
						  Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 6 - Licensees › Subarticle 4 - Eligible Securities › Section 80.5303 - Eligible Securities Rating Services

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The Commissioner finds that each of the securities rating
						services named in the subdivisions of this Section has been continuously
						engaged in the business of rating securities for a period of not less than
						three years, is competent to rate securities, is nationally recognized for
						rating securities in a competent manner, and publishes its ratings of
						securities on a nationwide basis. Therefore, the Commissioner declares each of
						the securities rating services named in the subdivisions of this Section to be
						eligible securities rating services for purposes of the Money Transmission
						Act:
(a) Moody's Investors Service,
					 Inc.
(b) Standard & Poor's
					 Ratings Services.
(c) Fitch,
					 Inc.
1. Change
						without regulatory effect amending section filed 8-19-97 pursuant to section
						100, title 1, California Code of
						Regulations (Register 97, No. 34).
2. Amendment of section and NOTE
						filed 8-11-2015; operative 10-1-2015 (Register 2015, No.
						33).
Note: Authority cited: Sections
						  321,
						  334 and
						  2088,
						  Financial Code. Reference: Section
						  2088,
						  Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 6 - Licensees › Subarticle 4 - Eligible Securities › Section 80.5304 - Eligible Ratings

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The Commissioner finds that the ratings categories
						assigned to the respective classes of securities or the issuer of the
						securities by the respective eligible securities rating services, as specified
						in the subdivisions of this Section, indicate that the applicable classes of
						securities of the rated issuer and the rated classes of securities are each of
						sufficient quality to be eligible securities for purposes of subdivisions
						(b)(4), (6) and (7) of Financial Code section
						2082.
						Therefore, the Commissioner declares the ratings categories assigned to the
						respective classes of securities or the issuers of the applicable classes of
						securities by the respective eligible securities rating services, as specified
						in the subdivisions of this Section, to be eligible ratings for purposes of
						subdivisions (b)(4), (6) and (7) of Financial Code section
						2082:
(a) Moody's Investors Service, Inc.:
(1) Long-term obligations: Aaa, Aa, and A
					 categories.
(2) Short-term
					 obligations: P-1 and P-2.
(3)
					 Municipal short-term obligations: MIG 1/VMIG 1 and MIG 2/VMIG
					 2.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 6 - Licensees › Subarticle 4 - Eligible Securities › Section 80.5304.1 - Eligible Securities

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
					 Financial Code Section
					 2082(b)(12)
					 provides that "any receivable owed by a bank and resulting from an automated
					 clearinghouse, debit, or credit-funded transmission" is a United States
					 currency eligible security. For purposes of this subarticle, the following
					 terms shall apply:
(1) A receivable owed by a
					 bank and resulting from an automated clearinghouse transmission will be termed
					 an "ACH Receivable."
(2) A
					 receivable owed by a bank and resulting from a credit-funded transmission will
					 be termed a "Credit Card Receivable."
(3) A receivable owed by a bank and resulting
					 from a debit funded transmission will be termed a "Debit Card
					 Receivable."
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 6 - Licensees › Subarticle 4 - Eligible Securities › Section 80.5305 - Computation of Aggregate Value of Eligible Securities

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) For purposes of this section:
(1) "Automated Clearing House (ACH)
					 Receivables" are amounts debited from a customer's depository account or ACH
					 credits initiated by the customer through the ACH, which are for the purchase
					 or payment of money transmission products and services.
(2) "Credit Card Receivables" are amounts
					 owed by a licensee's merchant acquirer and arising from the licensee's
					 submission of credit card transactions for settlement by the merchant acquirer
					 for the purchase or payment of money transmission products and
					 services.
(3) "Debit Card
					 Receivables" are amounts owed by a licensee's merchant acquirer and arising
					 from the licensee's submission of debit or prepaid card transactions for
					 settlement by the merchant acquirer for the purchase or payment of money
					 transmission products and services.
(4) "Merchant acquirer" means an acquiring
					 bank or its designated processor who forwards the transaction information to
					 the respective credit card associations for authorization, clearing, and
					 settlement. The acquiring bank must remain fully liable for payment to the
					 licensee if the designated processor fails to settle with the
					 licensee.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 8 - Records › Section 80.7000 - Scope

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
This Article contains regulations relating to the records
					 of licensees.
Note: Authority cited: Section
						33202,
						Financial Code. Reference: Section
						33900,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 8 - Records › Section 80.7001 - Generally Accepted Accounting Principles

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
A licensee shall make, keep, and preserve records in such
					 form, in such manner, and for such time as is in accordance with generally
					 accepted accounting principles.
Note: Authority cited: Section
						33202,
						Financial Code. Reference: Section
						33900,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 9 - Reports › Subarticle 1 - General Provisions › Section 80.8000 - Scope

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
This Article contains regulations relating to reports
						which licensees are required to file with the Commissioner. This Subarticle
						contains general provisions relating to reports which licensees are required to
						file with the Commissioner. Subarticle 2 (commencing with Section
						80.8100) of this Article contains
						regulations relating to the annual report of a licensee. Subarticle 3
						(commencing with Section
						80.8200) of this Article contains
						regulations relating to the quarterly report of a licensee. Subarticle 4
						(commencing with Section
						80.8300) of this Article contains
						regulations relating to special reports of a licensee.
1. Change
						without regulatory effect amending section filed 8-19-97 pursuant to section
						100, title 1, California Code of
						Regulations (Register 97, No. 34).
Note: Authority cited: Section
						  33202,
						  Financial Code. Reference: Sections
						  33221,
						  33760,
						  33761,
						  33762,
						  33901, and
						  33902,
						  Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 9 - Reports › Subarticle 1 - General Provisions › Section 80.8001 - Definitions

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
In this Article:
(a) "Annual report," when used with respect
					 to a licensee, means a report which such licensee is required to file with the
					 Commissioner pursuant to Financial Code Section
					 33901 and
					 Subarticle 2 (commencing with Section
					 80.8100) of this
					 Article.
(b) "Quarterly report,"
					 when used with respect to a licensee, means a report which such licensee is
					 required to file with the Commissioner pursuant to Subarticle 3 (commencing
					 with Section
					 80.8200) of this
					 Article.
(c) "Special report," when
					 used with respect to a licensee, means a report which such licensee is required
					 to file with the Commissioner pursuant to Subarticle 4 (commencing with Section
					 80.8300) of this Article or an
					 order issued by the Commissioner under Financial Code Section
					 33902.
1. Change
						without regulatory effect amending section filed 8-19-97 pursuant to section
						100, title 1, California Code of
						Regulations (Register 97, No. 34).
Note: Authority cited: Section
						  33202,
						  Financial Code. Reference: Sections
						  33221,
						  33760,
						  33761,
						  33762,
						  33901, and
						  33902,
						  Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 9 - Reports › Subarticle 1 - General Provisions › Section 80.8002 - Signature and Verification

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
An annual, quarterly, or special report of a licensee
						shall be signed in the name of such licensee by an officer of the licensee and
						shall be verified by such officer. Such verification shall state that the
						officer has read the report (including documents incorporated therein by
						reference), that he knows the contents of the report, and that the statements
						made in the report are true and correct.
Note: Authority cited: Section
						  33202,
						  Financial Code. Reference: Sections
						  33221,
						  33760,
						  33761,
						  33762,
						  33901, and
						  33902,
						  Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 9 - Reports › Subarticle 2 - Annual Reports › Section 80.8100 - Scope

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
This Subarticle contains regulations relating to the
						annual report of a licensee.
Note: Authority cited: Section
						  33202,
						  Financial Code. Reference: Sections
						  33221 and
						  33901,
						  Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 9 - Reports › Subarticle 2 - Annual Reports › Section 80.8101 - Definition

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
In this Subarticle, "fiscal year" means the fiscal year
						of a licensee next preceding the filing of the annual report of such
						licensee.
Note: Authority cited: Section
						  33202,
						  Financial Code. Reference: Sections
						  33221 and
						  33901,
						  Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 9 - Reports › Subarticle 2 - Annual Reports › Section 80.8102 - Information Required

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The annual report of a licensee shall contain the
						following:
(a) The information called
					 for in Subdivisions (a) and (b) of Financial Code Section
					 33901.
(b) The information called for in Sections
					 80.8103 to
					 80.8110, inclusive, of this
					 Chapter.
(c) The information called
					 for in Sections
					 80.8204 to
					 80.8210, inclusive, of this
					 Chapter, relating to the fourth quarter of the fiscal year.
Note: Authority cited: Section
						  33202,
						  Financial Code. Reference: Sections
						  33221 and
						  33901,
						  Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 9 - Reports › Subarticle 2 - Annual Reports › Section 80.8103 - Information Regarding Financial Statements

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) In case the licensee has any
					 subsidiaries, provide the financial statements called for in Financial Code
					 Section
					 33901(a)
					 on a consolidated basis.
(b) In
					 case the licensee has a parent which is not a reporting company, provide the
					 following financial statements of such parent on a consolidated basis.
(1) Balance sheet as of the end of the last
					 fiscal year of the parent.
(2)
					 Statement of income, a statement of shareholders' equity, and a statement of
					 cash flows for the last fiscal year of the parent.