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 1 - General Provisions › Subarticle 2 - Definitions › Part 3 - Definitions-Regulations › Section 80.174 - Significant Subsidiary

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
"Significant subsidiary" means a subsidiary or a
						  subsidiary and its subsidiaries which meet any of the following requirements on
						  the basis of the most recent annual financial statements of such subsidiary and
						  of its parent:
(a) The parent's and
						its other subsidiaries' investments in and advances to, or their proportionate
						share (based on their equity interests) of the total assets (after intercompany
						eliminations) of, the subsidiary exceed 10 percent of the total assets of the
						parent and its consolidated subsidiaries.
(b) The parent's and its other subsidiaries'
						proportionate share (based on their equity interests) of the total sales and
						revenues (after intercompany eliminations) of the subsidiary exceeds 10 percent
						of the total sales and revenues of the parent and its consolidated
						subsidiaries.
(c) The parent's and
						its other subsidiaries' equity in the income before income taxes and
						extraordinary items of the subsidiary exceeds 10 percent of (1) such income of
						the parent and its consolidated subsidiaries or (2) if such income of the
						parent and its consolidated subsidiaries is at least 10 percent lower than the
						average of such income for the last five fiscal years, such average
						income.
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: 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 1 - General Provisions › Subarticle 2 - Definitions › Part 3 - Definitions-Regulations › Section 80.175 - Subsidiary

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
"Subsidiary," when used with respect to a specified
						  person (other than an individual), means any person (other than an individual)
						  controlled by such specified person, directly or indirectly through one or more
						  intermediaries.
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: 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 1 - General Provisions › Subarticle 2 - Definitions › Part 3 - Definitions-Regulations › Section 80.176 - Unpaid

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
"Unpaid," when used with respect to a payment
						  instrument or stored value, means that such payment instrument or stored value
						  has been issued and sold and has not yet been paid or redeemed by the
						  issuer.
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 1 - General Provisions › Subarticle 2 - Definitions › Part 3 - Definitions-Regulations › Section 80.177 - Voting Securities

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
"Voting securities" means securities the holders of
						  which are presently entitled to vote for the election of
						  directors.
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: 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 4 - Exemptions › Section 80.3000 - Scope

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
This Article contains regulations relating to exemptions
					 from the Money Transmission Act.
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 4 - Exemptions › Section 80.3001 - Construction of Exemptions

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
For purposes of Financial Code Section
					 2011:
Any person which is exempted from the Money Transmission
					 Act by Section
					 80.3002(a) and
					 (b) of this Chapter shall be deemed to be a
					 person referred to in Financial Code Section
					 2011.
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 and
						334,
						Financial Code. Reference: Section
						2011,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 4 - Exemptions › Section 80.3002 - Exemptions

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) The
				  Commissioner finds that exempting the persons and transactions specified in
				  subdivision (a) of this Section from the Money Transmission Act is in the
				  public interest and that the regulation of such persons and transactions is not
				  necessary for the purposes of the Money Transmission Act. Accordingly, in
				  addition to the persons exempt pursuant to Financial Code Section
				  2010, the
				  Commissioner exempts from the Money Transmission Act:
(1) The sale of a money transmission service
				  or product of a person exempt pursuant to Financial Code Section
				  2010;
(2) A public benefit nonprofit which has
				  received recognition of tax exemption under Internal Revenue Code Section
				  501(c)(3);
(3) An escrow agent licensed under the Escrow
				  Law (Financial Code Section
				  17000 et
				  seq.), only when acting as an escrow agent or Internet escrow agent as those
				  terms are defined in Financial Code Sections
				  17004 and
				  17004.5,
				  respectively; and
(4) a nonprofit
				  community service organization that meets all of the criteria in Financial Code
				  Section
				  12104 of
				  the Check Sellers, Bill Payers and Proraters Law.
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 1 - General Provisions › Section 80.4000 - Definition of "Applicant" and Scope

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) In this Article, "applicant" means a
					 corporation or limited liability company which has filed a substantially
					 complete application with the Commissioner for a license.
(b) This Article contains regulations
					 relating to the issuance of a license pursuant to Chapter 3 (commencing with
					 Section 2030) of the Money Transmission
					 Act. This Subarticle contains general provisions relating to the issuance of a
					 license. Subarticle 2 (commencing with Section
					 80.4100) of this Article contains
					 regulations relating to an application for a license. Subarticle 3 (commencing
					 with Section
					 80.4200) of this Article contains
					 regulations which set forth administrative standards and procedures relating to
					 an application for a license. Subarticle 4 (commencing with Section
					 80.4300) of this Article 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 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 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 2 - Application › Section 80.4100 - Scope

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
This Subarticle contains regulations relating to an
						application for a license.
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 80.4100.10 - Pre-Filing Conference

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
					 The staff of the Department is available to confer with a prospective applicant
					 in advance of the filing of an application for the purpose of discussing
					 questions relating to such application. A pre-filing conference is recommended
					 for all prospective applicants. However, no application will be decided in
					 advance of filing.
(b) A
					 prospective applicant may, before filing an application, submit pre-filing
					 information concerning the prospective applicant's business plan, including a
					 summary of the applicant's and any affiliates' current business, financial
					 statements, financial projections, source and strength of capital, executive
					 management, and other control persons to the Department for review in advance
					 of the pre-filing conference.
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
						  2003 and
						  2175,
						  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 80.4101 - Included Applications

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
					 An application for a license shall, unless otherwise provided in such
					 application, be deemed to include an application for approval pursuant to
					 Financial Code Section
					 2100 of
					 each form of receipt used by it or by its agent which is filed with such
					 application for a license in accordance with Section
					 80.4119 of this subchapter.
					 Approval of such an application for a license shall, unless otherwise provided
					 in such approval, be deemed to include approval of such included application of
					 each such form of receipt.
(b) An
					 application for a license shall, unless otherwise provided in such application,
					 be deemed to include an application for approval pursuant to Financial Code
					 Section
					 2106 of
					 each form of payment instrument issued by the applicant which is filed with
					 such application for a license in accordance with Section
					 80.4119 of this subchapter.
					 Approval of such an application for a license shall, unless otherwise provided
					 in such approval, be deemed to include approval of such included application
					 and of each such form of payment instrument.
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: Sections
						  2032,
						  2100 and
						  2106,
						  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 80.4102 - Facing Page

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
An application for a license shall have as its first page
						a facing page in the form of Department Form DBO 2110, Application for a
						License to Engage in the Money Transmission Business (Rev. 8-13), hereby
						incorporated by reference, and shall contain the information called for
						therein.
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 80.4103 - Additional Information and Number of Copies

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) An application for a license shall
					 contain, in addition to the information called for in the facing page, the
					 information called for in Sections
					 80.4104 to
					 80.4124, inclusive, of this
					 subchapter.
(b) The applicant shall
					 submit one original and one copy of the application.
1.
						Amendment of section heading, 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 and 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 2 - Application › Section 80.4104 - Information Regarding History and Business

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) Provide the legal name and residential
					 business address of the applicant and any fictitious or trade name used by the
					 applicant in conducting its business.
(b) Provide the date of the applicant's
					 incorporation or formation and the state or country of incorporation or
					 formation.
(c) Summarize the
					 history of the applicant.
(d)
					 Describe the business of the applicant.
(e) Explain the reason(s) why the applicant
					 wishes to engage in the money transmission business.
(f) Provide the name, business address, and
					 telephone number of at least two banking and two business references.
(g) Provide a list of other states in which
					 the applicant is licensed to engage in money transmission and any license
					 revocations, suspensions, or other disciplinary action taken against the
					 applicant in another state.
(h)
					 Provide a copy of the applicant's most recent independent review regarding
					 compliance with federal anti-money laundering laws, including the U.S. Patriot
					 Act and the Bank Secrecy Act, and the applicant's response to such
					 review.
(i) In case any of the
					 following has occurred or is pending with respect to the applicant, any person
					 who controls the applicant, any director or officer of the applicant, or any
					 subsidiary of the applicant, describe the circumstances:
(1) If any court or governmental agency has,
					 for any reason, suspended or revoked any license or other authorization or
					 qualification to engage in any profession, occupation, vocation, or other
					 business activity.
(2) Information
					 concerning any bankruptcy or receivership proceedings or an application has
					 been made for reorganization, arrangement, or other relief under any
					 bankruptcy, reorganization, insolvency, or moratorium law;
(3) An application has been made by a third
					 party for the appointment of a receiver, fiscal agent, or similar officer or
					 for other relief of the kind described in subdivision (i)(2);
(4) Suffered judgment in any civil action
					 based upon conduct involving fraud or dishonesty; or,
(5) Been convicted of, pleaded nolo
					 contendere to, or is being charged with, any crime relating to the business of
					 transmitting money, the business of issuing or selling payment instruments,
					 issuing or selling stored value, the business of banking, the business of a
					 bank holding company, the securities business, or any crime involving fraud or
					 dishonesty.
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 80.4105.10 - Fingerprint and Background Checks

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) A California Department of Justice Bureau
					 of Criminal Identification Form FD-258 fingerprint card and Department of
					 Justice Form CJIS 9004, Request for Exemption from Mandatory Electronic
					 Fingerprint Submission Requirement, or
(b) a copy of Department of Justice Form BCIA
					 8016, "Requesting Agency Copy" (see Form DBO -- 600, Request for Live Scan
					 Service) must be submitted by each of the following persons:
(1) Applicant;
(2) Executive Officers and directors of the
					 applicant;
(3) Control persons of
					 the applicant;
(4) Executive
					 officers and directors of each control person of the applicant;
(5) The general partners, officers,
					 directors, and person owning or controlling, directly or indirectly, 10% or
					 more of the outstanding interests or equity securities of the applicant;
					 and
(6) Other key persons involved,
					 such as managers/members, trustees, any other officers with direct
					 responsibility for the conduct of applicant's money transmission activities,
					 and the persons who will be in charge of the place of
					 business.
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 80.4105.11 - Information Regarding Control Persons Who Are Not Residents of the United States

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) If
					 any control person of the applicant does not currently reside or has not
					 resided in the United States for at least ten years, the applicant shall engage
					 a search firm to perform an investigative background report of such control
					 person, which shall be submitted directly to the Commissioner in addition to
					 other background information required in the application. Such firm must be
					 able to demonstrate that it has sufficient resources and is properly licensed
					 to conduct the background search. The search firm may not be affiliated with or
					 be an interest of any of the persons who are the subject of the search. The
					 report must be in English. The cost of the report shall be paid by the
					 applicant or control person.
(b)
					 The report shall contain the following, at a minimum:
(1) A comprehensive credit report and/or
					 history, including the actual credit report as well as a summary.
(2) Civil court and bankruptcy court records
					 concerning the control person for the past ten years. The search for such
					 records shall include a search of the court data in the country(ies), states,
					 and towns where the person resided and worked and in the contiguous
					 areas.
(3) Criminal records of the
					 control person including felonies, misdemeanors and violations (excluding
					 traffic violations). The search for such records shall include a search of
					 court data in the country(ies), states, and towns where the person resided and
					 worked and in the contiguous areas.
(4) Education records.
(5) Employment history during the last ten
					 years.
(6) Media records
					 referencing the control person. The search for such records shall include a
					 search of national and local publications, wire services, and business
					 publications.
(7) Regulatory
					 history, particularly in securities, insurance, mortgage-related, or real
					 estate.
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 80.4106 - Information Regarding Corporate or Limited Liability Matters

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) In case the
					 applicant is a California corporation or limited liability company, provide a
					 Certificate of Good Standing issued by the Secretary of State of the State of
					 California as of a date within 30 days before the filing of the application,
					 certifying that the applicant is a corporation or limited liability company
					 which is duly organized, subsisting, and in good standing under the laws of the
					 State of California.
(b) Provide a
					 description of the structure or organization of the applicant, including any
					 parent or subsidiary of the applicant, and whether any parent or subsidiary is
					 publicly traded.
(c) In case the
					 applicant is a corporation, provide a copy of the Articles of Incorporation. In
					 case the applicant is a limited liability company, provide a copy of the
					 Articles of Organization and operating agreement. If the operating agreement is
					 oral, provide a summary signed by all of the members of the matters contained
					 in the operating agreement.
1.
						Amendment of section heading, 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: Sections
						  202,
						  17701.02,
						  17701.10
						  and
						  17702.01,
						  Corporations 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 80.4107 - Information Regarding Securities

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
With respect to each type of security of the applicant
						which is issued and outstanding or which is proposed to be issued:
(a) Describe such type of security.
(b) State the amount of the securities of
					 such type which are issued and outstanding or which are proposed to be
					 issued.
1.
						Amendment of 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 2 - Application › Section 80.4108 - Information Regarding Equity Security Owners

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
In case the applicant is not a reporting company and any
						person is known to the applicant to be a 10 percent (including associates)
						equity security owner of the applicant, or in case the applicant has a parent
						which is not a reporting company and any person is known to the applicant to be
						a 10 percent (including associates) equity security owner of such parent,
						provide the following information with respect to each such 10 percent
						(including associates) equity security owner:
(a) Name.
(b) Business address.
(c) Title of any position which the person
					 holds with the applicant or with a parent of the applicant.
(d) Amount and types of equity securities of
					 the applicant or of a parent of the applicant owned by the person and the
					 person's associates.
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 80.4109 - Information Regarding Affiliates

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
In case the applicant has a parent or any significant
						subsidiary, provide a list or diagram which includes the applicant and which
						contains the following information with respect to each affiliate of the
						applicant which is a parent of the applicant, a significant subsidiary of such
						parent, or a significant subsidiary of the applicant or which is significantly
						involved or is proposed to be significantly involved in the money transmission
						business of the applicant:
(a) State
					 the name of the affiliate.
(b) Show
					 the relationship of the affiliate to the applicant and to each other affiliate
					 in the list or diagram. In case any affiliate which is a subsidiary is not
					 wholly owned by its immediate parent, state the percentage of voting securities
					 of such subsidiary which is owned by such immediate parent or the other basis
					 upon which the subsidiary is controlled by the immediate parent.
(c) State in a word or phrase the principal
					 line of business of the affiliate. Describe any other lines of business of the
					 affiliate.
(d) In case the
					 affiliate is significantly involved or is proposed to be significantly involved
					 in the money transmission business of the applicant, briefly describe such
					 involvement.
1. Change
						without regulatory effect amending subsection (b) filed 7-2-91 pursuant to
						section 100, title 1, California Code of
						Regulations (Register 91, No. 40).
2. Amendment of subsection (b)
						filed 4-7-97; operative 4-7-97 pursuant to Government Code section
						11343.4(d)
						(Register 97, No. 15).
3. Amendment of first paragraph, subsections
						(c)-(d) 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 80.4110 - Information Regarding Controlling Persons. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1.
						Repealer filed 8-11-2015; operative 10-1-2015 (Register 2015, No.
						33).
Note: Authority cited: Section
						  33202,
						  Financial Code. Reference: Section
						  33220 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 2 - Application › Section 80.4111 - Information Regarding Financial Statements and Reports

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) In case the applicant is not a reporting
					 company:
(1) Provide the following financial
					 statements of the applicant:
(A) Balance
					 sheet as of a date within 60 days before the filing of the application. If
					 asset values for any asset represent 10% or more of total assets, the applicant
					 shall provide documentation to support the asset values of such
					 assets.
(B) If the balance sheet
					 called for in Subparagraph (A) of this Paragraph (1) is not as of the end of a
					 fiscal year of the applicant, a balance sheet as of the end of the fiscal year
					 of the applicant next preceding the date of such balance sheet.
(C) Statement of income, a statement of cash
					 flows, and a statement of shareholders' equity for each of the two fiscal years
					 of the applicant next preceding the date of the balance sheet called for in
					 Subparagraph (A) of this Paragraph (1) and, if such balance sheet is not as of
					 the end of a fiscal year of the applicant, a statement of income for the
					 interim period from the date of the balance sheet called for in Subparagraph
					 (B) of this Paragraph (1) to the date of the balance sheet called for in
					 Subparagraph (A) of this Paragraph (1).
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 80.4112 - Information Regarding Extensions of Credit. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1.
						Repealer filed 8-11-2015; operative 10-1-2015 (Register 2015, No.
						33).
Note: Authority cited: Section
						  33202,
						  Financial Code. Reference: Section
						  33220 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 2 - Application › Section 80.4113 - Information Regarding Legal Proceedings

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) For purposes of this Section:
(1) A proceeding involving the applicant or a
					 subsidiary of the applicant shall not be deemed to be material:
(A) If the proceeding is ordinary routine
					 litigation incidental to the business of the applicant or of the subsidiary;
					 or
(B) If the proceeding involves
					 primarily a claim for damages and if the amount of damages claimed (excluding
					 interest and costs) against the applicant or the subsidiary does not exceed 10
					 percent of the current assets of the applicant and its subsidiaries on a
					 consolidated basis. For purposes of computing the amount of damages claimed, in
					 case a proceeding presents in large degree the same issues as other proceedings
					 pending or known to be contemplated, the amount of damages claimed in such
					 proceeding shall be deemed to include the amounts of damages claimed in such
					 other proceedings.
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 80.4114 - Information Regarding Payment Instrument or Travelers Check Licenses. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1.
						Repealer of subsection (b) and subsection relettering 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: Section
						  33220 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 2 - Application › Section 80.4115 - Information Regarding Business Plan

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Provide a business plan for the applicant which provides
						all of the following:
(a)
					 Identification of the geographical area in the State of California where
					 applicant proposes to serve.
(b) If
					 applicant has or proposes to have branch offices outside of California,
					 provide:
(1) The current number of branch
					 offices of applicant located outside of California;
(2) The estimated number of branch offices of
					 applicant outside of California as of the end of one year;
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 80.4116 - Information Regarding California Offices. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1.
						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
						  33220 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 2 - Application › Section 80.4117 - Information Regarding Proposed California Agents

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) In case the applicant proposes to have
					 any California agents, provide the following information:
(1) The name and address of each proposed
					 California agent, if known.
(2)
					 Describe the types of business conducted by the applicant's proposed California
					 agents.
(3) Provide a copy of each
					 form of contract which the applicant proposes to make with its California
					 agents in accordance with Financial Code Section
					 2060.
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 80.4118 - Information Regarding Operations

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) Describe the manner in which the
					 applicant proposes to conduct its money transmission business after it becomes
					 a licensee, including the procedures and policies which the applicant proposes
					 to follow with respect to the following matters:
(1) Selecting, monitoring, and oversight of
					 agents and paying agents. Describe how the applicant will investigate the
					 character and financial condition of any proposed agent, any proposed paying
					 agent, any controlling person of the proposed agent or paying agent, and the
					 officers and directors of the proposed agent or paying agent. Describe whether
					 and in what manner such persons will be screened through the lists of Specially
					 Designated Nationals and Blocked Persons maintained by the Office of Foreign
					 Assets Control.
(2) Distributing
					 blank payment instruments to agents and controlling blank payment
					 instruments.
(3) The procedures for
					 receiving, processing, and forwarding of transmission money from the time it is
					 received from a customer until the transmission liability is no longer
					 outstanding. The procedures for issuing and selling stored value. The
					 procedures for issuing and paying payment instruments.
(4) Recordkeeping of all money received from
					 the sale of payment instruments or stored value or receiving money for
					 transmission.
(5) Processing and
					 resolution of consumer complaints.
(6) Processing of requests for
					 refunds.
(7) Monitoring and
					 oversight of branch office activities.
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 80.4118.10 - Information Regarding Office of Foreign Assets Control ("Ofac") Compliance

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Describe in detail how the applicant proposes to comply
						with the laws administered by OFAC, including the following:
(a) The procedures for monitoring compliance
					 by the applicant and by any agent of the applicant with the regulations of OFAC
					 (Chapter V (commencing with Section
					 500) of Title 31 of the United
					 States Code).
(b) If the system to
					 match the names of persons on OFAC's lists of Specially Designated Nationals
					 and Blocked Persons ("SDN") will be automated:
(1) The name of the software to be
					 utilized.
(2) A description of the
					 software's capabilities in relation to monitoring compliance with OFAC
					 regulations.
(3) Whether the
					 software will reject a transaction involving a person on OFAC's lists or
					 whether the software will block the person's funds.
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 80.4118.11 - Information Regarding Bank Secrecy Act ("Bsa") Compliance

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Describe in detail how the applicant proposes to comply
						with the BSA/USA Patriot Act, including the following:
(a) Provide a copy of the applicant's Money
					 Services Business registration with Financial Crimes Enforcement
					 Network.
(b) Provide a copy of the
					 latest risk assessment of the applicant.
(c) Provide a copy of the applicant's BSA/USA
					 Patriot Act compliance manual.
(d)
					 In case the applicant is a corporation, provide a copy of the resolution of the
					 board of the applicant designating the BSA compliance officer. In case the
					 applicant is a limited liability company, provide a copy of the designation the
					 BSA compliance officer in accordance with the operating agreement.
(e) Provide a copy of the training materials
					 and documentation of training for the board, managers and members or, in the
					 case of a limited liability company, officers and employees of the
					 applicant.
(f) Provide copy of the
					 latest independent review of the applicant's BSA/USA Patriot Act compliance
					 program and the response to the review by the applicant.
(g) Identify any bank(s) and bank services
					 used by the applicant that may present a BSA risk due to the types of products
					 or services offered and describe how the applicant will manage those identified
					 risks.
1. New
						section filed 8-11-2015; operative 10-1-2015 (Register 2015, No.
						33).
Note: Authority cited: Sections
						  321,
						  334 and
						  2032,
						  Financial Code. Reference: Sections
						  2032 and
						  2123,
						  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 80.4119 - Information Regarding Forms of Receipts and Payment Instruments

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) Receipts for
					 Receiving Money for Transmission.
(1) Provide
					 a sample form of receipt for transactions that involve money received for
					 transmission.
(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 5 - Issuance of License › Subarticle 2 - Application › Section 80.4120 - Information Regarding Clearing Bank

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
In case any payment instruments or stored value issued by
						the applicant which the applicant proposes to sell in the State of California
						are drawn on, payable through, or payable at a bank, state the name of the
						clearing bank, the address of the head office of the clearing bank, and the
						address and telephone number of the office of the clearing bank on which the
						payment instruments or stored value are drawn, or at or through which the
						payment instruments or stored value are payable.
1.
						Amendment filed 4-7-97; operative 4-7-97 pursuant to Government Code section
						11343.4(d)
						(Register 97, No. 15).
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
						  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 80.4121 - Information Regarding PRO Forma Financial Statements

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) Provide the applicant's plan for engaging
					 in money transmission business, including without limitation, three years of
					 pro forma financial statements and projections for its money transmission
					 business. Provide a pro forma statement showing the amount of money
					 transmission business conducted by the applicant, including total transmission
					 money received for each period and average daily transmission liability
					 outstanding for each period, on a monthly basis during the first year of
					 operation, and on a quarterly basis during the second year and third year of
					 operation, detailing in each case the amount conducted in the State of
					 California, the total amount conducted in the United States, and the total
					 amount conducted worldwide. Include the basis for the projections.
(b) Provide a pro forma balance sheet for the
					 money transmission business as of the end of each quarter of the first year, as
					 of the end of each half of the second year, and as of the end of the third
					 year. Include the basis for the projections.
(c) Provide a pro forma statement of income
					 for each quarter of the first year, for each half of the second year, and for
					 the third year of money transmission business. Include the basis for the
					 projections.
1.
						Amendment filed 4-7-97; operative 4-7-97 pursuant to Government Code section
						11343.4(d)
						(Register 97, No. 15).
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
						  2032 and 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 2 - Application › Section 80.4122 - Information Regarding Reasonable Promise of Successful Operation. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1.
						Repealer filed 4-14-98; operative 5-14-98 (Register 98, No.
						16).
Note: Authority cited: Section
						  33202,
						  Financial Code. Reference: Section
						  33220 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 2 - Application › Section 80.4123 - Information Regarding Compliance with Financial Code Section 2081

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
In case the applicant presently transacts outside the
						State of California the business of money transmission, if the value of the
						eligible securities owned by the applicant, as shown in the statement called
						for in Section
						80.4111(c)(5) of
						this Chapter, is less than the amount of reported outstanding money
						transmission liabilities as of the date of the balance sheet referred to in
						Section 80.4111(a)(1)(A),
						show how the applicant plans to comply with the provisions of Financial Code
						Section
						2081.
1.
						Amendment filed 4-7-97; operative 4-7-97 pursuant to Government Code section
						11343.4(d)
						(Register 97, No. 15).
2. Amendment of section heading, 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 80.4124 - Information Regarding Authorization

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) Provide a copy of a resolution of the
					 board of the applicant, or in the case of a limited liability company, a
					 document of similar import:
(1) Authorizing
					 the applicant to apply for a license.
(2) Authorizing the Commissioner to examine
					 the applicant in connection with the application.
(3) Authorizing and directing all directors,
					 officers, and employees of the applicant and any person having custody of any
					 of the records of the applicant, to furnish to the Commissioner such
					 information, and to permit the Commissioner to inspect and copy such records,
					 as the Commissioner may request in connection with the application.
(4) Authorizing any bank or other financial
					 institution with which the applicant has transacted business to furnish to the
					 Commissioner such information, and to permit the Commissioner to inspect and
					 copy such records, as the Commissioner may request in connection with the
					 application.
(5) Authorizing any
					 governmental agency which licenses or regulates money transmitters, issuers of
					 payment instruments, issuers of travelers checks, or other financial
					 institutions and which has information or records regarding the applicant, to
					 furnish to the Commissioner such information, and to permit the Commissioner to
					 inspect and copy such records, as the Commissioner may request in connection
					 with the application.