Bill > AB1507

This bill updates two aspects of California financial regulations: First, it modifies the Money Transmission Act by changing the contact information that money transmission businesses must display in their branch offices. Specifically, the notice must now include updated contact details for the California Department of Financial Protection and Innovation (DFPI), including a toll-free phone number, email address, and mailing address. The bill requires this notice to be printed in both English and the primary language used by the business for advertising, with clear, large lettering in a conspicuous location. Additionally, the bill repeals a previously required reporting provision related to the California Deferred Deposit Transaction Law, which mandated a report to be submitted to the Governor and Legislature on December 1, 2007. The bill also gives the commissioner flexibility to authorize alternative notice formats for online or mobile money transmission services, recognizing the evolving nature of financial transactions in the digital age.

Budget and Finance, Business and Industry

Banking and Finance (Assembly)

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260AB1507