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Financial Code - FIN - FIN § 2034
Financial Code - FIN - FIN § 2034
(a) Before any corporation or limited liability company is issued a license, the corporation or limited liability company shall file with the commissioner, in such form as the commissioner may by regulation or order require, an appointment irrevocably appointing the commissioner
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Financial Code - FIN - FIN § 2035
Financial Code - FIN - FIN § 2035
(a) No person shall, directly or indirectly, acquire control of a licensee unless the commissioner has first approved, in writing, the acquisition of control. An application to acquire control of a licensee shall be in writing, under oath, and in a form prescribed by the commissi
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Financial Code - FIN - FIN § 2036
Financial Code - FIN - FIN § 2036
The commissioner may impose on any authorization, approval, license, or order issued pursuant to this division any conditions that are necessary for the safety and soundness of the licensee, or reasonable or necessary to maintain or enhance consumer protection.
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Financial Code - FIN - FIN § 2037
Financial Code - FIN - FIN § 2037
(a) As security, each licensee shall deposit and thereafter maintain on deposit with the Treasurer cash in an amount not less than, or securities having a market value not less than, such amount as the commissioner may find and order from time to time as necessary to secure the f
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Financial Code - FIN - FIN § 2038
Financial Code - FIN - FIN § 2038
Fees shall be paid to, and collected by, the commissioner, as follows: (a) The fee for filing an application for a license is five thousand dollars ($5,000), as provided in subdivision (a) of Section 2032. (b) The fee for filing an application for approval to acquire control of a
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Financial Code - FIN - FIN § 2039
Financial Code - FIN - FIN § 2039
(a) The commissioner may, by order or regulation, grant exemptions from this section in cases in which the commissioner finds that the requirements of this section are not necessary or may be duplicative. (b) In addition to any other reports as may be required pursuant to Section
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Financial Code - FIN - FIN § 2040
Financial Code - FIN - FIN § 2040
(a) Subject to subdivision (b), a licensee shall maintain at all times a tangible net worth of the greater of one hundred thousand dollars ($100,000) or 3 percent of total assets for the first one hundred million dollars ($100,000,000), 2 percent of additional assets for one hund
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Financial Code - FIN - FIN § 2041
Financial Code - FIN - FIN § 2041
(a) A licensee shall conduct money transmission in California under its true name unless it has complied with Chapter 5 (commencing with Section 17900) of Part 3 of Division 7 of the Business and Professions Code. (b) A licensee may only conduct money transmission in California u
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Financial Code - FIN - FIN § 2042
Financial Code - FIN - FIN § 2042
(a) In addition to the fees provided in Section 2038, the commissioner shall levy an assessment each fiscal year, on a pro rata basis, on those licensees that at any time during the preceding calendar year engaged in the business of money transmission in California in an amount t
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Financial Code - FIN - FIN § 2043
Financial Code - FIN - FIN § 2043
(a) On or before April 1, 2013, and annually thereafter, each licensee shall provide its agents under contract with training materials on recognizing elder or dependent adult financial abuse, and how to appropriately respond if the agent suspects that he or she is being asked to
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Financial Code - FIN - FIN § 205
Financial Code - FIN - FIN § 205
“State”: (a) When used with respect to a corporation, means a corporation that is organized under the laws of a state of the United States. (b) When used with respect to an office of a foreign (other nation) bank, means an office that the bank is authorized to maintain under the
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Financial Code - FIN - FIN § 2060
Financial Code - FIN - FIN § 2060
(a) In this section, “remit” means to make direct payments of money to a licensee or its representative authorized to receive money or to deposit money in a bank in an account specified by the licensee. (b) No licensee shall appoint or continue any person as agent, unless the lic
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Financial Code - FIN - FIN § 2061
Financial Code - FIN - FIN § 2061
(a) No licensee shall appoint any person as an agent unless it has conducted a review of the proposed agent’s fitness to act as an agent and has determined that the proposed agent and any persons who control the proposed agent are of good character and sound financial standing. (
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Financial Code - FIN - FIN § 2062
Financial Code - FIN - FIN § 2062
A person may not provide money transmissions on behalf of a person not licensed or not exempt from licensure under this division. A person that engages in that activity provides money transmissions services to the same extent as if the person was a licensee, and shall be jointly
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Financial Code - FIN - FIN § 2063
Financial Code - FIN - FIN § 2063
(a) No agent of a licensee who has actual notice that the commissioner has suspended or revoked the license of the licensee or that the commissioner has issued an order taking possession of the property and business of the licensee shall conduct money transmission on behalf of th
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Financial Code - FIN - FIN § 207
Financial Code - FIN - FIN § 207
“State of the United States” means any state of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands.
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Financial Code - FIN - FIN § 2081
Financial Code - FIN - FIN § 2081
(a) A licensee shall at all times own eligible securities having an aggregate market value computed in accordance with United States generally accepted accounting principles of not less than the aggregate amount of all of its outstanding payment instruments and stored value oblig
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Financial Code - FIN - FIN § 2082
Financial Code - FIN - FIN § 2082
(a) “Eligible security” means any United States currency eligible security or foreign currency eligible security. (b) For the purposes of this division, the following are United States currency eligible securities: (1) Cash, cash in transit via armored car, cash in smart safes, a
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Financial Code - FIN - FIN § 2083
Financial Code - FIN - FIN § 2083
(a) In computing, for purposes of Section 2082, the aggregate value of eligible securities owned by a licensee, all of the following shall be excluded: (1) The value of any eligible security if and to the extent that the value of the eligible security, when combined with the aggr
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Financial Code - FIN - FIN § 2084
Financial Code - FIN - FIN § 2084
(a) A licensee shall be deemed to own an eligible security only if the following apply: (1) (A) The licensee owns the eligible security solely and exclusively in its own right, both of record and beneficially. (B) Notwithstanding subparagraph (A), a licensee shall be deemed to ow
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Financial Code - FIN - FIN § 2085
Financial Code - FIN - FIN § 2085
If the commissioner finds that any eligible security or class of eligible securities is not of sufficient liquidity or quality to be eligible securities, the commissioner may by regulation or order declare the security or class of securities to be ineligible.
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Financial Code - FIN - FIN § 2086
Financial Code - FIN - FIN § 2086
If the commissioner finds that any security or class of securities that is not an eligible security is of sufficient liquidity and quality to be an eligible security, the commissioner may by regulation or order declare the security or class of securities to be eligible securities
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Financial Code - FIN - FIN § 2087
Financial Code - FIN - FIN § 2087
(a) If the commissioner finds that a rating assigned to a class of securities by an eligible securities rating service indicates that the class of securities is of sufficient quality to be eligible securities, the commissioner may by regulation or order declare the rating to be a
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Financial Code - FIN - FIN § 2088
Financial Code - FIN - FIN § 2088
(a) The commissioner may by regulation or order declare a credit rating agency to be an eligible securities rating service if the commissioner finds the following with respect to the securities rating service: (1) It has been continuously engaged in the business of rating securit
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Financial Code - FIN - FIN § 2089
Financial Code - FIN - FIN § 2089
A licensee shall maintain eligible securities that are adequately diversified, predominantly of a duration commensurate with the licensee’s outstanding money transmission obligations, and of sufficient liquidity and quality to promptly pay the outstanding money transmission oblig