Financial Code - FIN - FIN § 2010

Summary

This division does not apply to any of the following: (a) The United States or a department, agency, or instrumentality thereof, including any federal reserve bank and any federal home loan bank. (b) Money transmission by the United States Postal Service or by a contractor on beh

Text

This division does not apply to any of the following:
(a)
The United States or a department, agency, or instrumentality thereof, including any federal reserve bank and any federal home loan bank.
(b)
Money transmission by the United States Postal Service or by a contractor on behalf of the United States Postal Service.
(c)
A state, county, city, or any other governmental agency or governmental subdivision of a state.
(d)
A commercial bank or industrial bank, the deposits of which are insured by the Federal Deposit Insurance
Corporation or its successor, or any foreign (other nation) bank that is licensed under Chapter 20 (commencing with Section 1750) or that is authorized under federal law to maintain a federal agency or federal branch office in this state; a trust company licensed pursuant to Section 1042 or a national association authorized under federal law to engage in a trust banking business; an association or federal association, as defined in Section 5102, the deposits of which are insured by the Federal Deposit Insurance Corporation or its successor; and any federally or state chartered credit union, with an office in California, the member accounts of which are insured or guaranteed as provided in Section 14858.
(e)
Electronic funds transfer of governmental benefits for a federal, state, county, or local governmental agency by a contractor on
behalf of the United States or a department, agency, or instrumentality thereof, or a state or governmental subdivision, agency, or instrumentality thereof.
(f)
A board of trade designated as a contract market under the federal Commodity Exchange Act (7 U.S.C. Sec. 1 et seq.) or a person that, in the ordinary course of business, provides clearance and settlement services for a board of trade to the extent of its operation as or for such a board.
(g)
A person that provides clearance or settlement services pursuant to a registration as a clearing agency or an exemption from registration granted under the federal securities laws to the extent of its operation as such a provider.
(h)
An operator of a payment system to the
extent that it provides processing, clearing, or settlement services, between or among persons excluded by this section, in connection with wire transfers, credit card transactions, debit card transactions, stored value transactions, automated clearing house transfers, or similar funds transfers, to the extent of its operation as such a provider.
(i)
A person registered as a securities broker-dealer under federal or state securities laws to the extent of its operation as such a broker-dealer.
(j)
A person that delivers wages or salaries on behalf of employers to employees or facilitates the payment of payroll taxes to state and federal agencies, makes payments relating to employee benefit plans, makes distribution of other authorized deductions from employees’ wages or salaries,
or transmits other funds on behalf of an employer in connection with transactions related to employees. Notwithstanding this subdivision, a person described herein that offers money transmission services or provides stored value cards directly to individual customers shall comply with this division to the extent of that activity.
(k)
A person listed under subdivision (d) is exempted from all the provisions of this division, except Sections 2062 and 2063.
(l)
A transaction in which the recipient of the money or other monetary value is an agent of the payee pursuant to a preexisting written contract and delivery of the money or other monetary value to the agent satisfies the payor’s obligation to the payee.
(1)
For purposes
of this subdivision, “agent” has the same meaning as that term is defined in Section 2295 of the Civil Code.
(2)
For purposes of this subdivision, “payee” means the provider of goods or services, who is owed payment of money or other monetary value from the payor for the goods or services.
(3)
For purposes of this subdivision, “payor” means the recipient of goods or services, who owes payment of money or monetary value to the payee for the goods or services.
(m)
A person that acts as an intermediary by processing money transmission between an entity that has directly incurred an outstanding money transmission obligation to a sender and the sender’s designated recipient, if the entity meets all of the following criteria:
(1)
The entity is properly licensed or exempt from licensing requirements under this division.
(2)
The entity provides a receipt, electronic record, or other written confirmation to the sender identifying the entity as the provider of money transmission in the transaction.
(3)
The entity bears sole responsibility to satisfy the outstanding money transmission obligation to the sender, including the obligation to make the sender whole in connection with any failure to transmit the funds to the sender’s designated recipient.
(n)
A registered futures commission merchant under the federal commodities laws to the extent of its operation as such a
merchant.

Retrieval chunks

• #1 | Financial Code - FIN - FIN § 2010

  This division does not apply to any of the following: (a) The United States or a department, agency, or instrumentality thereof, including any federal reserve bank and any federal home loan bank. (b) Money transmission by the United States Postal Service or by a contractor on behalf of the United States Postal Ser…

• #2

  A person registered as a securities broker-dealer under federal or state securities laws to the extent of its operation as such a broker-dealer. (j) A person that delivers wages or salaries on behalf of employers to employees or facilitates the payment of payroll taxes to state and federal agencies, makes payments r…

• #3

  A registered futures commission merchant under the federal commodities laws to the extent of its operation as such a merchant.