If you want to run a money transfer business in California, you need to have a license unless you are exempt or working as an agent for someone who is licensed or exempt. Also, once you have a license, you can't transfer or assign it to someone else.

This law outlines who can apply for or receive a business license in the state. The applicants can be California-based corporations or LLCs, corporations from outside California but approved for business within the state, or out-of-state LLCs that are registered in California. However, LLCs from outside the United States are not eligible for a license.

This California law outlines the application requirements for anyone seeking a license to provide money transmission services, such as sending money from one place to another, in the state. Applicants must pay a nonrefundable $5,000 fee and submit an application that includes detailed information like the applicant's business name, past criminal convictions, and money transmission services offered. The application also requires financial reports, business plans, and details about any business partners or agents involved in the service. The commissioner has the authority to waive certain requirements or allow alternative information if needed.

This law section talks about the process for getting a license for money transmission in California. The commissioner can examine the applicant and the applicant must cover the costs. To be approved, the applicant must meet several criteria: having adequate financial resources, being financially sound, having good character and financial standing among directors and officers, having a solid plan for business success, and being likely to comply with all applicable laws. If these criteria are not met, the application will be denied after a notice and hearing.

This law requires corporations or limited liability companies (LLCs) to officially appoint the commissioner as their agent to receive legal documents if they want a license. This ensures that if they are involved in legal or administrative cases, the commissioner can accept legal papers on their behalf, just like they were served directly to the company.

To serve legal documents to such companies, you can leave a copy at the commissioner's office, but this is only valid if the person serving the papers sends a copy by registered mail to the company's last known address and provides proof of doing so in court or the relevant agency.

This law adds to existing laws on serving legal documents, not replacing them.

If you want to gain control of a money transmission business, you must first get written approval from the financial commissioner. Your application needs to include certain information in a form that the commissioner decides.

The commissioner will approve your application only if you and your team have good character and financial standing, are capable of running the business, and if it's believed that you'll follow all relevant laws and won't harm the company's stability with any major changes.

If your plans involve someone unfit to be a director or officer, it might be considered harmful. If you don't follow these rules, the commissioner can order you to do so and may take you to court if needed.

The commissioner also has the power to change or revoke your approval if there's cause, and can exempt certain transactions from these rules if they aren't needed for public or customer protection. You may also have to cover the costs if you're examined as part of this process.

This law allows the commissioner to add conditions to any financial authorization, approval, license, or order. These conditions are meant to ensure that the business stays stable and operates safely, as well as to protect consumers.

This section requires money transmission licensees in California to secure their obligations by either depositing cash or certain approved securities with the Treasurer, or providing a surety bond. The purpose is to ensure they can fulfill financial obligations towards customers. The amount required depends on the type of business activity and must fall within specified limits, such as between $500,000 and $2 million for selling payment instruments, or $250,000 and $7 million for money transmission services. These financial securities also act as a trust fund for the benefit of the licensee's customers in California. Any bond or deposit must be maintained for at least four years after the licensee stops operations, unless the commissioner decides otherwise.

This law outlines various fees related to licensing in California. If you apply for a new license, it costs $5,000. If you're trying to acquire control of a licensed business, that's $3,500. Every year, by July 1, a licensee should pay an annual fee of $2,500, plus $125 for each branch in the state and $25 for each agent's branch.

The commissioner can also perform examinations of licensees and applicants, where those being examined have to pay a specific fee based on the commissioner's estimated costs, including possible travel expenses. Additionally, fees for filing applications are due when submitting the application and won’t be refunded no matter the outcome.

This law describes the reporting requirements for financial licensees in California. First, the commissioner has the discretion to grant exemptions from these requirements if they feel they are unnecessary or redundant. Second, licensees must file an annual audit report within 90 days after the fiscal year ends, which includes audited financial statements prepared by an independent accountant. Third, licensees must submit quarterly reports within 45 days after the end of each calendar quarter, detailing financial statements, securities schedules, and any other necessary information. Fourth, licensees need to file quarterly reports through NMLS regarding branch office locations, agents' details, transactions, and money transmission activities. Lastly, the commissioner may require additional reports as needed.

This section mandates that financial licensees must maintain a minimum tangible net worth, which is either $100,000 or a percentage of their total assets. The percentages vary depending on the amount of the assets, starting at 3% for the first $100 million. There's a provision for the commissioner to exempt or reduce these requirements based on several factors, like the license's operations in other states or the nature of assets and liabilities. If a licensee faces certain regulatory actions, they may be required to hold a greater net worth than typically required.

In California, a money transmission business must operate under its real name unless it meets specific conditions. If a company wants to use a different name, it must first comply with certain business regulations or notify the commissioner 30 days in advance. They can also use a trade name or logo, but they must clearly disclose their true business name.

This law section outlines the fees that money transmission businesses in California must pay each year. The commissioner sets an annual fee for these businesses based on their activity in the state, making sure it's enough to cover costs and unexpected expenses. The fee for those dealing with payment instruments or stored value is calculated by applying specific percentages to different increments of money they've handled. This is detailed in a tiered table and capped at a maximum rate. Money transmission businesses must pay based on their share of the total money transmitted in California. The fees can't go over $1 per $1,000 of transactions. If a business doesn't pay within 20 days of notification, a 5% monthly penalty is added until they pay.

This law is about preventing financial abuse of older or dependent adults through money transmission. By April 1, 2013, and every year afterwards, businesses (licensees) that have agents must give them training materials. These materials help agents spot and handle cases of financial abuse involving elders or dependent adults. New agents must get these materials within a month of starting.

However, this doesn't apply to businesses that only deal with stored value products or those that provide services only through websites or apps. Businesses involved in certain kinds of money transmission activities must follow this rule, but only concerning the relevant activities.