Any licensee may surrender its license by filing with the commissioner the license and a report with any information as the commissioner requires. The voluntary surrender of the license shall become effective at the time and upon the conditions as the commissioner specifies by order.
Chapter 9Miscellaneous Provisions
Section § 2170
If a business or individual wants to give up their license, they can do so by submitting their license and any necessary information to the commissioner. The surrender of the license becomes official when and how the commissioner decides.
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Section § 2171
This section says that if one part of a law is found to be invalid, illegal, or unenforceable, it doesn't make the entire law useless. Other parts of the law can still work as intended without the problematic part. This idea is called 'severability,' which allows the rest of the law to remain in effect.
If any provision of this division or the application thereof to any person or circumstances is held invalid, illegal, or unenforceable, that invalidity, illegality, or unenforceability shall not affect other provisions or applications of this division that can be given effect without the invalid, illegal, or unenforceable provision or application, and to this end, the provisions of this division are declared to be severable.
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Section § 2172
This law deals with licenses related to money transmission in California. Any license that was valid before January 1, 2011, under the old systems will still be valid. However, if a person didn't need a license before but does under the new law, they need to apply for one by July 1, 2011, to keep operating. If they've applied but haven't received a decision yet, they can continue their activities until the application is either approved, denied, or withdrawn.
(a)CA Financial Code § 2172(a) A license issued under the former Chapter 14 (commencing with Section 1800), Chapter 14A (commencing with Section 1851), or the former Division 16 (commencing with Section 33000) that is in effect immediately before January 1, 2011, shall remain in effect as a valid license under this division.
(b)CA Financial Code § 2172(b) Any person that, prior to January 1, 2011, was not required to obtain a license under the former Chapter 14 (commencing with Section 1800), Chapter 14A (commencing with Section 1851), or Division 16 (commencing with Section 33000), but is required to have a license under this division, shall file an application for a license pursuant to this division by July 1, 2011, in order
to continue conducting money transmission in this state directly or through agents. If the application is timely filed and pending with the commissioner, that person may continue to conduct money transmission in this state, until the application has been approved, abandoned, or denied.
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Section § 2174
This law allows the commissioner to create official documents to clarify rules for people who need guidance on division requirements. These include written decisions and opinion letters. The commissioner must share these documents publicly on a website. If these documents contain sensitive or private information about a person or a company, the commissioner can choose to hide those details if needed or if requested by the involved party.
(a)CA Financial Code § 2174(a) The commissioner may prepare written decisions, opinion letters, and other formal written guidance to be issued to persons seeking clarification regarding the requirements of this division.
(b)CA Financial Code § 2174(b) The commissioner shall make public on the commissioner’s Internet Web site all written decisions, opinion letters, and other formal written guidance issued to persons seeking clarification regarding the requirements of this division. The commissioner may, at his or her discretion or upon request by an applicant or licensee, redact proprietary or other confidential information regarding an applicant or licensee from any decision, letter, or other written guidance issued in connection with an applicant or
licensee.
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Section § 2175
This section allows the commissioner to provide informal advice to anyone interested in applying for a license. The advice includes information on the minimum net worth and other requirements they must meet. It's based on the applicant's business plan and certain factors from another section, Section 2040.
The commissioner may offer informal guidance to any prospective applicant for a license under this division, regarding the conditions of licensure that may be applied to that person. The commissioner shall inform any applicant that requests that guidance of the minimum net worth, and other licensing requirements, that will be required of that applicant, based on the information provided by the applicant concerning its plan to conduct business under this division, and the factors used to make that determination as described in Section 2040.
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Section § 2176
If the commissioner thinks it's important for public welfare, they can enforce any rules on a money transmission business at any time. This applies whether the business has applied for a license, received a license, or had a license withdrawn, suspended, or canceled.
At any time, if the commissioner deems it necessary for the general welfare of the public, he or she may exercise any power set forth in this division with respect to a money transmission business, regardless of whether an application for a license has been filed with the commissioner, a license has been issued, or, if issued, the license has been surrendered, suspended, or revoked.
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