If you want to run a business where you sell checks, money orders, or similar items, or if you're handling other people's money to pay their bills for them, you need a license from the commissioner first. This also applies if you are sending money to pay utility bills for someone else, but you can't do this as a hobby or side job without a license.

This law allows an individual to receive a license to operate as either a business agent or a special prorater.

This section of the law explains how the commissioner issues licenses to proraters, who are agents handling debt repayments. There are two types of licenses: a 'special proraters license' for those operating as business agents, and a 'general proraters license' for all other qualified applicants. By default, references to 'prorater' mean those with a general license unless stated otherwise.

If you want to apply for a financial license, you need to fill out a written application under oath, including personal and business details, as required by the commissioner. The commissioner has the power to accept documents or signatures electronically but isn't required to do so. Any documents filed electronically include varied forms like applications, financial statements, and official notices related to licensing and hearings. An electronic signature is any digital method that shows you've signed an electronic document. The Department of Financial Protection and Innovation aims to use electronic records more as resources allow.

If you're applying to conduct business, you must include the exact address or addresses where the business activities will take place in your application.

This law requires that if you're starting a business using a mobile unit, you must include the mobile unit's state registration number or another form of ID in the application. You also need to specify the area where you plan to operate the mobile unit.

If you're applying for a business license in California, you need to state what kind of business it is and provide any other details the commissioner asks for.

This law discusses the financial requirements for licensed bill payers, general proraters, special proraters, and check sellers in California. For those not able to use agencies in their business, they must maintain a surety bond, have assets of over $10,000 more than debts, with at least $5,000 of that as liquid assets. Those qualified to use agencies must have at least $100,000 capital, a surety bond, and $100,000 more in assets than liabilities, with $25,000 of that liquid. Licensed check sellers need $500,000 capital, a surety bond, and $500,000 more in assets than debts, with $150,000 liquid, or alternatively, $1,000,000 in excess assets with a $100,000 surety bond. The commissioner decides what counts as liquid assets and can raise asset requirements if necessary for stability.

If someone wants to start a business that involves collecting money to pay bills or invoices for others, they must first provide a $25,000 surety bond when applying for a license. This bond is a form of insurance to ensure they meet their obligations and must be approved by the commissioner.

If the applicant intends to sell checks, they must provide a $500,000 surety bond with their license application. In both cases, deposits given instead of these bonds are not considered as assets of the business when meeting certain legal requirements.

This law states that a bond must be approved by the commissioner, and it is meant to protect both the state and individuals who may have claims against the person or entity that the bond is for.

This section states that if you are required to have a bond, it must ensure you follow all rules, apply funds properly, and meet your obligations. If you owe money to the State or others, the bond covers those payments. The company guaranteeing the bond (the surety) can choose to pay all its debt to a court-appointed receiver instead of directly to the State or individuals owed money. Once they do this, they no longer owe anything under the bond.

This law states that a bond must stay active and enforceable until the surety, which is the entity guaranteeing the bond, is either officially released from responsibility by the commissioner or decides to cancel the bond.

This law means that if you have a complaint related to a bond, you have a two-year deadline to take legal action, starting from when the issue or wrongdoing happened. After two years, you can't file a lawsuit anymore regarding that bond issue.

If you're applying for a license, you need to pay a $50 investigation fee and a $200 application fee, both of which are non-refundable if your application is denied or withdrawn.

Once licensed, you have to pay a share of the administration costs, calculated based on your income compared to other licensees. There’s a minimum fee of $150 yearly. You'll be informed by May 30 of how much you owe, and you need to pay it within 20 days to avoid penalties.

If you don't pay by June 30, your license could be suspended or revoked. You can request a hearing on this suspension, and if it’s not held within 60 days, the suspension order is canceled. You can’t conduct business while suspended without specific permission.

This law outlines the process for obtaining a business license in certain financial sectors. When someone applies for such a license, pays the necessary fees, and secures a bond, the commissioner will investigate their background, including partners, officers, and stakeholders. The applicant must also present a business plan detailing finances, market study, geographic service area, accounting systems, and future expansion plans. Finally, the commissioner will consider other relevant factors. If the commissioner finds everything satisfactory and no reasons to deny the application, a license will be granted to operate the business.

This law section explains what must be included on each business license. It must have the name of the person or entity holding the license, and if it's a partnership or corporation, additional details like member names or incorporation information. The license must also show the business address and detail what type of business is being licensed.

This law requires businesses to prominently display their licenses at their main business location.

This law means that the license cannot be given to someone else or changed to another person's name. Once you have the license, only you can use it.

This law allows the commissioner to make rules that require license holders to update their application information whenever there are changes. The commissioner decides what needs updating and when the updates should be filed.

If you're applying for a license, be aware that it can be denied for several reasons. These include lying on the application or having someone involved in the company who has a recent history of crimes related to dishonesty. If you've broken any rules similar to this division or haven't followed all the necessary steps, that's also a red flag.

Additionally, the commissioner might reject your application if your company's leaders lack relevant business experience, if your business plan seems unfeasible, if the company's purpose seems fishy, or if your financial backing isn't strong enough.

This law allows a commissioner to require a business with a license to get an additional fidelity bond aside from the one already required. This bond serves as protection for the public against any potential loss due to dishonest actions like embezzlement by anyone with access to the company's funds. It also covers losses from theft or similar incidents. Importantly, if a deposit is made in place of this bond, it won't count as an asset of the business for meeting certain other financial requirements.

If your license or certificate is lost, stolen, or destroyed, the commissioner can issue a replacement after you provide proof and pay a $2 fee. You can also get a replacement if you want to change your certificate, but you must surrender the old one and pay the same fee.