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Can you summarize Fin Code CACL Division 1.2?
Financial Code > MONEY TRANSMISSION ACT [2000. - 2176.]
Short Summary
The provided legal document content pertains to the regulation of money transmission businesses in the state of California. It applies to applicants, licensees, agents, and persons involved in money transmission within the state. The document defines various terms related to money transmission and provides additional information on their application. It emphasizes the importance of money transmission businesses in facilitating payments and transmitting money to family members. The document highlights the need to protect consumer interests, maintain public confidence in financial institutions, and preserve the well-being of the people. It was amended in 2014 and became effective on January 1, 2015. The document also provides exemptions from the California Money Transmission Act. It outlines various entities and individuals that are exempted from the provisions of the Act. The exemptions include the United States and its departments, agencies, and instrumentalities, money transmission by the United States Postal Service or its contractors, governmental agencies and subdivisions, certain financial institutions such as banks and credit unions, electronic funds transfer of governmental benefits, board of trade and clearing agencies, operators of payment systems, registered securities broker-dealers, and persons facilitating payment of wages or salaries on behalf of employers. Additionally, certain financial institutions listed under subdivision (d) are exempted from all provisions of the Act, except for specific sections. The document also mentions a transaction exemption where the recipient of money or monetary value acts as an agent of the payee. No penalties are specified in this document.
Whom does it apply to?
Applicants, licensees, agents, and persons involved in money transmission within the state
What does it govern?
Regulation of money transmission businesses in the state of California
What are exemptions?
The exemptions include the United States and its departments, agencies, and instrumentalities, money transmission by the United States Postal Service or its contractors, governmental agencies and subdivisions, certain financial institutions such as banks and credit unions, electronic funds transfer of governmental benefits, board of trade and clearing agencies, operators of payment systems, registered securities broker-dealers, and persons facilitating payment of wages or salaries on behalf of employers. Additionally, certain financial institutions listed under subdivision (d) are exempted from all provisions of the Act, except for specific sections.
What are the Penalties?
No penalties are specified in this document.
Jurisdiction
California