Bill Text: CA AB2524 | 2019-2020 | Regular Session | Chaptered
Bill Title: Check Sellers, Bill Payers and Proraters Law: out-of-state activities.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2020-09-25 - Chaptered by Secretary of State - Chapter 159, Statutes of 2020. [AB2524 Detail]
Download: California-2019-AB2524-Chaptered.html
Assembly Bill
No. 2524
CHAPTER 159
An act to repeal Sections 12200.1 and 12200.3 of the Financial Code, relating to financial institutions.
[
Approved by
Governor
September 25, 2020.
Filed with
Secretary of State
September 25, 2020.
]
LEGISLATIVE COUNSEL'S DIGEST
AB 2524, Wicks.
Check Sellers, Bill Payers and Proraters Law: out-of-state activities.
Existing law, the Check Sellers, Bill Payers and Proraters Law, prohibits a person from engaging in the business of receiving money or evidences thereof for the purpose of distributing the money or evidences thereof among creditors in payment or partial payment of the obligations of the debtor without first obtaining a license from the Commissioner of Business Oversight.
Existing law prohibits the commissioner from issuing a license to a corporation that is not organized under the laws of this state for the purpose of engaging in the business of selling checks, drafts, or money orders, or of receiving money as an agent of an obligor for the purpose of paying bills, invoices, or accounts of the obligor, or accepting, without direct compensation, money for the purpose of forwarding it to others in payment of utility bills, except in certain circumstances. The law also prohibits a licensee from conducting those activities outside of the state.
This bill would repeal those prohibitions.
