Bill Text: CA SB472 | 2019-2020 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Wage-based, work-based, and income-based advances.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed - Dead) 2019-09-06 - Re-referred to Com. on B. & F. pursuant to Assembly Rule 77.2. [SB472 Detail]

Download: California-2019-SB472-Introduced.html

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CALIFORNIA LEGISLATURE— 2019–2020 REGULAR SESSION

Senate Bill

No. 472

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Introduced by Senator Caballero

February 21, 2019

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An act to amend Section 2176 of the Financial Code, relating to the Money Transmission Act.

LEGISLATIVE COUNSEL'S DIGEST

SB 472, as introduced, Caballero. Money Transmission Act.

The Money Transmission Act regulates money transmission businesses in California and, unless an exemption applies, requires licensure by the Commissioner of Business Oversight of persons to engage in this activity. The act authorizes the commissioner to exercise any power set forth in the act without regard to whether or not a money transmission business has filed an application with the commissioner, been issued a license by the commissioner, or an issued license has been surrendered, suspended, or revoked.

This bill would make nonsubstantive changes to that provision.

Digest Key

Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NO   Local Program: NO  

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Bill Text

The people of the State of California do enact as follows:

SECTION 1.

 Section 2176 of the Financial Code is amended to read:

2176.

 At any time, if the commissioner deems it necessary for the general welfare of the public, he or she the commissioner 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.