Bill Text: CA AB1320 | 2021-2022 | Regular Session | Amended
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Money transmission: customer service.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2021-10-04 - Chaptered by Secretary of State - Chapter 453, Statutes of 2021. [AB1320 Detail]
Download: California-2021-AB1320-Amended.html
An act to amend Section 80000 of the Financial Code, relating to banking. An act to add Section 2107 to the Financial Code, relating to financial institutions.
NOYES
Local Program:
NO
SECTION 1. Section 80000 of the Financial Code is amended to read: 80000.
Bill Title: Money transmission: customer service.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2021-10-04 - Chaptered by Secretary of State - Chapter 453, Statutes of 2021. [AB1320 Detail]
Download: California-2021-AB1320-Amended.html
Amended
IN
Assembly
March 11, 2021 |
CALIFORNIA LEGISLATURE—
2021–2022 REGULAR SESSION
Assembly Bill
No. 1320
Introduced by Assembly Member Bauer-Kahan |
February 19, 2021 |
LEGISLATIVE COUNSEL'S DIGEST
AB 1320, as amended, Bauer-Kahan.
Bank on California Program. Money transmission: customer service.
Existing law establishes the Money Transmission Act to protect the interests of persons in this state who use money transmission services. The act prohibits a person from engaging in the business of money transmission in the state, as specified, unless the person is licensed or exempt from licensure under the act. The act places various requirements on licensees, including requiring each licensee to post a notice on their premises informing individuals where complaints relating to money transmission activities at the location may be directed.
This bill would require a licensee to display on its internet website a telephone number through which a customer may contact the licensee for customer service issues, and would require the licensee to provide that
telephone number in any written communication from a licensee to a customer related to money received for transmission.
Existing law establishes, within the Department of Business Oversight, the Bank on California Program as a voluntary collaborative initiative that assists Californians in opening bank or credit union accounts.
This bill would make a nonsubstantive change to the provision establishing the Bank on California Program.
Digest Key
Vote: MAJORITY Appropriation: NO Fiscal Committee:Bill Text
The people of the State of California do enact as follows:
SECTION 1.
Section 2107 is added to the Financial Code, to read:2107.
(a) A licensee shall prominently display on its internet website a telephone number through which a customer may contact the licensee for customer service issues.(b) In any written communication from a licensee to a customer related to money received for transmission, the licensee shall include a telephone number through which the customer may contact the licensee for customer service issues.
(a)The Legislature finds and declares that “Bank on California” is a voluntary collaborative initiative that assists Californians in opening a bank or credit union account and saving for the future.
(b)There is established within the department the Bank on California Program.