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AB-1320 Money transmission: customer service.(2021-2022)

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Date Published: 03/11/2021 09:00 PM
AB1320:v98#DOCUMENT

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


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.


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.

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

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.

SECTION 1.Section 80000 of the Financial Code is amended to read:
80000.

(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.