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§ 80.4118. Information Regarding Operations.

10 CA ADC § 80.4118Barclays Official California Code of Regulations

Barclays California Code of Regulations
Title 10. Investment
Chapter 1. Commissioner of Business Oversight, Division of Financial Institutions
Subchapter 80. Money Transmission
Article 5. Issuance of License
Subarticle 2. Application
10 CCR § 80.4118
§ 80.4118. Information Regarding Operations.
Currentness
(a) Describe the manner in which the applicant proposes to conduct its money transmission business after it becomes a licensee, including the procedures and policies which the applicant proposes to follow with respect to the following matters:
(1) Selecting, monitoring, and oversight of agents and paying agents. Describe how the applicant will investigate the character and financial condition of any proposed agent, any proposed paying agent, any controlling person of the proposed agent or paying agent, and the officers and directors of the proposed agent or paying agent. Describe whether and in what manner such persons will be screened through the lists of Specially Designated Nationals and Blocked Persons maintained by the Office of Foreign Assets Control.
(2) Distributing blank payment instruments to agents and controlling blank payment instruments.
(3) The procedures for receiving, processing, and forwarding of transmission money from the time it is received from a customer until the transmission liability is no longer outstanding. The procedures for issuing and selling stored value. The procedures for issuing and paying payment instruments.
(4) Recordkeeping of all money received from the sale of payment instruments or stored value or receiving money for transmission.
(5) Processing and resolution of consumer complaints.
(6) Processing of requests for refunds.
(7) Monitoring and oversight of branch office activities.
(b) In case the applicant presently transacts outside the State of California the business of money transmission, if its proposed operations, as described in accordance with Subdivision (a) of this Section, differ in any material respect from its present operations, describe such difference.
(c) State the address of each place where the applicant proposes to maintain records relating to its money transmission business.
(d) In case the applicant maintains or proposes to maintain any fidelity bond, describe such fidelity bond.

Credits

Note: Authority cited: Sections 321, 334 and 2032, Financial Code. Reference: Sections 2032 and 2060, Financial Code.
History
1. Change without regulatory effect amending subsection (a)(2) filed 8-28-91 pursuant to section 100, title 1, California Code of Regulations (Register 92, No. 4).
2. Amendment of subsection (a)(2) and Note filed 4-14-98; operative 5-14-98 (Register 98, No. 16).
3. Amendment of section and Note filed 8-11-2015; operative 10-1-2015 (Register 2015, No. 33).
This database is current through 5/10/24 Register 2024, No. 19.
Cal. Admin. Code tit. 10, § 80.4118, 10 CA ADC § 80.4118
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