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CALIFORNIA CORPORATE & SECURITIES LAW

In The DBO’s World, Money, Money, Money Transmitters

Many may not realize that the Money Transmitter Division of the California Department of Business Oversight licenses and regulates money transmitters.  Money transmitters include issuers of payment instruments (money orders), travelers checks and stored value.  California’s Money Transmission Act codified at Financial Code § 2000 et seq. Western Union is among the best known money transmitters (a…

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DBO Issues Guidance Regarding Virtual Currencies And Asks For Comments On Proposed Money Transmission Rules

Yesterday, the Department of Business Oversight issued this cautionary guidance for consumers regarding virtual currencies.  However, amidst the warnings, the Department disclosed that “California has been working with virtual currency industry leaders and other state and federal regulators to evaluate businesses engaging in virtual currency transactions for possible licensing.” A few weeks back, the Department also…

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Money Transmission Act Petition Withdrawn/Initiative Would Presume Harm For Release Of “Personally Identifying Information”

Money Transmission Act Petition Withdrawn Earlier this month, I wrote about a pending petition questioning the failure of the Department of Business Oversight to adopt regulations under the Money Transmission Act.  I’ve recently learned that after receiving assurance from the DBO that it would adopt regulations soon, the petitioner decided to withdraw the petition.  If the…

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Petition Questions Lack Of MTA Regulations

Soon, the Office of Administrative Law will decide whether it will determine the merits of a petition for review of underground regulations allegedly being enforced by the Department of Business Oversight (fka Department of Financial Institutions).  Regardless of whether the OAL accepts the petition, the petition raises some troubling questions about the DBO’s administration and…

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