California AB1507 updates money transmission notice requirements and repeals a reporting provision.

California AB1507 amends the Financial Code to require licensees and agents conducting money transmission to post a notice at each branch office. The notice must inform customers of how to contact the California Department of Financial Protection and Innovation with complaints. The notice must be in English and the primary language used by the licensee or agent for advertising or soliciting money transmission services. The commissioner can authorize alternative forms of the notice for internet or mobile applications.

California AB1507 updates money transmission notice requirements and repeals a reporting provision.

California AB1507 amends the Financial Code to require licensees and agents conducting money transmission to post a notice at each branch office. The notice must inform customers of how to contact the California Department of Financial Protection and Innovation with complaints. The notice must be in English and the primary language used by the licensee or agent for advertising or soliciting money transmission services. The commissioner can authorize alternative forms of the notice for internet or mobile applications.