Plain English Breakdown
The source confirms the report date was December 1, 2007, but does not state if that deadline has already passed or why it is being repealed now.
Changes to Financial Institution Notices and Reports
AB-1507 updates the contact information required on signs at money transmission offices and removes an old rule about submitting a report.
What This Bill Does
- Updates the contact details that must appear in notices posted by money transmission businesses.
- Removes the requirement for a specific report under the California Deferred Deposit Transaction Law.
Who It Names or Affects
- Businesses licensed to transmit money in California and their agents.
- The Governor and the Legislature regarding deferred deposit transaction reports.
Terms To Know
- Money Transmission Act
- A law that regulates businesses that send or transfer money for customers.
- Deferred Deposit Transaction Law
- A law that regulates the offering and making of deferred deposit transactions.
Limits and Unknowns
- The text does not specify what the new contact information will be.
- The official effective date for these changes is not listed in the provided summary.
- The source material does not explain why the old reporting requirement was removed.