AB-1507 • 2026

Financial institutions.

Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor: Committee on Banking and Finance (A) - (Assembly Members Valencia (Chair), Chen (Vice Chair), Dixon, Fong, Krell, Michelle Rodriguez, Blanca Rubio, Schiavo, and Soria)
Last action: 2025-07-28
Official status: Chaptered by Secretary of State - Chapter 71, Statutes of 2025.
Effective date: Not listed

Plain English Breakdown

The official source does not specify new contact information or penalties for non-compliance.

Changes to Financial Institution Notices

AB-1507 updates the contact information required for money transmission businesses and removes a report requirement under the Deferred Deposit Transaction Law.

What This Bill Does

Updates the contact information that money transmission businesses must display in their offices.
Removes the requirement to submit an annual report about deferred deposit transactions to the Governor and Legislature.

Who It Names or Affects

Money transmission businesses
Financial institutions offering deferred deposit transactions

Terms To Know

Money Transmission Act: A law that regulates money transfer services in California.
Deferred Deposit Transaction Law: A regulation about a specific type of financial transaction where payment is delayed until a future date.

Limits and Unknowns

The bill does not specify new contact information or details on how the changes will be implemented.
It's unclear if there are any penalties for non-compliance with the updated notice requirements.

Bill History

2025-07-28 California Legislative Information
Chaptered by Secretary of State - Chapter 71, Statutes of 2025.
2025-07-28 California Legislative Information
Approved by the Governor.
2025-07-15 California Legislative Information
Enrolled and presented to the Governor at 3:30 p.m.
2025-07-10 California Legislative Information
In Assembly. Ordered to Engrossing and Enrolling.
2025-07-10 California Legislative Information
Read third time. Passed. Ordered to the Assembly. (Ayes 37. Noes 0. Page 2042.).
2025-07-07 California Legislative Information
Read second time. Ordered to Consent Calendar.
2025-07-03 California Legislative Information
From committee: Do pass. To Consent Calendar. (Ayes 7. Noes 0.) (July 2).
2025-06-13 California Legislative Information
In committee: Hearing postponed by committee.
2025-05-21 California Legislative Information
Referred to Com. on B. & F.I.
2025-05-13 California Legislative Information
In Senate. Read first time. To Com. on RLS. for assignment.
2025-05-12 California Legislative Information
Read third time. Passed. Ordered to the Senate. (Ayes 77. Noes 0. Page 1520.)
2025-05-07 California Legislative Information
Read second time. Ordered to Consent Calendar.
2025-05-06 California Legislative Information
From committee: Do pass. To Consent Calendar. (Ayes 9. Noes 0.) (May 5).
2025-03-13 California Legislative Information
Referred to Com. on B.&F.
2025-02-28 California Legislative Information
From printer. May be heard in committee March 30.
2025-02-27 California Legislative Information
Read first time. To print.

Official Summary Text

AB 1507, Committee on Banking and Finance.
Financial institutions.
(1) Existing law, the Money Transmission Act, generally regulates money transmission businesses. The act requires each licensee or agent to prominently post on the premises of each branch office that conducts money transmission a specified notice.
This bill would change the contact information required to be provided in that notice.
(2) Existing law, the California Deferred Deposit Transaction Law, generally regulates the offering, originating, and making of deferred deposit transactions. Existing law required a report regarding the implementation of that law to be submitted to the Governor and the Legislature on December 1, 2007, as specified.
This bill would repeal that reporting provision.

Current Bill Text

Read the full stored bill text

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