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California Passes Bill, Adding New Money Transmitter Requirements

By Keith J. Barnett, Timothy Butler, Carlin McCrory & Matthew White on October 13, 2021
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On October 4, California passed a bill requiring a money transmitter to display a toll-free telephone number on its website through which a customer may contact the licensee for customer service issues and receive live customer assistance. The telephone number must be operative at least 10 hours per day, Monday through Friday, excluding federal holidays. Moreover, receipts issued to customers must contain the telephone number, where the customer may contact the licensee.

The law will take effect on July 1, 2022.

Photo of Keith J. Barnett Keith J. Barnett

Keith’s experience representing clients in the financial services industry as a litigation, compliance, regulatory, investigations (internal and regulatory), and enforcement attorney spans 20 years. Keith represents clients against government regulators (CFPB, FTC, SEC, CFTC), industry regulators (FINRA), and private litigants in federal courts…

Keith’s experience representing clients in the financial services industry as a litigation, compliance, regulatory, investigations (internal and regulatory), and enforcement attorney spans 20 years. Keith represents clients against government regulators (CFPB, FTC, SEC, CFTC), industry regulators (FINRA), and private litigants in federal courts, state courts, and before arbitration and administrative law panels in the financial services industry.

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Photo of Timothy Butler Timothy Butler
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Photo of Carlin McCrory Carlin McCrory

A seasoned regulatory and compliance attorney, Carlin brings extensive experience representing financial institutions, fintechs, lenders, payment processors, neobanks, virtual currency companies, and mortgage servicers.

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Photo of Matthew White Matthew White
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  • Posted in:
    Administrative and Regulatory, Banking, Finance and Securities
  • Blog:
    Regulatory Oversight
  • Organization:
    Troutman Pepper Locke
  • Article: View Original Source

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