AB 1507: 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.