state_legiscan_drain · CA
Money Transmission Act: authentication.
February 19, 2025
Summary
If enacted, this bill would add Chapter 10 to the California Money Transmission Act, requiring money transmitters to implement authentication procedures for transactions. The measure is intended to reduce fraud and enhance financial protection by mandating identity verification and secure authentication methods. It directly affects fintechs and other entities licensed under the Money Transmission Act.
Source: https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260SB505
Common questions
- What does "Money Transmission Act: authentication." cover?
- If enacted, this bill would add Chapter 10 to the California Money Transmission Act, requiring money transmitters to implement authentication procedures…
- When was it published?
- It was published on February 19, 2025.
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