state_legiscan_drain · CA
Money Transmission Act: authentication.
February 19, 2025
Summary
If enacted, this bill would add Chapter 10 to Division 1.2 of the California Financial Code, establishing authentication requirements for money transmission activities. It would affect money transmitters, including banks and fintechs operating in California, by imposing new verification and security standards on their transaction processes, and it would enhance fraud protections for consumers.
AI-generated summary · Aug 30, 2026. Verify with your compliance counsel before acting.
How this was generated
We record the exact prompt, model, and output for every AI response so it can be audited for accuracy.
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 Division 1.2 of the California Financial Code, establishing authentication requirements for money…
- When was it published?
- It was published on February 19, 2025.
Related updates
- Consent Order Ramad Pay Inc.
- ACI Payments, Inc. Settlement Agreement and Consent Order issued by the Division of Banking
- Updated Nonbank Ransomware Self-Assessment Tool (R-SAT)
- Pionex, Inc. Consent Order issued by the Division of Banking
- Lakeview Loan Servicing, LLC, Pingora Loan Servicing, LLC, Community Loan Servicing, LLC, and Bayview Asset Management, LLC Multistate Settlement Agreement and Consent Order issued by the Division of Banking
- Ransomware Self-Assessment Tool (R-SAT) (October 23, 2023, Version 2.0 Release)