state_legiscan_weekly · CA
Money Transmission Act: authentication.
February 19, 2025
Summary
If enacted, this bill would add new authentication requirements for money transmitters operating in California. It would mandate multi-factor authentication or comparable security measures for consumer accounts and impose data security standards to protect sensitive financial information. The bill applies to licensed money transmitters, including banks and fintechs offering money transmission services.
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 new authentication requirements for money transmitters operating in California. It would mandate multi-factor…
- When was it published?
- It was published on February 19, 2025.
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