Amended by Stats. 2023, Ch. 463, Sec. 1. (AB 1116) Effective January 1, 2024.
It is the intent of the Legislature that the provisions of this act accomplish all of the following:
(a)Protect the interests of persons in this state who use money transmission services.
(b)Provide for the safe and sound conduct of the business of licensees.
(c)Maintain public confidence in licensees.
(d)Ensure states can coordinate in all areas of regulation, licensing, and supervision to eliminate unnecessary regulatory burden and more effectively utilize regulator resources.
(e)Standardize the types of activities that are
subject to licensing or exempt from licensing.
(f)Authorize the utilization of Nationwide Multistate Licensing System and Registry forms, processes, and functionalities in accordance with this act.
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