1. (a) Distributing blank payment instruments or stored value to agents of the licensee;
2. (b) Receiving reports of money transmission or remittances of proceeds of money transmission from agents of the licensee;
3. (c) Holding or investing proceeds from money transmission; or
4. (d) Serving as a clearing bank for the licensee. However, “significantly involved in money transmission business” does not include any affiliate of a licensee of payment instruments or stored value solely on account of the fact that such affiliate is an agent of such licensee.

“Significantly involved in money transmission business,” when used with respect to an affiliate of a money transmitter, means that such affiliate manages or performs a significant aspect of the money transmission business of the licensee, such as:

Note: Authority cited: Sections 321 and 334, Financial Code. Reference: Division 1.2, Financial Code.

History

1. Amendment of section heading, section and Note filed 8-11-2015; operative 10-1-2015 (Register 2015, No. 33).