Section 80.173 - Significantly Involved in Money Transmission Business"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:
(a) Distributing blank payment instruments or stored value to agents of the licensee;(b) Receiving reports of money transmission or remittances of proceeds of money transmission from agents of the licensee;(c) Holding or investing proceeds from money transmission; or(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.Cal. Code Regs. Tit. 10, § 80.173
1. Amendment of section heading, section and NOTE filed 8-11-2015; operative 10-1-2015 (Register 2015, No. 33). Note: Authority cited: Sections 321 and 334, Financial Code. Reference: Division 1.2, Financial Code.
1. Amendment of section heading, section and Note filed 8-11-2015; operative 10/1/2015 (Register 2015, No. 33).