Section 80.5305 - Computation of Aggregate Value of Eligible Securities(a) For purposes of this section: (1) "Automated Clearing House (ACH) Receivables" are amounts debited from a customer's depository account or ACH credits initiated by the customer through the ACH, which are for the purchase or payment of money transmission products and services.(2) "Credit Card Receivables" are amounts owed by a licensee's merchant acquirer and arising from the licensee's submission of credit card transactions for settlement by the merchant acquirer for the purchase or payment of money transmission products and services.(3) "Debit Card Receivables" are amounts owed by a licensee's merchant acquirer and arising from the licensee's submission of debit or prepaid card transactions for settlement by the merchant acquirer for the purchase or payment of money transmission products and services.(4) "Merchant acquirer" means an acquiring bank or its designated processor who forwards the transaction information to the respective credit card associations for authorization, clearing, and settlement. The acquiring bank must remain fully liable for payment to the licensee if the designated processor fails to settle with the licensee.(b) In computing for purposes of Section 2082 of the Financial Code the aggregate value of ACH Receivables, Credit Card Receivables, and Debit Card Receivables owned by a licensee, the following shall be excluded: (1) That portion of the aggregate value of ACH Receivables, Credit Card Receivables, and Debit Card Receivables that have been outstanding for more than 10 business days.(c) ACH Receivables must be (1) due from U.S. national or state-chartered depository institutions, and(2) current and not past due or otherwise doubtful of collection;(d) Credit Card Receivables must be current and not past due or otherwise doubtful of collection;(e) Debit Card Receivables must be current and not past due or otherwise doubtful of collection; and(f) Receivables may be reported by the licensee as (1) cash, cash items, or cash in transit or(2) as ACH, Credit Card, or Debit Card Receivables or due from banks on the licensee's balance sheet, or in any other manner approved by the Commissioner.Cal. Code Regs. Tit. 10, § 80.5305
1. New section filed 8-11-2015; operative 10-1-2015 (Register 2015, No. 33). Note: Authority cited: Sections 321, 334 and 2083, Financial Code. Reference: Sections 2082 and 2083, Financial Code.
1. New section filed 8-11-2015; operative 10/1/2015 (Register 2015, No. 33).