California Financial Code

§ 2003

FIN § 2003 Effective Jan 1, 2024Div. 1.2 · Ch. 1

Statute text

For purposes of this division:

(a)“Affiliate,” when used with respect to a specified person, means any person controlling, controlled by, or under common control with, that specified person, directly or indirectly through one or more intermediaries. For purposes of subdivisions (s) and (x), a specified person is affiliated with another person if that person controls, is controlled by, or under common control through the ownership directly or indirectly of shares or equity securities possessing more than 50 percent of the voting power of that specified person.

(b)“Agent” means a person that is not itself licensed as a money transmitter in California and provides money transmission in California on behalf of the licensee, provided that the licensee becomes liable for the money transmission from the time money or monetary value is received by that person. However, “agent” does not include any officer or employee of the licensee when acting as such at an office of a licensee.

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Legislative history

Amended by Stats. 2023, Ch. 463, Sec. 2. (AB 1116) Effective January 1, 2024.