California Financial Code

§ 2042

FIN § 2042 Effective Jan 1, 2013Div. 1.2 · Ch. 3

Statute text

(a)In addition to the fees provided in Section 2038, the commissioner shall levy an assessment each fiscal year, on a pro rata basis, on those licensees that at any time during the preceding calendar year engaged in the business of money transmission in California in an amount that is, in his or her judgment, sufficient to meet the commissioner’s expenses in administering the provisions of this division and to provide a reasonable reserve for contingencies.

(b)For licensees that sell or issue payment instruments or stored value, the amount of the annual assessment on any licensee shall not exceed the sum of the products determined by multiplying (1) increments of the aggregate face amount of payment instruments and stored value issued or sold in California by the licensee, directly or indirectly through agents, in the calendar year next preceding the date of such assessment, by (2) percentages of the base assessment rate, according to the following table:Aggregate face amount of payment instruments and stored value sold (in millions) Percentage of base assessment rate First $1 100.0 Next $9 25.0 Next $40 12.5 Next $50 6.0 Next $400 3 Next $500 2 Excess over $1,000 1 The base assessment rate shall be fixed from time to time by the commissioner but shall not exceed one dollar ($1) per one thousand dollars ($1,000) face amount of payment instruments and stored value sold.

…

Legislative history

Amended by Stats. 2012, Ch. 356, Sec. 15. (SB 979) Effective January 1, 2013.