California Money Transmitters License Surety Bond
CA Money Transmission Act of 2010 (CA MTA) defines “money transmission” to mean the selling or issuing of payment instruments or stored value instruments in exchange for the receiving of money for transmission. The CA MTA prohibits a person from engaging in business as a money transmitter in the State of California or advertising, soliciting or holding itself out as providing money transmission services unless licensed by the Commissioner to do so. As part of the licensing requirements, the licensee must post and maintain a Money Transmitters License Surety Bond in an amount not less than $250,000.00 and not to exceed $2,000,000.00.
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