Chapter 9. Miscellaneous Provisions of California Financial Code >> Division 1.2. >> Chapter 9.
Any licensee may surrender its license by filing with the
commissioner the license and a report with any information as the
commissioner requires. The voluntary surrender of the license shall
become effective at the time and upon the conditions as the
commissioner specifies by order.
If any provision of this division or the application thereof
to any person or circumstances is held invalid, illegal, or
unenforceable, that invalidity, illegality, or unenforceability shall
not affect other provisions or applications of this division that
can be given effect without the invalid, illegal, or unenforceable
provision or application, and to this end, the provisions of this
division are declared to be severable.
(a) A license issued under the former Chapter 14 (commencing
with Section 1800), Chapter 14A (commencing with Section 1851), or
the former Division 16 (commencing with Section 33000) that is in
effect immediately before January 1, 2011, shall remain in effect as
a valid license under this division.
(b) Any person that, prior to January 1, 2011, was not required to
obtain a license under the former Chapter 14 (commencing with
Section 1800), Chapter 14A (commencing with Section 1851), or
Division 16 (commencing with Section 33000), but is required to have
a license under this division, shall file an application for a
license pursuant to this division by July 1, 2011, in order to
continue conducting money transmission in this state directly or
through agents. If the application is timely filed and pending with
the commissioner, that person may continue to conduct money
transmission in this state, until the application has been approved,
abandoned, or denied.
(a) The commissioner may prepare written decisions, opinion
letters, and other formal written guidance to be issued to persons
seeking clarification regarding the requirements of this division.
(b) The commissioner shall make public on the commissioner's
Internet Web site all written decisions, opinion letters, and other
formal written guidance issued to persons seeking clarification
regarding the requirements of this division. The commissioner may, at
his or her discretion or upon request by an applicant or licensee,
redact proprietary or other confidential information regarding an
applicant or licensee from any decision, letter, or other written
guidance issued in connection with an applicant or licensee.
The commissioner may offer informal guidance to any
prospective applicant for a license under this division, regarding
the conditions of licensure that may be applied to that person. The
commissioner shall inform any applicant that requests that guidance
of the minimum net worth, and other licensing requirements, that will
be required of that applicant, based on the information provided by
the applicant concerning its plan to conduct business under this
division, and the factors used to make that determination as
described in Section 2040.
At any time, if the commissioner deems it necessary for the
general welfare of the public, he or she may exercise any power set
forth in this division with respect to a money transmission business,
regardless of whether an application for a license has been filed
with the commissioner, a license has been issued, or, if issued, the
license has been surrendered, suspended, or revoked.