BILL NUMBER: AB 1525	AMENDED
	BILL TEXT

	AMENDED IN SENATE  AUGUST 24, 2012
	AMENDED IN SENATE  JULY 5, 2012
	AMENDED IN ASSEMBLY  MARCH 22, 2012

INTRODUCED BY   Assembly Members Allen and Alejo
   (Principal coauthor: Senator Pavley)

                        JANUARY 19, 2012

   An act to add Section 2043 to the Financial Code, relating to
elder or dependent adult financial abuse.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 1525, as amended, Allen. Elder or dependent adult financial
abuse: money transmission agents: training materials.
   Existing law, the Money Transmission Act, provides for the
regulation of money transmission businesses in California by the
Department of Financial Institutions. Existing law provides that
corporations or limited liability companies may become licensed for
money transmission, and that a licensee may appoint agents, as
specified, to conduct money transmission on behalf of the licensee.
   This bill would require specified money transmission licensees to
provide, on or before April 1, 2013, and annually thereafter, each of
their agents with training materials on recognizing elder or
dependent adult financial abuse, and on the appropriate response to
suspected elder or dependent adult financial abuse in a transaction.

   Vote: majority. Appropriation: no. Fiscal committee: no.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 2043 is added to the Financial Code, to read:
   2043.  (a) On or before April 1, 2013, and annually thereafter,
each licensee shall provide its agents under contract with training
materials on recognizing elder or dependent adult financial abuse,
and how to appropriately respond if the agent suspects that he or she
is being asked to engage in money transmission for a fraudulent
transaction involving an elder or dependent adult.
   (b) To ensure that agents that are newly appointed by licensees
pursuant to Section 2060 receive the training materials described in
subdivision (a) in a timely manner, each licensee shall provide those
materials to any newly appointed agent no later than one month
following the appointment of that agent.
   (c) This section shall not apply to licensees that are engaged
solely in selling or issuing stored value pursuant to paragraph (2)
of subdivision (o) of Section 2003. Licensees that engage in money
transmission activities pursuant to paragraph (1) or (3) of that
subdivision, shall be subject to this section only with respect to
their agents under contract for activities described in those
paragraphs.  Additionally, this section shall not apply to
licensees who exclusively offer their services via an Internet Web
site.