Archive: February 13, 2019

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California Regulator Seeking Comments on “Agent of the Payee” Exemption to Money Transmission Law

California Regulator Seeking Comments on “Agent of the Payee” Exemption to Money Transmission Law

By Jeremy M McLaughlin

Several states exempt from their money transmission law, either through statute or regulatory guidance, an “agent of the payee.”  California is one such state.  In general, the exemption applies to a party that a payee has appointed as its agent for purposes of receiving payment from a payor.  The Department of Business Oversight (“DBO”), the agency that enforces California’s money transmitter law, has invited comments on a proposed rule making regarding the scope of the exemption.  Comments are due by April 9, 2019.

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