AB 2209 Summary

• Exempts transactions where the money recipient is an agent of the payee under a preexisting written contract and delivery satisfies the payor's obligation to the payee.

• Expands the definition of money transmission to include mobile applications and Internet Web sites, and requires licensees to report whether transmissions occurred via these channels if feasible.

• Authorizes the Commissioner of Business Oversight to exercise regulatory powers over money transmission businesses for public welfare purposes regardless of licensure status.

• Revises license application requirements, customer receipt disclosures, and reporting obligations for money transmitters, including financial statements and transaction details.

• Clarifies definitions of key terms including "agent," "stored value," "payment instrument," and "e-commerce" to modernize the Money Transmission Act for contemporary payment systems.