US Laws, Codes, Statutes & Cases

1853.  No person shall engage in the business of issuing travelers
checks without having first obtained a license hereunder.



1854.  (a) No license to issue travelers checks shall be required of
any bank that is organized under the laws of this state, any
national bank that maintains its main office or a branch office in
this state, any insured foreign (other state) state bank that
maintains a branch office in this state, or any foreign (other
nation) bank that is licensed under Article 3 (commencing with
Section 1750) of Chapter 13.5 or that is authorized under federal law
to maintain a federal agency (as defined in Section 1700) or federal
branch (as defined in Section 1700) in this state.
   (b) No license to issue travelers checks shall be required for the
issuance of any foreign currency travelers check by a group of banks
each of which is organized under the laws of a nation other than the
United States and one or more of which are licensed under Article 3
(commencing with Section 1750) of Chapter 13.5 or are authorized
under federal law to maintain a federal agency or federal branch in
this state, provided that each bank that is a member of the group is
jointly and severally liable to pay the foreign currency travelers
check.



1854.1.  There is exempted from the provisions of Section 1853 the
sale by a person licensed under Chapter 14 (commencing with Section
1800) or by any agent of such person, of any foreign currency
travelers check that is issued by a bank which is organized under the
laws of a nation other than the United States and which is neither
licensed under Article 3 (commencing with Section 1750) of Chapter
13.5 nor authorized under federal law to maintain a federal agency or
federal branch in this state, provided:
   (a) That such person, at the time when it sells the foreign
currency travelers check, either directly or indirectly through any
of its agents, provides to the purchaser a written guaranty that, if
such bank fails to pay the foreign currency travelers check on
account of insolvency, such person will pay the foreign currency
travelers check; and
   (b) That the aggregate face amount of foreign currency travelers
checks issued by such bank which are sold in this state in any
calendar year by such person, directly or indirectly through its
agents, shall not exceed the equivalent of one hundred thousand
dollars ($100,000).