2009 California Financial Code - Section 1851-1852.3 :: Article 1. General Provisions

1851.  This chapter is known and may be cited as the Travelers
Checks Act.

1852.  Unless the context otherwise requires, the definitions set
forth in this section govern the construction of this chapter:
   (a) "Agent" means any person authorized by a licensee to sell
traveler's checks in this state on behalf of such licensee.
   (b) "Business day" means any day other than Saturday, Sunday or
any other day which is specified or provided for as a holiday in the
Government Code.
   (c) "Eligible security" has the meaning set forth in subdivision
(a) of Section 1876.1.
   (d) (1) "Foreign currency" means any currency other than United
States currency.
   (2) "Foreign currency," when used with respect to any traveler's
check, means a traveler's check which is denominated in a foreign
currency.
   (e) "Licensee" means a person duly licensed by the commissioner
pursuant to this chapter to issue traveler's checks.
   (f) "Outstanding traveler's checks" means travelers checks sold in
the United States and reported to licensee.
   (g) (1) "Payment instrument" means:
   (A) Any instrument (whether or not negotiable) for the
transmission or payment of money which is designated on its face by
the term "money order" or by any substantially similar term; or
   (B) Any check, draft, or other instrument (whether or not
negotiable) for the transmission or payment of money, if sold to a
natural person and payable on demand.
   (2) Notwithstanding the provisions of subparagraph (B) of
paragraph (1) of this subdivision, "payment instrument" does not
include:
   (A) Any traveler's check;
   (B) Any credit card voucher;
   (C) Any letter of credit; or
   (D) Any instrument which is redeemable by the issuer in goods or
services.
   (h) "Person" means any individual, partnership, unincorporated
association, limited liability company, or corporation.
   (i) "Travelers check" means an instrument for the payment of money
which:
   (1) Is designated on its face by the term "travelers check" or by
any substantially similar term or is commonly known and marketed as a
traveler's check by a corporation licensed as an issuer of traveler'
s checks in this state on or prior to January 1, 1978, and not also
by the term "money order" or by any substantially similar term;
   (2) (A) If issued in United States currency, is in the sum of ten
dollars ($10) or a whole multiple thereof, if less than one hundred
dollars ($100), or in the sum of one hundred dollars ($100) or a
whole multiple thereof;
   (B) If issued in any foreign currency, is in an even denomination
of such currency;
   (3) Contains a provision for a specimen signature of the purchaser
to be completed at the time of purchase, and
   (4) Contains a provision for a countersignature of the purchaser
to be completed at the time of negotiation.
   (j) "United States currency", when used with respect to any
traveler's check, means a traveler's check which is denominated in
United States currency.

1852.1.  (a) Each fee for filing an application with the
commissioner shall be paid at the time when such application is filed
with the commissioner.
   (b) No fee for filing an application with the commissioner shall
be refundable, regardless of whether such application is approved,
denied, withdrawn, or abandoned.

1852.2.  Fees shall be paid to, and collected by, the commissioner,
as follows:
   (a) The fee for filing with the commissioner an application for a
license shall be two thousand dollars ($2,000).
   (b) The fee for issuing a license shall be twenty-five dollars
($25).
   (c) Whenever the commissioner examines any licensee or any
California agent of a licensee, that licensee shall pay, within 10
days after receipt of a statement from the commissioner, a fee of
seventy-five dollars ($75) per hour for each examiner engaged in the
examination plus, in case it is necessary for any examiner engaged in
the examination to travel outside this state, the travel expenses of
the examiner.

1852.3.  The commissioner shall annually assess and collect from
licensees an assessment in accordance with Section 33302.