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2005 California Financial Code Sections 33020-33021 Article 2. Legislative Findings and Purposes
FINANCIAL CODESECTION 33020-33021
33020. The Legislature finds: (a) That large amounts of payment instruments are sold in this state. (b) That persons who purchase payment instruments in this state use such payment instruments for, among other purposes, the purpose of paying for the necessities of life. (c) That the failure of an issuer of payment instruments sold in this state to pay such payment instruments when presented for payment would cause loss to the purchasers or holders of such payment instruments, would disrupt the payments mechanism in this state, would undermine public confidence in financial institutions doing business in this state, and would adversely affect the health, safety, and general welfare of the people of this state. (d) That the business of selling payment instruments in this state or in any other state of the United States is not regulated by the United States or by any agency of the United States. (e) That, to protect the interests of purchasers and holders of payment instruments sold in this state, to maintain public confidence in financial institutions doing business in this state, and to preserve the health, safety, and general welfare of the people of this state, it is necessary to regulate the business of selling payment instruments in this state. (f) That only corporations should be permitted to engage in the business of selling in this state payment instruments issued by them because, as compared with other types of persons, corporations are more easily regulated and supervised, have much greater permanency of existence, and can give better assurance of uninterrupted service. 33021. (a) The purposes of this division are: (1) To protect the interests of purchasers and holders of payment instruments sold in this state. (2) To provide for the safe and sound conduct of the business of licensees. (3) To maintain public confidence in licensees. (b) The purposes of this division, as set forth in subdivision (a), constitute standards which the commissioner shall observe in administering the provisions of this division.
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