2007 California Financial Code Article 4. Remitting

CA Codes (fin:33740-33743)

33740.  The provisions of this article do not apply to any
California agent which is an insured bank, an insured savings and
loan association, or an insured credit union.



33741.  For purposes of this article, a California agent of a
licensee may remit funds to such licensee in such of the following
ways as the licensee may specify for such agent:
   (a) By depositing such funds in the mail, addressed to the
licensee at such address as the licensee may designate for such
purpose, with not less than first-class postage charges prepaid;
   (b) By delivering such funds to the licensee at such place as the
licensee may designate for such purpose; or
   (c) By depositing such funds with an insured bank or an insured
savings and loan association to the credit of an account maintained
by the licensee in its name with such bank or savings and loan
association for the purpose of receiving such funds.



33741.5.  For purposes of subdivision (a) of Section 33742, in case
a payment instrument issued by a licensee is sold by a California
agent of the licensee to an insured bank, an insured savings and loan
association, or an insured credit union, the sale shall be deemed to
occur on the next business day after the sale.




33742.  Each California agent of a licensee which sells any payment
instrument issued by such licensee shall, and each licensee shall use
its best efforts to require each of its California agents which
sells any payment instrument issued by such licensee to, remit the
face amount of such payment instrument to the licensee, as follows:
   (a) (1) In case the aggregate face amount of payment instruments
issued by the licensee which are sold by the agent does not in any
calendar week exceed one thousand dollars (,000), within 10
business days after the sale; and
   (2) In any other case:
   (A) Within three business days after the sale; or
   (B) Within a period longer than three business days after the
sale, provided that the agent has previously deposited with, and
during such period maintains on deposit with, an office of an insured
bank or of  an insured savings and loan association located in the
United States in an account which is in the sole and exclusive name
of the licensee an amount which, for each day by which such period
exceeds three business days, is not less than the aggregate face
amount of payment instruments issued by the licensee which the agent
usually sells per day; or
   (b) Within such shorter period after the sale as the licensee may
provide.



33743.  Notwithstanding the provisions of Section 33742, whenever a
California agent of a licensee knows or has reason to know that the
commissioner has suspended or revoked the license of such licensee or
that the commissioner has issued an order taking possession of the
property and business of the licensee, such agent shall immediately
remit to the licensee (or to the commissioner, if the commissioner so
orders) the face amount of each payment instrument issued by the
licensee and sold by the agent which the agent has not yet remitted
under this article.