California Financial Code 23100 – (a) Check cashers that hold a valid permit prior to January 1, …
(a) Check cashers that hold a valid permit prior to January 1, 2003, issued pursuant to § 1789.37 of the Civil Code, and that have been making deferred deposits prior to January 1, 2003, shall do the following prior to engaging in the business of deferred deposits on or after December 31, 2004:
(1) Pay the assessment on or before May 15, 2003, pursuant to the provisions of this division for the 2003-04 fiscal year. The fees and assessments paid pursuant to this subdivision shall be nonrefundable.
Terms Used In California Financial Code 23100
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Commissioner: means the Commissioner of Financial Protection and Innovation. See California Financial Code 23001
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Licensee: means any person who offers, originates, or makes a deferred deposit transaction, who arranges a deferred deposit transaction for a deferred deposit originator, who acts as an agent for a deferred deposit originator, or who assists a deferred deposit originator in the origination of a deferred deposit transaction. See California Financial Code 23001
- Person: means an individual, a corporation, a partnership, a limited liability company, a joint venture, an association, a joint stock company, a trust, an unincorporated organization, a government entity, or a political subdivision of a government entity. See California Financial Code 23001
(2) On or before May 15, 2003, submit a license application and pay a license fee pursuant to Article 2 (commencing with Section 23005).
(b) Any person that intends to engage in the business of deferred deposits after December 31, 2004, and that holds a check cashing permit from the Attorney General on or before January 2003 and fails to submit a license application or pay a license fee as provided in this subdivision, shall upon the request of the commissioner and applying for a license forfeit to the people of the state a sum of twenty-five dollars ($25) for every day or part of a day that the submission or payment is delayed or withheld. Applications will be processed in the order of the date received by the commissioner. Applications submitted prior to December 31, 2004, shall not be subject to subdivision (c) of Section 23011.
(c) The commissioner shall issue a license to a licensee under this division upon receiving payment of the assessment for the 2003-04 fiscal year, the license application, and fee and any additional information the commissioner may require in the application to demonstrate compliance with provisions of this division. The amount collected shall be deposited in the State Corporations Fund and shall be subject to appropriation by the Legislature for the 2003-04 fiscal year.
(Amended by Stats. 2004, Ch. 17, Sec. 16. Effective February 23, 2004. Provisions of this section are operative (no later than Dec. 31, 2004) as prescribed in Section 23104 and by Stats. 2004, Ch. 17, Sec. 20.)