The California State Assembly unanimously approved Assembly Bill 786, a bill that would reform the California Money Transmission Act, to Governor Jerry Brown for approval on September 6, a press release from Assemblymember and bill author Roger Dickinson indicated.
The new law would remove barriers for payment technology startups and provide clarity for existing licenses, the release said.
“Technological innovation within the money transmission and payments industry has skyrocketed in the last few years, yet California’s regulatory framework has lagged behind this innovation,” Dickinson said in a September 6 statement.
For more on the developing story, read the full release here.
