November 5, 1984

Re: Sale of Money Orders of ________
Dear Mr. ________:
This will respond to your letter of October 1, 1984. Your letter states that ________ proposes to issue its money orders for sale in California. You state that it is your interpretation of the Payment Instruments Law that ________ is exempt from any licensing requirements as it is a national banking association whose deposits are insured by the Federal Deposit Insurance Corporation.
You are correct that Financial Code Section 33100(a)(1) provides an exemption from licensing requirements under the Payment Instruments Law for any insured bank, when selling any payment Instruments issued by it: however, Financial Code Section 1750(a)(1) provides:
“No foreign (other state) bank shall transact business in this state.”
Although Financial Code Section 33100(a)(1) would exempt ________ from the licensing requirements of the Payment Instruments Law if it were permitted to transact business in the state, Financial Code Section 1750(a)(1) prohibits ________ from transacting business in this state.
Should you have any questions, please feel free to contact us.
Very truly yours,
Superintendent of Banks

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Last updated: Jun 28, 2019 @ 11:07 am