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Opinion Letters by Law / Subject

Broker-Dealer / Investment Adviser

Letter Subject Date
OP 8572 – Custody of Client Funds Pursuant to California Code of Regulations, title 10, section 260.237.2 02-27-24
11/1C – Ambac Assurance (PDF) 06-08-11
10/1C – Anvik Advisers LLC (PDF) 10-18-10
06/1C – Employer-Contribution VEBA Trust and Employee After Tax Contribution VEBA Trust For Pepperdine University (PDF) 06-02-06
01/1C – David Evans and Associates, Inc. (“DEA”) 12-06-01
99/2C – Mercury Asset Management Advisors (PDF) 11-22-99
99/1C – Stephen W. Boney (PDF) 11-22-99
98/1C – Westmont Venture Forum (PDF) 12-15-98
96/2C – IPONET/W. J. Gallegher & Company, Inc. (PDF) 10-17-96

California Financing Law

Letter Subject Date
OP 8206 – FlexWage (PDF) 02-11-22
OP 7667 – Deferred payment products subject to CFL (PDF)

12-20-19

OP 7408 – Equipment Leasing and Finance Association (PDF)

 04-27-16

 

California Residential Mortgage Lenders Act

Letter Subject Date
06/1 CRMLA – Universal American Mortgage Company, LLC (PDF) 05-18-06
02/2 CRMLA – Guaranty Bank and Trust Company (PDF) 11-14-02
02/1 CRMLA – First Mariner Bank (PDF) 02-14-02

Payday lenders (California Deferred Deposit Transaction Law)

Letter Subject Date
OP 8206 – FlexWage (PDF) 02-11-22

Corporate Securities Law of 1968

Letter Subject Date
11/1C – Ambac Assurance (PDF) 06-08-11
10/1C – Anvik Advisers LLC (PDF) 10-18-10
06/1C – Employer-Contribution VEBA Trust and Employee After Tax Contribution VEBA Trust For Pepperdine University (PDF) 06-02-06
01/1C – David Evans and Associates, Inc. (“DEA”) (PDF) 12-06-01
99/2C – Mercury Asset Management Advisors (PDF) 11-22-99
99/1C – Stephen W. Boney (PDF) 11-22-99
98/1C – Westmont Venture Forum (PDF) 12-15-98
96/2C – IPONET/W. J. Gallegher & Company, Inc. (PDF) 10-17-96

Franchise Investment Law

Letter Subject Date
01/1F – Aca Las Tortas (PDF) 09-07-01

Capital Access Company Law

  • None at this time

Financial Institutions Law

Letter Subject  Date
MTA Exemptions – 07-11-24 07/11/24
Agent of Payee – 10-16-23 10/16/23
Sending instructions not money transmission 07/25/23
MTA Exemptions 05/08/23
Escrow trust account funds, not stored value under MTA 04/11/23
Cryptocurrency Exchange Platform 11/03/22
Agent of the payee for NPO donations; operating account funds related to exempt activities not stored value 06/09/22
Purchase and Sale of Virtual Currency 04/08/22
Digital Asset Trading Platform Services 03/23/22
Digital Currency Trading Platform 02/22/22
Referral of customers to financial institutions not money transmission 02/22/22
Agent of Payee – 01-14-22 01/14/22
Purchase and Sale of Digital Assets; Payment Processing Services 12/06/21
Purchase of Cryptocurrency – 10-25-21 10/25/21
Virtual currency wallet and exchange platform not subject to licensing under the MTA 10/20/21
Cryptocurrency-to-precious metals dealer not subject to licensing under the MTA 10/20/21
Asset-backed Tokens and other Cryptocurrency 10/20/21
Cryptocurrency and Agent of Payee Exemption – Payment Processing Service 10/20/21
Agent of Payee Exemption – 09-24-21 09/24/21
Bitcoin ATM Kiosk – 09-02-21 09/02/21
Bitcoin ATM Kiosk – 08-11-21 08/11/21
Bitcoin ATM Kiosk 08/11/21
Agent of Payee – Fund Transfers in Connection with Real Estate Closing Transactions 07/30/21
Specified cryptocurrency activities not subject to licensing under the MTA 05/27/21
Bitcoin ATM kiosks not subject to licensing under the MTA – 05-25-21 05/25/21
Bitcoin ATM Kiosk – 04-29-21 04/29/21
Bitcoin ATM kiosks not subject to licensing under the MTA – 04-29-21 04/29/21
Cryptocurrency Exchange not subject to licensing under the MTA 03/10/21
Transactions in which recipients are paid before company is reimbursed are not subject to licensing under MTA – 02-11-21 02/11/21
Purchase and Sale of Cryptocurrency – 02/09/21 02/09/21
Agent of Payee Exemption – Payments to Daily Fantasy Sports Providers for Closed Loop Stored Value – 02/05/21 02/05/21
Agent of Payee exemption for Online Travel Marketplace, Payroll Processing exemption, Agent of Payee exemption for Online Marketplace for Independent Contractors, Internet Escrow Agent not engaging in money transmission – 01/28/21 01/28/21
Licensee’s Intercompany Receivables fall within definition of Money Transmission Receivables under Financial Code section 2040(d) – 01/28/21 01/28/21
Armored Car Company providing Cash Management Services to Bitcoin ATM Operators not Engaging in Money Transmission – 01/27/21 01/27/21
Agent of Payee Exemption – Online Gaming/Sports Betting – 01/25/21 01/25/21
Bitcoin ATMs/ Kiosks – 01/04/21 01/04/21
Bitcoin ATMs – 11/10/20 11/10/20
Bitcoin ATM not subject to licensing under the MTA – 10-27-20 10/27/20
Bitcoin ATMs – 10/27/20 10/27/20
MTA – Registered clearing house and payment processing service exemptions 10/13/20
International Settlement Service – Decline to Opine – 10/06/20 10/06/20
Bitcoin ATM not subject to licensing under the MTA – 10-01-20 10/01/20
Exemption for distribution of other authorized deductions from employees’ wage or salaries 09/11/20
Video game – digital assets – 08/28/20 08/28/20
Sale of Foreign Currency – 08/06/20 08/06/20
Cryptocurrency – Escrow Accounts and Exchanges – 07/28/20 07/28/20
Agent of Payee Exemption – Payment Processing Service – 07/10/20 07/10/20
Online foreign currency exchange service – 07/01/20 07/01/20
Agent of payee – Tax payments – 06/30/20 06/30/20
Exemption for Operator of Payment System – 06/29/20 06/29/20
MTA- Agent of Payee- 06/29/20 06/29/20
Sending instructions not money transmission – 06/09/20 06/09/20
MTA – payroll processing – 04/24/20 04/24/20
Cryptocurrency Exchange Platform – 04/13/20 04/13/20
Cryptocurrency ATMs – 04/07/20 04/07/20
MTA – payroll processing – 04/06/20 04/06/20
Cryptocurrency Exchange Platform – 02/25/20 02/25/20
Digital and physical stored value gift cards and donations to non-profit organizations for corporate reward and incentive programs 02/19/20
Agent of Payee Exemption – Charitable Donations – Decline to Opine 01/28/20
Agent of Payee Exemption – Payment Processing Service 01/27/20
Cryptocurrency Exchange Platform – 12/24/19  12/24/19
Bitcoin ATM not subject to MTA 12/16/19
MTA Exemptions 12/12/19
Cryptocurrency ATM 12/11/19
Agent of Payee Exemption – Bill Payment 11/26/19
Cryptocurrency Exchange Platform – 10/28/19 10/28/19
Quarterly Reporting Obligations 10/15/19
Agent of Payee Exemption – Online Platform for Goods or Services 10/10/19
Virtual Currency – 10/04/19 -3 10/04/19
Virtual Currency – 10/04/19 -2 10/04/19
Virtual Currency – 10/04/19 -1 10/04/19
Bitcoin ATMs not subject to MTA – 10/01/19 10/01/19
Cryptocurrency Exchange Platform -10/01/19 10/01/19
Cryptocurrency Exchange Platform – 09/30/19 09/30/19
Agent of Bank 08/26/19
Purchase of Cryptocurrency 08/01/19
Agent of Payee Exemption – Guest Checkout product 07/23/19
Online Foreign Currency Exchange Services 07/18/19
Cryptocurrency Platform – Closed Loop Stored Value 06/25/19
MTA/ Agent-of-Payee 05/17/19
MTA – payroll processing 04/18/19
Providing program interface not money transmission 03/25/19
Agent of Affiliate Licensee 03/20/19
Payment processing service not exempt as agent of payee (Amended) 02/21/19
Cryptocurrency Exchange Platform – 01/28/19 01/28/19
Payment processing service not exempt as agent of payee – 01/09/19 01/09/19
Payment processing service not exempt as agent of payee – 01/18/19 01/18/19
Technological/customer service support not money transmission 12/21/18
Sending instructions not money transmission – 11/29/18 11/29/18
Payment processing service not exempt as agent of payee or factoring 11/14/18
Cryptocurrency Exchange Platform – 10/09/18 10/09/18
Digital Currency Dealer 10/09/18
Agent of payee – subsidiaries 09/11/18
Cryptocurrency Exchange – 08/15/19 08/15/18
Sale of Cryptocurrency Through an Exchange 07/06/18
Cryptocurrency Exchange 07/06/18
Agent of Payee Exemption – Successive Agents 04/05/18
Operator of a Payment System, Payroll Processing, Public Interest Exemption 02/27/18
Agent of Payee – Payment Processing – 02/27/18 02/27/18
Agent of Payee – Decline to Opine – Request for a legal opinion under Financial Code section 2010, subdivision (l) 02/20/18
Agent of Payee – Decline to Opine – Request for a legal opinion under Financial Code section 2010(l)  – 02/20/18 02/20/18
Agent of Payee – Decline to Opine – Request for a legal opinion   02/12/18
Agent of Payee Exemption – Goods or Services 02/06/18
Agent of Payee – Decline to Opine – Request for a legal opinion under Financial Code section 2010(l) – 01/04/18 01/04/18
Agent of Payee – Payment Processing – 12/21/17 12/21/17
Stored Value 06/06/17
Calculating Money Transmission Receivables 06/06/17
Exemption for agent of payee: Online games marketplace 05/08/17
Agent of a governmental subdivision 04/25/17
Calculating eligible securities 04/10/17
Tax payment service not exempt from the MTA 04/07/17
Receiving funds for reimbursement under money transmission law 04/07/17
Company Not Engaging in Money Transmission in California 04/07/17
Prepaid Card Reloading Service 11/29/16
Exemption based on public interest 11/07/16
Agent of payee exemption for payment processing service 11/03/16
Eligible Securities – FBO Account Titles 11/03/16
Eligible Securities/FBO Accounts 11/03/16
Reimbursement for foreign-currency sale is not money transmission. 10/06/16
Money Transmission in this State – 08/23/16 08/23/16
Lending Limits and Common Servicer 08/23/16
Exemption for Sale of Bank-Issued Stored Value Cards – 08/23/16 08/23/16
Exemption for Sale of Bank-Issued Stored Value Cards – 08/18/16 08/18/16
Sale, repurchase, and transfer of title to gold not money transmission 08/03/16
Foreign (other state) credit union not conducting business in California 05/11/16
Receiving Money for Transmission and Agent of Payee Exemption 05/19/16
Not exempt as agent of payee or agent of government agency 05/04/16
Exemption for Nonprofit Community Service Organization that provides Credit Counseling Services 05/02/16
Exemption for Agent of Payee: Software Developer 02/08/16
Exemption for Nonprofit Community Service Organization 1/19/16
Money Transmission in this State – 01/19/16 1/19/16
Reporting Financial Institutions as Agents 10/29/15
Rebuttal of Acquisition of Control – 10/20/15 10/20/15
Rebuttal of Acquisition of Control -10/05/15 10/05/15
Yankee CDs as Eligible Securities 10/02/15
Exemption for Agent of Payee Payment-Processing Service 09/11/15
Funds Held in Custodial Account as Eligible Securities 08/26/15
Receiving Money for Transmission 08/24/15
Foreign Activity Initiated by Customers in the United States 08/14/15
Foreign Currency Eligible Securities 07/30/15
Approval to Acquire Control 07/17/15
Exemption for agent of state child support agency 06/15/15
Exemptions for agent of payee and payroll processing service 05/15/15
Stored Value Gift Cards and Digital Goods 03/23/15
Eligible Securities – foreign currencies 03/09/15
Money transmitter application in mobile phone application; loan payments via check image and ACH transfer 02/24/15

Final Opinions Letters Archives

Banking Law

Letter Subject Date
Lending Limits and Common Servicer 8/23/2016

California Credit Union Law

Letter Subject Date
Foreign (other state) credit union not conducting business in California 5/11/2016

Money Transmission Act

Letter Subject Date
Cryptocurrency-to-precious metals dealer not subject to licensing under the
MTA		 10/16/2023
Opinion Letter – Agent of Affiliate Licensee 4/11/2023
Cryptocurrency Exchange Platform 11/3/2022
Agent of the payee for NPO donations; operating account funds related to
exempt activities not stored value 		6/9/2022
Purchase and Sale of Virtual Currency 4/8/2022
Digital Asset Trading Platform Services 3/23/2022
Digital Currency Trading Platform 2/22/2022
Referral of customers to financial institutions not money transmission 2/22/2022
Agent of Payee 1/14/2022
Purchase and Sale of Digital Assets; Payment Processing Services 12/6/2021
Purchase of Cryptocurrency 10/25/2021
Virtual currency wallet and exchange platform not subject to licensing
under the MTA 		10/20/2021
Cryptocurrency-to-precious metals dealer not subject to licensing under the
MTA		 10/20/2021
Asset-backed Tokens and other Cryptocurrency 10/20/2021
Cryptocurrency and Agent of Payee Exemption – Payment Processing Service 10/20/2021
Agent of Payee Exemption 10/20/2021
Bitcoin ATM Kiosk 9/24/2021
Bitcoin ATM Kiosk 9/2/2021
ATM Kiosk 8/11/2021
Agent of Payee – Fund Transfers in Connection with Real Estate Closing
Transactions 		8/11/2021
Specified cryptocurrency activities not subject to licensing under the MTA
 7/30/2021
Bitcoin ATM kiosks not subject to licensing under the MTA 5/27/2021
Bitcoin ATM Kiosk 5/25/2021
Quarterly Reporting Obligations 4/29/2021
Bitcoin ATM kiosks not subject to licensing under the MTA 4/29/2021
Cryptocurrency Exchange not subject to licensing under the MTA 3/10/2021
Transactions in which recipients are paid before company is reimbursed are
not subject to licensing under MTA 		2/11/2021
Bitcoin ATMs 2/9/2021
Purchase and Sale of Cryptocurrency 2/5/2021
Agent of Payee Exemption – Payments to Daily Fantasy Sports Providers for
Closed Loop Stored Value 		1/28/2021
Agent of Payee exemption for Online Travel Marketplace, Payroll Processing
exemption, Agent of Payee exemption for Online Marketplace for Independent
Contractors, Internet Escrow Agent not engaging in money transmission 		1/28/2021
Bitcoin ATM not subject to licensing under the MTA 1/27/2021
Bitcoin ATMs 1/25/2021
Licensee’s Intercompany Receivables fall within definition of Money
Transmission Receivables under Financial Code section 2040(d) 		1/4/2021
MTA – Registered clearing house and payment processing service exemptions 11/10/2020
Armored Car Company providing Cash Management Services to Bitcoin ATM
Operators not Engaging in Money Transmission 		10/27/2020
Agent of Payee Exemption – Online Gaming/Sports Betting 10/27/2020
Bitcoin ATMs/ Kiosks 10/13/2020
Agent of Payee – International Settlement Service – Decline to Opine 10/6/2020
Bitcoin ATM not subject to licensing under the MTA 10/1/2020
Agent of Payee Exemption – Online Platform for Goods or Services 9/11/2020
Exemption for distribution of other authorized deductions from employees’
wage or salaries 		8/28/2020
Virtual Currency – 10/04/19 8/6/2020
Video game – digital assets 7/28/2020
Virtual Currency -10/04/19 -2 7/10/2020
Sale of Foreign Currency 7/1/2020
Virtual Currency -10/04/19 -1 6/30/2020
Bitcoin ATMs not subject to MTA 6/29/2020
Cryptocurrency – Escrow Accounts and Exchanges 6/29/2020
Cryptocurrency Exchange Platform – 10 6/9/2020
Cryptocurrency Exchange Platform 4/24/2020
Agent of Payee Exemption – Payment Processing Service 4/13/2020
Online foreign currency exchange service 4/7/2020
Opinion Letter – Agent of Bank 4/6/2020
Purchase of Cryptocurrency 2/25/2020
Agent of Payee Exemption – Guest Checkout product 2/19/2020
Online Foreign Currency Exchange Services 1/28/2020
Cryptocurrency Platform – Closed Loop Stored Value 1/27/2020
MTA/ Agent-of-Payee 12/24/2019
MTA – payroll processing 12/16/2019
Agent of payee – Tax payments 12/12/2019
Providing program interface not money transmission 12/11/2019
Opinion Letter – Agent of Affiliate Licensee 11/26/2019
Exemption for Operator of Payment System 10/28/2019
Opinions Letter – Payment processing service not exempt as agent of payee
(Amended) 		10/15/2019
MTA- Agent of Payee 10/10/2019
Cryptocurrency Exchange Platform 10/4/2019
Opinions Letter – Payment processing service not exempt as agent of payee 10/4/2019
Sending instructions not money transmission 10/4/2019
Opinions Letter – Payment processing service not exempt as agent of payee 10/1/2019
MTA – payroll processing 10/1/2019
Opinions Letters – Technological/customer service support not money
transmission 		9/30/2019
Opinions Letter – Sending instructions not money transmission 8/26/2019
Opinion Letter – Payment processing service not exempt as agent of payee or
factoring 		8/1/2019
Cryptocurrency Exchange Platform 7/23/2019
Cryptocurrency Exchange Platform 7/18/2019
Cryptocurrency ATMs 6/25/2019
Digital Currency Dealer 5/17/2019
Opinion Letter – Agent of payee – subsidiaries 4/18/2019
MTA – payroll processing 3/25/2019
Cryptocurrency Exchange – 08/15/18 3/20/2019
Sale of Cryptocurrency Through an Exchange 3/20/2019
Cryptocurrency Exchange Platform 2/21/2019
Cryptocurrency Exchange 1/28/2019
Opinion Letter – Agent of Payee Exemption – Successive Agents 1/18/2019
Digital and physical stored value gift cards and donations to non 1/9/2019
Agent of Payee Exemption – Charitable Donations – Decline to Opine 12/21/2018
Agent of Payee Exemption – Payment Processing Service 11/29/2018
Cryptocurrency Exchange Platform 10/9/2018
Bitcoin ATM not subject to MTA 10/9/2018
MTA Exemptions 10/4/2018
Cryptocurrency ATM 9/11/2018
Agent of Payee Exemption – Bill Payment 8/15/2018
Cryptocurrency Exchange Platform – 10/28/19 7/6/2018
Operator of a Payment System, Payroll Processing, Public Interest Exemption
 7/6/2018
Agent of Payee – Payment Processing 4/5/2018
Agent of Payee – Decline to Opine 2/27/2018
Agent of Payee – Decline to Opine 2/27/2018
Agent of Payee – Decline to Opine 2/20/2018
Agent of Payee Exemption – Goods or Services 2/20/2018
Agent of Payee – Decline to Opine 2/12/2018
Agent of Payee – Payment Processing 2/6/2018
Opinion Letter – Stored Value 1/4/2018
Calculating Money Transmission Receivables 12/21/2017
Exemption for agent of payee: Online games marketplace 6/6/2017
Exemption for Agent of Payee: Software Developer 6/6/2017
Agent of a governmental subdivision 5/8/2017
Exemption for Nonprofit Community Service Organization 4/25/2017
Money Transmission in this State 4/10/2017
Calculating eligible securities 4/7/2017
Reporting Financial Institutions as Agents 4/7/2017
Rebuttal of Acquisition of Control 4/7/2017
Rebuttal of Acquisition of Control 11/29/2016
Yankee CDs as Eligible Securities 11/3/2016
Tax payment service not exempt from the MTA 11/3/2016
Exemption for Agent of Payee Payment 11/3/2016
Funds Held in Custodial Account as Eligible Securities 10/6/2016
Receiving Money for Transmission 8/23/2016
Foreign Activity Initiated by Customers in the United States 8/23/2016
Foreign Currency Eligible Securities 8/18/2016
Approval to Acquire Control 8/3/2016
Exemption for agent of state child support agency 5/19/2016
Exemptions for agent of payee and payroll processing service 5/4/2016
Stored Value Gift Cards and Digital Goods 5/2/2016
Receiving funds for reimbursement under money transmission law 2/8/2016
Company Not Engaging in Money Transmission in California 1/19/2016
Prepaid Card Reloading Service 1/19/2016
Agent of payee exemption for payment processing service 10/29/2015
Eligible Securities – FBO Account Titles 10/20/2015
Eligible Securities/FBO Accounts 10/5/2015
Reimbursement for foreign 10/2/2015
Money Transmission in this State 9/11/2015
Exemption for Sale of Bank 8/26/2015
Eligible Securities – foreign currencies 8/24/2015
Exemption for Sale of Bank-Issued Stored Value Cards 8/14/2015
Money transmitter application in mobile phone application; loan payments
via check image and ACH transfer 		7/30/2015
Sale, repurchase, and transfer of title to gold not money transmission. 7/17/2015
Money Transmitter Branch Offices 6/15/2015
Eligible Securities – Account Titles under Financial Code Section
2084(b)(3) 		5/15/2015
Receiving Money for Transmission and Agent of Payee Exemption 3/23/2015
Not exempt as agent of payee or agent of government agency 3/9/2015
Barter exchanges – not subject to MTA 2/24/2015
Exemption for Nonprofit Community Service Organization that provides Credit
Counseling Services 		10/29/2014
Payee Agents under the MTA 10/2/2014
Payee Agents under the MTA 6/26/2014
Data processor that does not have possession or control of money 6/26/2014
Payee-Agent and Factoring Arrangements under the MTA 6/23/2014
CA Money Transmission Act – Order of Exemption from Money Transmission Act
 5/20/2014
CA Money Transmission Act – 2013 Commissioner’s Opinion – No. 001:
Companies That Do Not Receive Money For Transmission 		3/3/2014
CA Money Transmission Act – 2013 Commissioner’s Opinion – No. 002 5/28/2013
CA Money Transmission Act – Order Declaring ACH, Credit and Debit Card
Receivables as Eligible Securities 		5/28/2013
CA Money Transmission Act – 2013 Commissioner’s Opinion – No. 003 5/28/2013
CA Money Transmission Act – 2013 Commissioner’s Opinion – No. 004 5/28/2013
CA Money Transmission Act – 2013 Commissioner’s Opinion – No. 005 5/16/2013
Software company that does not have possession or control of money-not
subject to MTA 		4/18/2013
Repayment provider 3/28/2013
Foreign currency exchange services-not subject to MTA 3/28/2013
Bank issued stored value card-not subject to MTA 4/9/2012
Bank issued stored value card-not subject to MTA 12/6/2011
Credit counseling agency-subject to MTA, but exempt 6/14/2011
Agent of Payee 4/18/2011
Escrow trust account funds, not stored value under MTA 2/22/2011

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