BILL NUMBER: AB 1525CHAPTERED BILL TEXT CHAPTER 632 FILED WITH SECRETARY OF STATE SEPTEMBER 27, 2012 APPROVED BY GOVERNOR SEPTEMBER 27, 2012 PASSED THE SENATE AUGUST 29, 2012 PASSED THE ASSEMBLY AUGUST 30, 2012 AMENDED IN SENATE AUGUST 24, 2012 AMENDED IN SENATE JULY 5, 2012 AMENDED IN ASSEMBLY MARCH 22, 2012 INTRODUCED BY Assembly Members Allen and Alejo (Principal coauthor: Senator Pavley) JANUARY 19, 2012 An act to add Section 2043 to the Financial Code, relating to elder or dependent adult financial abuse. LEGISLATIVE COUNSEL'S DIGEST AB 1525, Allen. Elder or dependent adult financial abuse: money transmission agents: training materials. Existing law, the Money Transmission Act, provides for the regulation of money transmission businesses in California by the Department of Financial Institutions. Existing law provides that corporations or limited liability companies may become licensed for money transmission, and that a licensee may appoint agents, as specified, to conduct money transmission on behalf of the licensee. This bill would require specified money transmission licensees to provide, on or before April 1, 2013, and annually thereafter, each of their agents with training materials on recognizing elder or dependent adult financial abuse, and on the appropriate response to suspected elder or dependent adult financial abuse in a transaction. THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS: SECTION 1. Section 2043 is added to the Financial Code, to read: 2043. (a) On or before April 1, 2013, and annually thereafter, each licensee shall provide its agents under contract with training materials on recognizing elder or dependent adult financial abuse, and how to appropriately respond if the agent suspects that he or she is being asked to engage in money transmission for a fraudulent transaction involving an elder or dependent adult. (b) To ensure that agents that are newly appointed by licensees pursuant to Section 2060 receive the training materials described in subdivision (a) in a timely manner, each licensee shall provide those materials to any newly appointed agent no later than one month following the appointment of that agent. (c) This section shall not apply to licensees that are engaged solely in selling or issuing stored value pursuant to paragraph (2) of subdivision (o) of Section 2003. Licensees that engage in money transmission activities pursuant to paragraph (1) or (3) of that subdivision, shall be subject to this section only with respect to their agents under contract for activities described in those paragraphs. Additionally, this section shall not apply to licensees who exclusively offer their services via an Internet Web site.