A licensee shall maintain eligible securities that are adequately diversified, predominantly of a duration commensurate with the licensee’s outstanding money transmission obligations, and of sufficient liquidity and quality to promptly pay the outstanding money transmission obligations of the licensee.
Cal. Fin. Code § 2089
Eligible Securities
Known as the Money Transmission Act
The act spans §§ 2000–2176 (63 sections).
Added by Stats. 2011, Ch. 243, Sec. 4
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.