SB 505
Money Transmission Act: authentication.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Appropriations
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Sign in to take action- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Bill overview
This bill updates California’s Money Transmission Act to strengthen security measures for businesses that handle money transfers. It requires licensed money transmission companies to implement more robust authentication methods, such as two-factor or multi-factor authentication, and to automatically log users out after a period of inactivity. These changes are designed to protect consumers from fraud and unauthorized access to their accounts, with implementation scheduled for January 1, 2028.
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