California Financial Code
Section 33740
The provisions of this article do not apply to any California agent which is an insured bank, an insured savings and loan association, or an insured credit union.
Section 33741
For purposes of this article, a California agent of a licensee may remit funds to such licensee in such of the following ways as the licensee may specify for such agent:
(a) By depositing such funds in the mail, addressed to the licensee at such address as the licensee may designate for such purpose, with not less than first-class postage charges prepaid;
(b) By delivering such funds to the licensee at such place as the licensee may designate for such purpose; or
(c) By depositing such funds with an insured bank or an insured savings and loan association to the credit of an account maintained by the licensee in its name with such bank or savings and loan association for the purpose of receiving such funds.
Section 33741.5
For purposes of subdivision (a) of Section 33742, in case a payment instrument issued by a licensee is sold by a California agent of the licensee to an insured bank, an insured savings and loan association, or an insured credit union, the sale shall be deemed to occur on the next business day after the sale.
Section 33742
Each California agent of a licensee which sells any payment instrument issued by such licensee shall, and each licensee shall use its best efforts to require each of its California agents which sells any payment instrument issued by such licensee to, remit the face amount of such payment instrument to the licensee, as follows:
(a) (1) In case the aggregate face amount of payment instruments issued by the licensee which are sold by the agent does not in any calendar week exceed one thousand dollars ($1,000), within 10 business days after the sale; and
(2) In any other case:
(A) Within three business days after the sale; or
(B) Within a period longer than three business days after the sale, provided that the agent has previously deposited with, and during such period maintains on deposit with, an office of an insured bank or of an insured savings and loan association located in the United States in an account which is in the sole and exclusive name of the licensee an amount which, for each day by which such period exceeds three business days, is not less than the aggregate face amount of payment instruments issued by the licensee which the agent usually sells per day; or
(b) Within such shorter period after the sale as the licensee may provide.
Section 33743
Notwithstanding the provisions of Section 33742, whenever a California agent of a licensee knows or has reason to know that the commissioner has suspended or revoked the license of such licensee or that the commissioner has issued an order taking possession of the property and business of the licensee, such agent shall immediately remit to the licensee (or to the commissioner, if the commissioner so orders) the face amount of each payment instrument issued by the licensee and sold by the agent which the agent has not yet remitted under this article.
