CA SB 505
enactedMoney Transmission Act: authentication.
California · 2025-2026 Regular Session · upper
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Quick answers
Did CA SB 505 pass?
Yes. CA SB 505 has been enacted into law. Latest recorded action (2026-09-27): Chaptered by Secretary of State. Chapter 648, Statutes of 2026.
What is CA SB 505 about?
The Money Transmission Act (MTA) prohibits a person from engaging in the business of money transmission in the state, or from advertising, soliciting, or holding itself out as providing money transmission in the state, unless the person is licensed by the Department of Financial Protection and Innovation under the act. The MTA defines "money transmission" to mean, among other things, selling or issuing stored value to a person located in the state and defines "stored value" to mean monetary value representing a claim against the issuer that is stored on an electronic or digital medium and evidenced by an electronic or digital record and that is intended and accepted for use as a means of redemption for money or monetary value or payment for goods or services. The MTA punishes noncompliance with, among other things, a civil penalty, license revocation, and, for certain violations, as a felony, as prescribed. This bill would prohibit a licensee under the MTA from allowing a user login unless the licensee has implemented specified processes, including 2-factor authentication, multifactor authentication, or other reasonably equivalent or more secure access control, as specified. The bill would provide that its provisions become operative January 1, 2028. By expanding the scope of a crime, this bill would impose a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.
Who sponsors CA SB 505?
Richardson is the primary sponsor of CA SB 505.
Description
The Money Transmission Act (MTA) prohibits a person from engaging in the business of money transmission in the state, or from advertising, soliciting, or holding itself out as providing money transmission in the state, unless the person is licensed by the Department of Financial Protection and Innovation under the act. The MTA defines "money transmission" to mean, among other things, selling or issuing stored value to a person located in the state and defines "stored value" to mean monetary value representing a claim against the issuer that is stored on an electronic or digital medium and evidenced by an electronic or digital record and that is intended and accepted for use as a means of redemption for money or monetary value or payment for goods or services. The MTA punishes noncompliance with, among other things, a civil penalty, license revocation, and, for certain violations, as a felony, as prescribed. This bill would prohibit a licensee under the MTA from allowing a user login unless the licensee has implemented specified processes, including 2-factor authentication, multifactor authentication, or other reasonably equivalent or more secure access control, as specified. The bill would provide that its provisions become operative January 1, 2028. By expanding the scope of a crime, this bill would impose a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.
- Introduced
- 2025-02-19
- Latest action
- 2026-09-27 — Chaptered by Secretary of State. Chapter 648, Statutes of 2026.
- Bill type
- bill
- Last updated
- —
Subjects
Sponsors
- Richardsonauthor
Committees
Not provided by source.
Action timeline
Newest first
2026-09-27
Chaptered by Secretary of State. Chapter 648, Statutes of 2026.
became-law
2026-09-27
Approved by the Governor.
executive-signature
2026-09-02
Enrolled and presented to the Governor at 3 p.m.
executive-receipt
2026-08-27
Assembly amendments concurred in. (Ayes 39. Noes 0.) Ordered to engrossing and enrolling.
2026-08-25
Ordered to special consent calendar.
2026-08-18
In Senate. Concurrence in Assembly amendments pending.
2026-08-17
Read third time. Passed. Ordered to the Senate.
2026-08-17
Read third time. Passed. (Ayes 75. Noes 0. Page 6206.) Ordered to the Senate.
passage,reading-1,reading-3
2026-08-06
Read second time. Ordered to third reading.
reading-1,reading-2,reading-3
2026-08-05
From committee: Do pass. (Ayes 15. Noes 0.) (August 5).
committee-passage,committee-passage-favorable
2026-06-23
From committee: Do pass and re-refer to Com. on APPR. (Ayes 8. Noes 0.) (June 22). Re-referred to Com. on APPR.
committee-passage,committee-passage-favorable,referral-committee
2026-06-22
From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F.
amendment-passage,committee-passage,reading-1,reading-2,referral-committee
2026-05-26
From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F.
amendment-passage,committee-passage,reading-1,reading-2,referral-committee
2026-05-04
Referred to Com. on B. & F.
referral-committee
2026-01-27
In Assembly. Read first time. Held at Desk.
reading-1
2026-01-27
Read third time. Passed. (Ayes 40. Noes 0. Page 3296.) Ordered to the Assembly.
passage,reading-1,reading-3
2026-01-21
Read second time. Ordered to third reading.
reading-1,reading-2,reading-3
2026-01-20
From committee: Be ordered to second reading pursuant to Senate Rule 28.8.
committee-passage,reading-1,reading-2
2026-01-09
Set for hearing January 20.
2026-01-08
Withdrawn from committee.
withdrawal
2026-01-08
Re-referred to Com. on APPR.
referral-committee
2026-01-07
Re-referred to Com. on JUD.
referral-committee
2026-01-07
From committee: Do pass and re-refer to Com. on APPR. (Ayes 5. Noes 0. Page 3187.) (January 7). Re-referred to Com. on APPR.
committee-passage,committee-passage-favorable,referral-committee
2026-01-07
Withdrawn from committee.
withdrawal
2026-01-05
From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F.I.
amendment-passage,committee-passage,reading-1,reading-2,referral-committee
2025-12-18
Set for hearing January 7.
2025-03-26
April 2 set for first hearing canceled at the request of author.
2025-03-24
From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F.I.
amendment-passage,committee-passage,reading-1,reading-2,referral-committee
2025-03-18
Set for hearing April 2.
2025-02-26
Referred to Coms. on B. & F.I. and JUD.
referral-committee
2025-02-20
From printer. May be acted upon on or after March 22.
2025-02-19
Introduced. Read first time. To Com. on RLS. for assignment. To print.
introduction,reading-1,referral-committee
Versions
- 02/19/25 - Introduced — 2025-02-19Compare
- 03/24/25 - Amended Senate — 2025-03-24Compare
- 01/05/26 - Amended Senate — 2026-01-05Compare
- 05/26/26 - Amended Assembly — 2026-05-26Compare
- 06/22/26 - Amended Assembly — 2026-06-22Compare
- 08/30/26 - Enrolled — 2026-08-30Compare
- 09/27/26 - Chaptered — 2026-09-27Compare
- SB505Compare
- (document, no version)Compare
Documents
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Votes
Do pass, but first be re-referred to the Committee on [Appropriations]
2026-01-07 · pass · 5-0
Member-level votes (7)
- Strickland: yes
- Niello: yes
- Grayson: yes
- Cervantes: yes
- Richardson: yes
- Hurtado: other
- Limón: other
3rd Reading
2026-01-27 · pass · 40-0
Member-level votes (40)
- Seyarto: yes
- Durazo: yes
- Caballero: yes
- Reyes: yes
- Wahab: yes
- Laird: yes
- McGuire: yes
- Weber Pierson: yes
- Cabaldon: yes
- Gonzalez: yes
- Dahle: yes
- Wiener: yes
- Allen: yes
- Padilla: yes
- Valladares: yes
- Stern: yes
- Richardson: yes
- Grove: yes
- Arreguín: yes
- Niello: yes
- Umberg: yes
- Blakespear: yes
- Smallwood-Cuevas: yes
- Rubio: yes
- Pérez: yes
- Ochoa Bogh: yes
- Ashby: yes
- Hurtado: yes
- Archuleta: yes
- Grayson: yes
- Cervantes: yes
- Becker: yes
- Jones: yes
- Cortese: yes
- McNerney: yes
- Alvarado-Gil: yes
- Choi: yes
- Limón: yes
- Strickland: yes
- Menjivar: yes
Do pass and be re-referred to the Committee on [Appropriations]
2026-06-22 · pass · 8-0
Member-level votes (9)
- Chen: yes
- Krell: yes
- Michelle Rodriguez: yes
- Fong: yes
- Valencia: yes
- Dixon: yes
- Soria: yes
- Blanca Rubio: yes
- Schiavo: other
Related bills
No related bills recorded for this bill.
Official source
Attribution
Data from openstates_api_sync, retrieved 2026-09-29T18:59:36.380540Z
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