Opinion Letters by Law / Subject - DFPI Rules & Enforcement Laws & Regulations Opinion Letters by Law / Subject Broker-Dealer / Investment Adviser Letter Subject Date OP 8572 – Custody of Client Funds Pursuant to California Code of Regulations, title 10, section 260.237.2 02-27-24 11/1C – Ambac Assurance (PDF) 06-08-11 10/1C – Anvik Advisers LLC (PDF) 10-18-10 06/1C – Employer-Contribution VEBA Trust and Employee After Tax Contribution VEBA Trust For Pepperdine University (PDF) 06-02-06 01/1C – David Evans and Associates, Inc. (“DEA”) 12-06-01 99/2C – Mercury Asset Management Advisors (PDF) 11-22-99 99/1C – Stephen W. Boney (PDF) 11-22-99 98/1C – Westmont Venture Forum (PDF) 12-15-98 96/2C – IPONET/W. J. Gallegher & Company, Inc. (PDF) 10-17-96 California Financing Law Letter Subject Date OP 8206 – FlexWage (PDF) 02-11-22 OP 7667 – Deferred payment products subject to CFL (PDF) 12-20-19 OP 7408 – Equipment Leasing and Finance Association (PDF) 04-27-16 California Residential Mortgage Lenders Act Letter Subject Date 06/1 CRMLA – Universal American Mortgage Company, LLC (PDF) 05-18-06 02/2 CRMLA – Guaranty Bank and Trust Company (PDF) 11-14-02 02/1 CRMLA – First Mariner Bank (PDF) 02-14-02 Payday lenders (California Deferred Deposit Transaction Law) Letter Subject Date OP 8206 – FlexWage (PDF) 02-11-22 Corporate Securities Law of 1968 Letter Subject Date 11/1C – Ambac Assurance (PDF) 06-08-11 10/1C – Anvik Advisers LLC (PDF) 10-18-10 06/1C – Employer-Contribution VEBA Trust and Employee After Tax Contribution VEBA Trust For Pepperdine University (PDF) 06-02-06 01/1C – David Evans and Associates, Inc. (“DEA”) (PDF) 12-06-01 99/2C – Mercury Asset Management Advisors (PDF) 11-22-99 99/1C – Stephen W. Boney (PDF) 11-22-99 98/1C – Westmont Venture Forum (PDF) 12-15-98 96/2C – IPONET/W. J. Gallegher & Company, Inc. (PDF) 10-17-96 Franchise Investment Law Letter Subject Date 01/1F – Aca Las Tortas (PDF) 09-07-01 Capital Access Company Law None at this time Banking Law Letter Subject Date Lending Limits and Common Servicer 08/23/2016 11-2 03/24/2011 10-2 06/17/2010 10-1 04/27/2010 08-03 07/24/2008 07-02 09/06/2007 07-01 05/24/2007 06-01 02/27/2006 05-4 11/04/2005 05-03 02/14/2005 05-2 01/13/2005 05-1 01/05/2005 04-3 12/27/2004 04-1 09/03/2004 02-7 11/20/2002 02-10 06/05/2002 02-9 03/14/2002 02-8 03/14/2002 00-6 08/22/2000 00-7 04/12/2000 00-2 04/12/2000 99-14 05/25/1999 99-2 05/12/1999 99-3 04/13/1999 99-5 03/16/1999 99-4 02/11/1999 99-15 02/10/1999 98-7 06/25/1998 98-1 06/24/1998 98-4 05/04/1998 98-2 04/28/1998 98-5 04/09/1998 97-22 10/23/1997 97-15 10/15/1997 97-16 10/01/1997 97-18 07/30/1997 97-14 06/30/1997 97-4 06/06/1997 97-10 04/03/1997 97-3 04/02/1997 97-8 03/28/1997 97-21 03/28/1997 97-12 03/28/1997 97-11 03/24/1997 97-9 03/12/1997 97-9 03/12/1997 97-5 01/31/1997 97-6 01/31/1997 97-7 01/31/1997 97-7 01/31/1997 97-13 01/30/1997 97-20 01/17/1997 96-2 09/13/1996 95-1 03/15/1995 95-9 02/23/1995 94-7 10/26/1994 94-9 02/23/1995 94-3 01/10/1994 93-7 01/10/1994 93-6 09/17/1993 93-4 09/01/1993 93-5 08/31/1993 93-3 08/03/1993 93-2 05/13/1993 93-8 03/26/1993 92-9 09/08/1992 92-8 08/10/1992 92-4 08/06/1992 92-5 07/09/1992 92-6 06/18/1992 91-3 04/09/1991 91-1 04/08/1991 91-1 04/08/1991 91-2 03/20/1991 90-3 09/18/1990 90-5 08/10/1990 90-4 07/19/1990 90-4 07/19/1990 90-6 04/24/1990 90-2 04/02/1990 90-1 02/20/1990 89-2 10/18/1989 89-4 09/28/1989 89-3 06/06/1989 89-5 04/04/1989 89-1 01/17/1989 88-7 12/21/1988 88-4 09/13/1988 88-2 09/13/1988 88-3 03/16/1988 88-5 02/22/1988 87-4 11/18/1988 87-3 07/21/1987 87-2 04/02/1987 86-3 12/19/1986 86-5 07/01/1986 86-4 06/02/1986 86-2 03/24/1986 86-1 03/07/1986 85-5 10/29/1985 85-9 08/06/1985 85-9 08/06/1985 85-8 06/28/1985 83-5 06/04/1985 85-7 06/04/1985 85-3 05/20/1985 85-4 02/21/1985 85-1 02/21/1985 84-9 11/27/1984 84-10 11/15/1984 84-4 11/13/1984 84-2 11/26/1984 84-3 11/5/1984 84-5 07/24/1984 LPO – PM 84-7 07/12/1984 84-7 07/05/1984 84-7 07/05/1984 84-1 06/07/1984 84-6 01/20/1984 83-6 04/19/1983 83-7 04/14/1983 83-1 03/31/1983 83-2 02/01/1983 83-8 01/28/1983 82-5 10/26/1982 82-7 10/12/1982 82-1 09/15/1982 82-2 08/17/1982 82-4 07/13/1982 82-8 07/01/1982 81-3 12/22/1981 81-14 10/30/1981 81-9 09/16/1981 81-1 08/27/1981 81-6 07/31/1981 81-8 07/20/1981 81-5 07/17/1981 81-11 07/15/1981 81-2 05/14/1981 81-7 05/13/1981 80-5 05/13/1981 80-2 09/16/1980 80-3 08/19/1980 80-4 07/14/1980 80-1 07/01/1980 80-6 01/31/1980 79-4 09/14/1979 79-7 06/07/1979 79-2 05/30/1979 79-1 02/28/1979 79-3 02/23/1979 79-5 01/31/1979 78-11 11/15/1978 78-3 10/27/1978 78-8 10/02/1978 78-6 10/02/1978 78-6 10/02/1978 78-2 07/21/1978 78-5 07/14/1978 78-7 07/10/1978 78-1 07/06/1978 78-10 03/23/1978 78-12 02/24/1978 77-8 12/12/1977 77-3 10/26/1977 77-5 10/04/1977 77-5 10/04/1977 77-1 06/15/1977 77-4 06/07/1977 77-6 06/07/1977 77-7 06/07/1977 77-2 01/11/1977 76-5 12/06/1976 76-4 09/01/1976 76-3 06/30/1976 76-1 05/11/1976 76-2 03/17/1976 75-3 11/18/1975 75-4 06/02/1975 75-5 05/23/1975 75-6 05/07/1975 75-1 02/14/1975 75-2 01/15/1975 74-8 12/12/1975 74-6 11/19/1974 74-5 11/01/1974 74-4 11/01/1974 74-10 08/21/1974 74-3 07/16/1974 74-2 01/14/1974 74-1 01/31/1974 74-9 01/23/1974 74-7 01/16/1974 74-3 12/28/1973 73-1 10/04/1973 73-4 08/23/1973 73-2 05/17/1973 72-1 07/26/1972 71-1 10/21/1971 71-4 10/01/1971 71-3 09/21/1971 71-2 07/23/1971 71-5 03/09/1971 70-1 06/17/1970 70-2 05/07/1970 70-3 01/20/1970 68-2 06/18/1968 67-1 08/10/1967 64-1 12/28/1964 California Credit Union Law Letter Subject Date Foreign (other state) credit union not conducting business in California 05/11/2016 99-07 04/2014 11-04 05/13/2011 08-04 12/10/2008 08-2 3/12/2008 08-1 1/11/2008 09-01 03/17/2005 00-1 05/19/2000 99-10 07/12/1999 99-11 07/12/1999 97-17 12/10/1997 Premium Financing Letter Subject Date 01-7 08/30/2001 99-6 07/06/1999 Money Transmission Act Payroll Processing Exemption and Agent of Payee Exemption 09/19/2025 MTA Exemptions – 07-11-24 07/11/2024 Agent of Payee – 10-16-23 10/16/2023 Sending instructions not money transmission 07/25/2023 MTA Exemptions 05/08/2023 Escrow trust account funds, not stored value under MTA 04/11/2023 Cryptocurrency Exchange Platform 11/03/2022 Agent of the payee for NPO donations; operating account funds related to exempt activities not stored value 06/09/2022 Purchase and Sale of Virtual Currency 04/08/2022 Digital Asset Trading Platform Services 03/23/2022 Digital Currency Trading Platform 02/22/2022 Referral of customers to financial institutions not money transmission 02/22/2022 Agent of Payee – 01-14-22 01/14/2022 Purchase and Sale of Digital Assets; Payment Processing Services 12/06/2021 Purchase of Cryptocurrency – 10-25-21 10/25/2021 Virtual currency wallet and exchange platform not subject to licensing under the MTA 10/20/2021 Cryptocurrency-to-precious metals dealer not subject to licensing under the MTA 10/20/2021 Asset-backed Tokens and other Cryptocurrency 10/20/2021 Cryptocurrency and Agent of Payee Exemption – Payment Processing Service 10/20/2021 Agent of Payee Exemption – 09-24-21 09/24/2021 Bitcoin ATM Kiosk – 09-02-21 09/02/2021 Bitcoin ATM Kiosk – 08-11-21 08/11/2021 Bitcoin ATM Kiosk 08/11/2021 Agent of Payee – Fund Transfers in Connection with Real Estate Closing Transactions 07/30/2021 Specified cryptocurrency activities not subject to licensing under the MTA 05/27/2021 Bitcoin ATM kiosks not subject to licensing under the MTA – 05-25-21 05/25/2021 Bitcoin ATM Kiosk – 04-29-21 04/29/2021 Bitcoin ATM kiosks not subject to licensing under the MTA – 04-29-21 04/29/2021 Cryptocurrency Exchange not subject to licensing under the MTA 03/10/2021 Transactions in which recipients are paid before company is reimbursed are not subject to licensing under MTA – 02-11-21 02/11/2021 Purchase and Sale of Cryptocurrency – 02/09/21 02/09/2021 Agent of Payee Exemption – Payments to Daily Fantasy Sports Providers for Closed Loop Stored Value – 02/05/21 02/05/2021 Agent of Payee exemption for Online Travel Marketplace, Payroll Processing exemption, Agent of Payee exemption for Online Marketplace for Independent Contractors, Internet Escrow Agent not engaging in money transmission – 01/28/21 1/28/2021 Licensee’s Intercompany Receivables fall within definition of Money Transmission Receivables under Financial Code section 2040(d) – 01/28/21 01/28/2021 Armored Car Company providing Cash Management Services to Bitcoin ATM Operators not Engaging in Money Transmission – 01/27/21 01/27/2021 Agent of Payee Exemption – Online Gaming/Sports Betting – 01/25/21 01/25/2021 Bitcoin ATMs/ Kiosks – 01/04/21 01/04/2021 Bitcoin ATMs – 11/10/20 11/10/2020 Bitcoin ATM not subject to licensing under the MTA – 10-27-20 10/27/2020 Bitcoin ATMs – 10/27/20 10/27/2020 MTA – Registered clearing house and payment processing service exemptions 10/13/2020 International Settlement Service – Decline to Opine – 10/06/20 10/6/2020 Bitcoin ATM not subject to licensing under the MTA – 10-01-20 10/01/2020 Exemption for distribution of other authorized deductions from employees’ wage or salaries 09/11/2020 Video game – digital assets – 08/28/20 08/28/2020 Sale of Foreign Currency – 08/06/20 08/06/2020 Cryptocurrency – Escrow Accounts and Exchanges – 07/28/20 07/28/2020 Agent of Payee Exemption – Payment Processing Service – 07/10/20 07/10/2020 Online foreign currency exchange service – 07/01/20 07/1/2020 Agent of payee – Tax payments – 06/30/20 06/30/2020 Exemption for Operator of Payment System – 06/29/20 06/29/2020 MTA- Agent of Payee- 06/29/20 06/29/2020 Sending instructions not money transmission – 06/09/20 06/09/2020 MTA – payroll processing – 04/24/20 04/24/2020 Cryptocurrency Exchange Platform – 04/13/20 04/13/2020 Cryptocurrency ATMs – 04/07/20 04/07/2020 MTA – payroll processing – 04/06/20 04/06/2020 Cryptocurrency Exchange Platform – 02/25/20 02/25/2020 Digital and physical stored value gift cards and donations to non-profit organizations for corporate reward and incentive programs 02/19/2020 Agent of Payee Exemption – Charitable Donations – Decline to Opine 01/28/2020 Agent of Payee Exemption – Payment Processing Service 01/27/2020 Cryptocurrency Exchange Platform – 12/24/19 12/24/2019 Bitcoin ATM not subject to MTA 12/16/2019 MTA Exemptions 12/12/2019 Cryptocurrency ATM 12/11/2019 Agent of Payee Exemption – Bill Payment 11/26/2019 Cryptocurrency Exchange Platform – 10/28/19 10/28/2019 Quarterly Reporting Obligations 10/15/2019 Agent of Payee Exemption – Online Platform for Goods or Services 10/10/2019 Virtual Currency – 10/04/19 -3 10/04/2019 Virtual Currency – 10/04/19 -2 10/04/2019 Virtual Currency – 10/04/19 -1 10/04/2019 Bitcoin ATMs not subject to MTA – 10/01/19 10/01/2019 Cryptocurrency Exchange Platform -10/01/19 10/01/2019 Cryptocurrency Exchange Platform – 09/30/19 09/30/2019 Agent of Bank 08/26/2019 Purchase of Cryptocurrency 08/01/2019 Agent of Payee Exemption – Guest Checkout product 07/23/2019 Online Foreign Currency Exchange Services 07/18/2019 Cryptocurrency Platform – Closed Loop Stored Value 06/25/2019 MTA/ Agent-of-Payee 05/17/2019 MTA – payroll processing 04/18/2019 Providing program interface not money transmission 03/25/2019 Agent of Affiliate Licensee 03/20/2019 Payment processing service not exempt as agent of payee (Amended) 02/21/2019 Cryptocurrency Exchange Platform – 01/28/19 01/28/2019 Payment processing service not exempt as agent of payee – 01/09/19 01/09/2019 Payment processing service not exempt as agent of payee – 01/18/19 01/18/2019 Technological/customer service support not money transmission 12/21/2018 Sending instructions not money transmission – 11/29/18 11/29/2018 Payment processing service not exempt as agent of payee or factoring 11/14/2018 Cryptocurrency Exchange Platform – 10/09/18 10/09/2018 Digital Currency Dealer 10/09/2018 Agent of payee – subsidiaries 09/11/2018 Cryptocurrency Exchange – 08/15/19 08/15/2018 Sale of Cryptocurrency Through an Exchange 07/06/2018 Cryptocurrency Exchange 07/06/2018 Agent of Payee Exemption – Successive Agents 04/05/2018 Operator of a Payment System, Payroll Processing, Public Interest Exemption 02/27/2018 Agent of Payee – Payment Processing – 02/27/18 02/27/2018 Agent of Payee – Decline to Opine – Request for a legal opinion under Financial Code section 2010, subdivision (l) 02/20/2018 Agent of Payee – Decline to Opine – Request for a legal opinion under Financial Code section 2010(l)  – 02/20/18 2/20/2018 Agent of Payee – Decline to Opine – Request for a legal opinion 02/12/2018 Agent of Payee Exemption – Goods or Services 02/06/2018 Agent of Payee – Decline to Opine – Request for a legal opinion under Financial Code section 2010(l) – 01/04/18 01/04/2018 Agent of Payee – Payment Processing – 12/21/17 12/21/2017 Stored Value 06/06/2017 Calculating Money Transmission Receivables 06/06/2017 Exemption for agent of payee: Online games marketplace 05/08/2017 Agent of a governmental subdivision 04/25/2017 Calculating eligible securities 04/10/2017 Tax payment service not exempt from the MTA 04/07/2017 Receiving funds for reimbursement under money transmission law 04/07/2017 Company Not Engaging in Money Transmission in California 04/07/2017 Prepaid Card Reloading Service 11/29/2016 Exemption based on public interest 11/07/2016 Agent of payee exemption for payment processing service 11/03/2016 Eligible Securities – FBO Account Titles 11/03/2016 Eligible Securities/FBO Accounts 11/03/2016 Reimbursement for foreign-currency sale is not money transmission. 10/06/2016 Money Transmission in this State – 08/23/16 08/23/2016 Exemption for Sale of Bank-Issued Stored Value Cards – 08/23/16 08/23/2016 Exemption for Sale of Bank-Issued Stored Value Cards – 08/18/16 08/18/2016 Sale, repurchase, and transfer of title to gold not money transmission 08/03/2016 Receiving Money for Transmission and Agent of Payee Exemption 05/19/2016 Not exempt as agent of payee or agent of government agency 05/04/2016 Exemption for Nonprofit Community Service Organization that provides Credit Counseling Services 05/02/2016 Exemption for Agent of Payee: Software Developer 02/08/2016 Exemption for Nonprofit Community Service Organization 01/19/2016 Money Transmission in this State – 01/19/16 01/19/2016 Reporting Financial Institutions as Agents 10/29/2015 Rebuttal of Acquisition of Control – 10/20/15 10/20/2015 Rebuttal of Acquisition of Control -10/05/15 10/05/2015 Yankee CDs as Eligible Securities 10/02/2015 Exemption for Agent of Payee Payment-Processing Service 09/11/2015 Funds Held in Custodial Account as Eligible Securities 08/26/2015 Receiving Money for Transmission 08/24/2015 Foreign Activity Initiated by Customers in the United States 08/14/2015 Foreign Currency Eligible Securities 07/30/2015 Approval to Acquire Control 07/17/2015 Exemption for agent of state child support agency 06/15/2015 Exemptions for agent of payee and payroll processing service 05/15/2015 Stored Value Gift Cards and Digital Goods 03/23/2015 Eligible Securities – foreign currencies 03/09/2015 Money transmitter application in mobile phone application; loan payments via check image and ACH transfer 02/24/2015 11-6 06/17/2011 11-5 06/14/2011 11-3 04/18/2011 11-1 02/17/2011 04-2 07/21/2004 01-8 11/20/2001 01-5 06/07/2001 01-4 11/20/2001 01-1 02/08/2001 99-1 08/13/1999 98-2 04/28/1998 97-2 01/30/1999 97-19 01/30/1999 96-3 05/28/1996 96-1 03/29/1996 96-4 03/27/1996 95-3 12/12/1996 95-11 12/12/1995 95-11 12/12/1995 95-8 09/22/1995 95-10 07/14/1995 94-2 09/07/1994 94-12 09/07/1994 92-2 07/08/1992 92-3 07/08/1992 84-2 11/26/1984 84-4 11/13/1984 84-3 11/05/1984 Local Agency Security Law Letter Subject Date 95-5 08/29/1995 82-4 07/13/1982 81-2 05/14/1981 Stay Connected Receive financial alerts, insights, and tips for improving your wealth. Linked In