California Financial Code

§ 3207

FIN § 3207 Effective Jan 1, 2024Div. 1.25 · Ch. 2

Statute text

(a)(1) (A) A licensee shall maintain a surety bond or trust account in United States dollars in a form and amount as determined by the department for the protection of residents that engage in digital financial asset business activity with the licensee.

(B)If a licensee maintains a trust account pursuant to this section, that trust account shall be maintained with a bank, trust company, credit union, or federal credit union in the state, subject to the prior approval of the department.

(2)Security deposited under this section shall be payable to this state for the benefit of a claim against the licensee on account of the licensee’s digital financial asset business activity with, or on behalf of, a resident.

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Legislative history

Added by Stats. 2023, Ch. 792, Sec. 1. (AB 39) Effective January 1, 2024.