SECTIONS 22515-22519.5 - California Statutes

BUSINESS AND PROFESSIONS CODE

SECTION 22515-22519.5

22515. As used in this chapter, the following definitions are
applicable:
(a) "Money exchange house" means any individual or business
engaged in the business of exchanging or dealing in the currency of
the United States, Mexico, or any other country. It does not include
any bank, savings association, or credit union chartered under the
laws of this state or the United States or to any other business or
entity regulated by the Financial Code.
(b) "Currency" means any coined money, banknotes, or other paper
money as are authorized by law which circulates from hand to hand as
the medium of exchange.
(c) "Buying dollars" means a transaction exchanging foreign
currency for currency of the United States.
(d) "Selling dollars" means a transaction exchanging the currency
of the United States for foreign currency.

22516. (a) All window and exterior signs concerning the rates of
exchange at a money exchange house shall clearly state the rate of
exchange for both the buying and selling of dollars.
(b) All interior signs and all advertising, if rates are quoted,
shall clearly state the rates of exchange for both buying and selling
of dollars and shall state all commissions and fees charged on all
transactions.
(c) An interior sign containing all information regarding rates of
exchange and fees shall be printed in English and posted in clear
view of customers at each point of exchange.

22517. It is unlawful for a money exchange house to advertise "no
commission" when, in fact, a commission or fee is charged.

22518. A receipt shall be presented to each customer for each
exchange, clearly stating the rate of exchange for the particular
transaction, the amount of commission or fees, and the net exchange
after all fees and commissions have been deducted. The receipt shall
also state the total amount of currency presented by the customer and
the total amount returned to the customer.

22519. A violation of this chapter is an infraction punishable by a
fine of not less than one hundred dollars ($100) for the first
offense, and a fine of not less than five hundred dollars ($500) for
each subsequent offense.

22519.5. Nothing in this chapter shall be construed to limit the
effect of any other state law or any local ordinance governing money
exchange house permit applications, permit denials, permit renewals,
permit revocations, regulatory fees, regulations on advertising or
signs, receipt requirements, or penalties for violations thereof.