Comment on Balanced (YC W11) Adds Bank Payments to its P2P Payments PlatformComments−thinkcomp13yIt looks like a great product, but I'm pretty sure you don't have and have not applied for a money transmission license (at least according to http://www.dfi.ca.gov/Publications/summaries/2013/January.pd...). You should go to Sacramento on March 11th.http://abnk.assembly.ca.gov/hearings−flynnwynn13yAre you saying this service is illegal without the money transmission license?−thinkcomp13yYes I am--not to pick on them though. They are one startup of many and if everyone pretends it's not an issue then the law will never get fixed.http://www.leginfo.ca.gov/cgi-bin/displaycode?section=fin...Assembly Bill 786 is about to make it a lot worse.http://www.leginfo.ca.gov/cgi-bin/postquery?bill_number=ab_7...−dahjelle13yI believe I've read money transmission licenses vary from state-to-state. Do you know of any resources giving more detail on when you need one and how to get one in the various states?−thinkcomp13yTalk to a lawyer.Other than that, my white paper is probably your best bet for general information. http://www.thinkcomputer.com/corporate/whitepapers/heldhosta...−dahjelle13yThanks!−jareau13yThanks, Aaron!
Comments
It looks like a great product, but I'm pretty sure you don't have and have not applied for a money transmission license (at least according to http://www.dfi.ca.gov/Publications/summaries/2013/January.pd...). You should go to Sacramento on March 11th.
http://abnk.assembly.ca.gov/hearings
Are you saying this service is illegal without the money transmission license?
Yes I am--not to pick on them though. They are one startup of many and if everyone pretends it's not an issue then the law will never get fixed.
http://www.leginfo.ca.gov/cgi-bin/displaycode?section=fin...
Assembly Bill 786 is about to make it a lot worse.
http://www.leginfo.ca.gov/cgi-bin/postquery?bill_number=ab_7...
I believe I've read money transmission licenses vary from state-to-state. Do you know of any resources giving more detail on when you need one and how to get one in the various states?
Talk to a lawyer.
Other than that, my white paper is probably your best bet for general information. http://www.thinkcomputer.com/corporate/whitepapers/heldhosta...
Thanks!
Thanks, Aaron!