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It's all public information. Square is exempt from the California Money Transmission Act per FC § 1805(d) (see http://www.leginfo.ca.gov/cgi-bin/displaycode?se
by thinkcomp 15y ago
It's all public information.
Square is exempt from the California Money Transmission Act per FC § 1805(d) (see http://www.leginfo.ca.gov/cgi-bin/displaycode?section=fin&group=01001-02000&file=1805-1806 http://www.leginfo.ca.gov/cgi-bin/displaycode?section=fin...), since it's actually JPMorgan Chase Bank, N.A. that is moving your money.
Square does not have a license.
http://www.dfi.ca.gov/directory/mt.asp http://www.dfi.ca.gov/directory/mt.asp
And Square has no plans to get one as of last month.
http://www.dfi.ca.gov/publications/summaries/2011/september.pdf http://www.dfi.ca.gov/publications/summaries/2011/september....
- dpark 15y agoThanks! Would it not be possible for them to partner in the same fashion to do direct debit?