Financial abuse.

Existing law establishes the Money Transmission Act for the purpose of protecting the interests of persons in this state who use money transmission services. This bill would require a money transmitter to provide a consumer fraud warning on all money transmittal forms used by consumers to send money to an individual, to provide consumer fraud prevention training for its agents' to monitor its agents, activities relating to consumer transmittals, and to establish a toll-free number for consumers to call to report fraud or suspected fraud. The bill would make a failure to implement the fraud prevention measures established by the bill subject to a civil penalty not to exceed $1,000, or if the violation is willful, a civil penalty not to exceed $5,000.