March 14, 2011
First Quarter 2011 Report
To Licensed Money Transmitters:
Commissioner Issues Order for 2011 Call Reports
The Commissioner has issued an Order regarding Call Reports and related quarterly reporting requirements. This Order applies to all licensees under the Money Transmission Act, and is effective immediately.
This Order only applies for Call Reports starting in the first quarter of 2011, and thereafter. All Call Reports for periods ending on December 31, 2010, or earlier, must still comply with the Commissioner's Order dated October 1, 2008, and submit the previous version of the Call Report.
All companies licensed under the Money Transmission Act pursuant Financial Code Section 1800, et seq. (collectively referred to as “Money Transmitters”), shall file the following documents electronically via email with the Department of Financial Institutions (“Department”) by the due date:
- The Call Report, in the form of the Call Report Excel workbook provided by the Department;
- The Call Report verification executed by two principal officers;
- Average Daily Transmission Liability (“ADTL”) reports for the calendar year quarter;
- A company prepared cash flow statement for the calendar year quarter;
- A list of agents and branches in compliance with Financial Code Sections 1819(d)(1) and 1819(d)(2); and
- If the Money Transmitter owns eligible securities of $10 million or more, a schedule of eligible securities.
These forms and the detailed Call Report instructions will be available at the following website: http://www.dfi.ca.gov/forms/tma/callreport.asp.
The verification, cash flow statement, ADTL reports and list of agents and branches shall be submitted in the form of a PDF file of the original, or another file format which is compatible with the Department’s software (such as Excel or Word). All documents must be submitted to the Department by email to firstname.lastname@example.org.
The Call Report shall be completed in accordance with the requirements detailed in the Call Report instructions. Money Transmitters are no longer required to file hard copy quarterly reports in accordance with Financial Code Sections 1819(c) and 1819(d). However, Money Transmitters must still file annual audited financial statements (hard copy) in accordance with Financial Code Section 1819(b) within 90 days after the end of the fiscal year.
Any Money Transmitter that owns eligible securities of $10 million or more must also file a schedule of eligible securities. The schedule of eligible securities shall indicate the amount and percentage of total eligible securities by type of eligible security as listed in Financial Code sections 1831(b)(1) to (b)(11) and 1831(c)(1) to (c)(3). The schedule of eligible securities should also separately list all investments in securities and indicate the date of purchase, rating, rating agency, maturity date and market value of the investments. If investments exceed $100 million, also provide the average duration and the average stated maturities of the securities held in the portfolio. The schedule of eligible securities shall be filed electronically via email.