Q: California 2011 BPC Division 8 [18400 - 22948.7] Ch. 21.5 Money Exchange Houses section 22516
I recently exchanged money from a Money Exchange House registered with the corresponding authorities of the City of San Diego (in California). Their signage was misleading and they made a commission surcharge of 15% I was not aware of, taking $45 USD from the amount I exchanged.
I looked up the regulations on the details of fees charged, and as I was not clearly informed of the fee prior to my transaction, I consider they are in violation of said regulations. I cannot find a way to report this violation or the corresponding authority. Do you know a way for me to report said violation? Thank you.
A: Under California's Business and Professions Code (BPC) Division 8, Chapter 21.5, Money Exchange Houses are regulated to ensure transparency and fair dealings. Section 22516 mandates that a licensee conspicuously post and provide each customer a written disclosure of any and all fees and charges for its services. If you believe there's a violation, you can report it to the California Department of Business Oversight (DBO), which oversees these entities. The DBO offers an online complaint process and can take enforcement action if warranted. Before filing a complaint, it may be beneficial to first contact the Money Exchange House directly to address your concerns. If unsatisfied with their response, proceed with the formal complaint with the DBO to ensure compliance with the state's regulations.
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