TELECOM Digest OnLine - Sorted: California Regulators, PayPal Reach Settlement

California Regulators, PayPal Reach Settlement

News Wire (
Tue, 12 Jul 2005 12:46:05 -0500

California regulators said on Tuesday eBay Inc.'s PayPal online
payment service has paid $225,000 to settle alleged violations related
to the use of unapproved receipts and incomplete reporting.

The settlement between the California Department of Financial
Institutions and PayPal released the eBay unit from any further
liability related to the allegations.

The department licensed PayPal to operate as a money transmitter in
September 2002. eBay bought PayPal the following month.

The department supervises more than 650 financial institutions and is
responsible for administering state laws for regulating state-licensed
financial institutions.

Copyright 2005 Reuters Limited.

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