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Alternative Currency Bill Signed into Law

On Saturday, Governor Jerry Brown signed Assembly Bill 129 (Dickinson) into law. This measure removes a decades-old statute that prohibited the use of alternative currency in California. The law made it illegal for persons or corporations to issue or place in circulation anything but lawful money. The new law, which becomes effective January 1, 2015, removes that prohibition and deletes a ban on the issuance and use of alternative currencies. Please contact CBA vice president of state government relations, Alex Alanis at aalanis@calbankers.com or (916) 438-4410 if you have any questions on this new law.

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