California Regulators, PayPal Reach Settlement

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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