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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
A bill to be entitled 1
An act relating to money services businesses; amending 2
s. 560.103, F.S.; defining the terms "control person" 3
and "publicly traded"; revising and deleting 4
definitions; amending s. 560.118, F.S.; providing that 5
a rule may require certain reports to the Offic e of 6
Financial Regulation to contain declarations by 7
control persons, rather than officers or other 8
responsible persons; amending s. 560.123, F.S.; 9
providing that control persons, rather than officers, 10
are not liable for loss or damages under certain 11
circumstances; amending s. 560.126, F.S.; requiring 12
licensees to report changes in control persons, rather 13
than certain other entities or persons; deleting a 14
requirement for certain persons to submit a licensure 15
application under certain circumstances; deleting the 16
definition of the term "controlling interest"; 17
providing that the addition of a control person, 18
rather than certain other entities or persons, is 19
subject to certain requirements; deleting a 20
requirement for the Financial Services Commission to 21
adopt rules; repealing s. 560.127, F.S., relating to 22
control of a money services business; amending s. 23
560.141, F.S.; revising requirements for applications 24
for licensure as a money services business; deleting 25
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the definition of the term "publicly traded"; amending 26
s. 560.143, F.S.; removing a limit on specified 27
license application fees under certain circumstances; 28
reenacting s. 559.952(4)(a), F.S., relating to the 29
Financial Technology Sandbox, to incorporate the 30
amendments made to ss. 560.118 and 560.141, F.S., in 31
references thereto; reenacting s. 560.114(2)(c), F.S., 32
relating to disciplinary actions and penalties, to 33
incorporate the amendment made to s. 560.141, F.S., in 34
a reference thereto; providing an effective date. 35
36
Be It Enacted by the Legislature of the State of Florida: 37
38
Section 1. Section 560.103, Florida Statutes, is amended 39
to read: 40
560.103 Definitions. —As used in this chapter, the term: 41
(1) "Affiliated party" means a control director, officer, 42
responsible person, employee, or foreign affiliat e of a money 43
services business, or a person who has a controlling interest in 44
a money services business as provided in s. 560.127 . 45
(2) "Appropriate regulator" means a state, federal, or 46
foreign agency that has been granted authority to enforce state, 47
federal, or foreign laws related to a money services business or 48
deferred presentment provider. 49
(3) "Authorized vendor" means a person designated by a 50
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money services business licensed under part II of this chapter 51
to act on behalf of the licensee at locatio ns in this state 52
pursuant to a written contract with the licensee. 53
(4) "Branch office" means the physical location, other 54
than the principal place of business, of a money services 55
business operated by a licensee under this chapter. 56
(5) "Cashing" means providing currency for payment 57
instruments except for travelers checks. 58
(6) "Check casher" means a person who sells currency in 59
exchange for payment instruments received, except travelers 60
checks. 61
(7) "Commission" means the Financial Services Commission . 62
(8) "Compliance officer" means the individual in charge of 63
overseeing, managing, and ensuring that a money services 64
business is in compliance with all state and federal laws and 65
rules relating to money services businesses, as applicable, 66
including all money laundering laws and rules. 67
(9) "Conductor" means a natural person who presents 68
himself or herself to a licensee for purposes of cashing a 69
payment instrument. 70
(10) "Control person" means: 71
(a) A person that possesses the power, directly or 72
indirectly, to direct the management or policies of a money 73
services business, whether through ownership of securities, by 74
contract, or through other means, and regardless of whether such 75
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person has an official title or receives a salary or other 76
compensation. The following persons are each presumed to be a 77
control person: 78
1. The president, chief executive officer, chief financial 79
officer, chief operations officer, chief legal officer, and 80
compliance officer. 81
2. A person holding any of the officer positions named in 82
the money services business's governing documents. 83
3. A person holding any position named by the money 84
services business's liability insurance coverage for directors 85
and officers, if the b usiness has such coverage. 86
4. A director of the money services business's board of 87
directors. 88
(b) For a corporation that is not publicly traded, all 89
shareholders that, directly or indirectly, own 25 percent or 90
more or that have the power to vote 25 per cent or more of a 91
class of voting securities. 92
(c) For a partnership, all general partners, and those 93
limited or special partners that have contributed 25 percent or 94
more or that have the right to receive upon dissolution 25 95
percent or more of the partne rship's capital. 96
(d) For a trust, all trustees. 97
(e) For a limited liability company, all managers, and 98
those members that have contributed 25 percent or more or that 99
have the right to receive upon dissolution 25 percent or more of 100
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the limited liability company's capital. 101
(11)(10) "Corporate payment instrument" means a payment 102
instrument on which the payee named on the instrument's face is 103
other than a natural person. 104
(12)(11) "Currency" means the coin and paper money of the 105
United States or of any o ther country which is designated as 106
legal tender and which circulates and is customarily used and 107
accepted as a medium of exchange in the country of issuance. 108
Currency includes United States silver certificates, United 109
States notes, and Federal Reserve not es. Currency also includes 110
official foreign bank notes that are customarily used and 111
accepted as a medium of exchange in a foreign country. 112
(13)(12) "Deferred presentment provider" means a person 113
who is licensed under part II or part III of this chapter and 114
has filed a declaration of intent with the office to engage in 115
deferred presentment transactions as provided under part IV of 116
this chapter. 117
(14)(13) "Department" means the Department of Financial 118
Services. 119
(15)(14) "Electronic instrument" means a c ard, tangible 120
object, or other form of electronic payment for the transmission 121
or payment of money or the exchange of monetary value, including 122
a stored value card or device that contains a microprocessor 123
chip, magnetic stripe, or other means for storing i nformation; 124
that is prefunded; and for which the value is decremented upon 125
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each use. 126
(16)(15) "Financial audit report" means a report prepared 127
in connection with a financial audit that is conducted in 128
accordance with generally accepted auditing standards prescribed 129
by the American Institute of Certified Public Accountants by a 130
certified public accountant licensed to do business in the 131
United States, and which must include: 132
(a) Financial statements, including notes related to the 133
financial statements and required supplementary information, 134
prepared in conformity with accounting principles generally 135
accepted in the United States. The notes must, at a minimum, 136
include detailed disclosures regarding receivables that are 137
greater than 90 days, if the total amo unt of such receivables 138
represents more than 2 percent of the licensee's total assets. 139
(b) An expression of opinion regarding whether the 140
financial statements are presented in conformity with accounting 141
principles generally accepted in the United States, or an 142
assertion to the effect that such an opinion cannot be expressed 143
and the reasons. 144
(17)(16) "Foreign affiliate" means a person located 145
outside this state who has been designated by a licensee to make 146
payments on behalf of the licensee to persons wh o reside outside 147
this state. The term also includes a person located outside of 148
this state for whom the licensee has been designated to make 149
payments in this state. 150
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(18)(17) "Foreign currency exchanger" means a person who 151
exchanges, for compensation, cur rency of the United States or a 152
foreign government to currency of another government. 153
(19)(18) "Fraudulent identification paraphernalia" means 154
all equipment, products, or materials of any kind that are used, 155
intended for use, or designed for use in the m isrepresentation 156
of a customer's identity. The term includes, but is not limited 157
to: 158
(a) A signature stamp, thumbprint stamp, or other tool or 159
device used to forge a customer's personal identification 160
information. 161
(b) An original of any type of persona l identification 162
listed in s. 560.310(2)(b) which is blank, stolen, or unlawfully 163
issued. 164
(c) A blank, forged, fictitious, or counterfeit instrument 165
in the similitude of any type of personal identification listed 166
in s. 560.310(2)(b) which would in contex t lead a reasonably 167
prudent person to believe that such instrument is an authentic 168
original of such personal identification. 169
(d) Counterfeit, fictitious, or fabricated information in 170
the similitude of a customer's personal identification 171
information that, although not authentic, would in context lead 172
a reasonably prudent person to credit its authenticity. 173
(20)(19) "Licensee" means a person licensed under this 174
chapter. 175
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(21)(20) "Location" means a branch office, mobile 176
location, or location of an author ized vendor whose business 177
activity is regulated under this chapter. 178
(22)(21) "Monetary value" means a medium of exchange, 179
whether or not redeemable in currency. 180
(23)(22) "Money services business" means any person 181
located in or doing business in this s tate, from this state, or 182
into this state from locations outside this state or country who 183
acts as a payment instrument seller, foreign currency exchanger, 184
check casher, or money transmitter. 185
(24)(23) "Money transmitter" means a corporation, limited 186
liability company, limited liability partnership, or foreign 187
entity qualified to do business in this state which receives 188
currency, monetary value, or payment instruments for the purpose 189
of transmitting the same by any means, including transmission by 190
wire, facsimile, electronic transfer, courier, the Internet, or 191
through bill payment services or other businesses that 192
facilitate such transfer within this country, or to or from this 193
country. 194
(25)(24) "Net worth" means assets minus liabilities, 195
determined in accordance with United States generally accepted 196
accounting principles. 197
(26)(25) "Office" means the Office of Financial Regulation 198
of the commission. 199
(26) "Officer" means an individual, other than a director, 200
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who participates in, or has authority to participate in, the 201
major policymaking functions of a money services business, 202
regardless of whether the individual has an official title or 203
receives a salary or other compensation. 204
(27) "Outstanding money transmission" means a money 205
transmission to a designated recipient or a refund to a sender 206
that has not been completed. 207
(28) "Outstanding payment instrument" means an unpaid 208
payment instrument whose sale has been reported to a licensee. 209
(29) "Payment instrument" means a check, draft, warrant, 210
money order, travelers check, electronic instrument, or other 211
instrument, payment of money, or monetary value whether or not 212
negotiable. The term does not include an instrument that is 213
redeemable by the issuer in merchandise or service, a credit 214
card voucher, or a letter of credit. 215
(30) "Payment instrument seller" means a corporation, 216
limited liability company, limited liability partnership, or 217
foreign entity qualified to do business in this state which 218
sells a payment instrument. 219
(31) "Person" means an individual, partnership, 220
association, trust, corporation, limited liability company, or 221
other group, however organized, but does not include a public 222
agency or instrumentality thereof. 223
(32) "Personal identification information" means a 224
customer's name that, alone or together with any of the 225
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
following information, may be used to identify that specific 226
customer: 227
(a) Customer's signature. 228
(b) Photograph, digital image, or other likeness of the 229
customer. 230
(c) Unique biometric data, such as the customer's 231
thumbprint or fingerprint, voice print, retina or iris image, or 232
other unique physical representation of the customer. 233
(33) "Responsible person" means an individual who is 234
employed by or affiliated wi th a money services business and who 235
has principal active management authority over the business 236
decisions, actions, and activities of the money services 237
business in this state. 238
(33) "Publicly traded" means a stock is currently traded 239
on a national securities exchange registered with the Securities 240
and Exchange Commission, or traded on an exchange in a country 241
other than the United States regulated by a regulator equivalent 242
to the Securities and Exchange Commission and the disclosure and 243
reporting requirements of such regulator are substantially 244
similar to those of the Securities and Exchange Commission. 245
(34) "Sells" means to sell, issue, provide, or deliver. 246
(35) "Stored value" means funds or monetary value 247
represented in digital electronic forma t, whether or not 248
specially encrypted, and stored or capable of storage on 249
electronic media in such a way as to be retrievable and 250
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transferred electronically. 251
Section 2. Subsection (2) of section 560.118, Florida 252
Statutes, is amended to read: 253
560.118 Reports.— 254
(2) Each licensee must submit quarterly reports to the 255
office in a format and include information as specified by rule. 256
The rule may require the report to contain a declaration by a 257
control an officer, or any other responsible person authorized 258
to make such declaration, that the report is true and correct to 259
the best of her or his knowledge and belief. 260
Section 3. Paragraph (d) of subsection (3) of section 261
560.123, Florida Statutes, is amended to read: 262
560.123 Florida Control of Money Laun dering in Money 263
Services Business Act. — 264
(3) A money services business shall keep a record of each 265
financial transaction occurring in this state which it knows to 266
involve currency or other payment instrument, as prescribed by 267
the commission, having a valu e greater than $10,000; to involve 268
the proceeds of specified unlawful activity; or to be designed 269
to evade the reporting requirements of this section or chapter 270
896. The money services business must maintain appropriate 271
procedures to ensure compliance with this section and chapter 272
896. 273
(d) A money services business, or control person officer, 274
employee, or agent thereof, that files a report in good faith 275
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pursuant to this section is not liable to any person for loss or 276
damage caused in whole or in part by t he making, filing, or 277
governmental use of the report, or any information contained 278
therein. 279
Section 4. Subsection (3) of section 560.126, Florida 280
Statutes, is amended to read: 281
560.126 Required notice by licensee. — 282
(3) Each licensee must report any change in the control 283
partners, officers, members, joint venturers, directors, 284
controlling shareholders, or responsible persons of the licensee 285
or changes in the form of business organization by written 286
amendment in such form and at such time as specified by rule. 287
(a) If any person, directly or indirectly or acting by or 288
through one or more persons, proposes to purchase or acquire a 289
controlling interest in a licensee, such person or group must 290
submit an application for licensure as a money services busine ss 291
or deferred presentment provider before such purchase or 292
acquisition at such time and in such form as prescribed by rule. 293
As used in this subsection, the term "controlling interest" 294
means the same as described in s. 560.127. 295
(b) The addition of a control person partner, officer, 296
member, joint venturer, director, controlling shareholder, or 297
responsible person of the applicant who does not have a 298
controlling interest and who has not previously complied with 299
the applicable provisions of ss. 560.1401 and 5 60.141 is subject 300
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to such provisions. If the office determines that the licensee 301
does not continue to meet the licensure requirements, the office 302
may bring an administrative action in accordance with s. 560.114 303
to enforce the provisions of this chapter. 304
(c) The commission shall adopt rules providing for the 305
waiver of the license application required by this subsection if 306
the person or group of persons proposing to purchase or acquire 307
a controlling interest in a licensee has previously complied 308
with the applicable provisions of ss. 560.1401 and 560.141 under 309
the same legal entity or is currently licensed under this 310
chapter. 311
Section 5. Section 560.127, Florida Statutes, is repealed. 312
Section 6. Paragraphs (a) and (c) of subsection (1) of 313
section 560.141, Florida Statutes, are amended to read: 314
560.141 License application. — 315
(1) To apply for a license as a money services business 316
under this chapter, the applicant must submit: 317
(a) An application to the office on forms prescribed by 318
rule which includes the following information: 319
1. The legal name and address of the applicant, including 320
any fictitious or trade names used by the applicant in the 321
conduct of its business. 322
2. The date of the applicant's formation and the state in 323
which the applicant was formed, if applicable. 324
3. The name, social security number, alien identification 325
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or taxpayer identification number, business and residence 326
addresses, and employment history for the past 5 years for each 327
control person officer, director, responsible person, the 328
compliance officer, each controlling shareholder, and any other 329
person who has a controlling interest in the money services 330
business as provided in s. 560.127 . 331
4. A description of the organizational structure of the 332
applicant, including the identity of any parent or subsidiary of 333
the applicant, and the disclosure of whether any parent or 334
subsidiary is publicly traded. 335
5. The applicant's history of operations in other states 336
if applicable and a description of the money services business 337
or deferred presentment provider activities proposed to be 338
conducted by the applicant in this state. 339
6. If the applicant or its parent is a publicly traded 340
company, copies of all filings made by the applicant with the 341
United States Securities and Exchange Co mmission, or with a 342
similar regulator in a country other than the United States, 343
within the preceding year. 344
7. The location at which the applicant proposes to 345
establish its principal place of business and any other 346
location, including branch offices and authorized vendors 347
operating in this state. For each branch office and each 348
location of an authorized vendor, the applicant shall include 349
the nonrefundable fee required by s. 560.143. 350
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8. The name and address of the clearing financial 351
institution or finan cial institutions through which the 352
applicant's payment instruments are drawn or through which the 353
payment instruments are payable. 354
9. The history of the applicant's material litigation, 355
criminal convictions, pleas of nolo contendere, and cases of 356
adjudication withheld. 357
10. The history of material litigation, arrests, criminal 358
convictions, pleas of nolo contendere, and cases of adjudication 359
withheld for each control executive officer, director, 360
controlling shareholder, and responsible person. 361
11. The name of the registered agent in this state for 362
service of process unless the applicant is a sole proprietor. 363
12. Any other information specified in this chapter or by 364
rule. 365
(c) Fingerprints for each person listed in subparagraph 366
(a)3. for live-scan processing in accordance with rules adopted 367
by the commission. 368
1. The fingerprints may be submitted through a third -party 369
vendor authorized by the Department of Law Enforcement to 370
provide live-scan fingerprinting. 371
2. The Department of Law Enforcement must conduct the 372
state criminal history background check, and a federal criminal 373
history background check must be conducted through the Federal 374
Bureau of Investigation. 375
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3. All fingerprints submitted to the Department of Law 376
Enforcement must be submitted elec tronically and entered into 377
the statewide automated fingerprint identification system 378
established in s. 943.05(2)(b) and available for use in 379
accordance with s. 943.05(2)(g) and (h). The office shall pay an 380
annual fee to the Department of Law Enforcement t o participate 381
in the system and shall inform the Department of Law Enforcement 382
of any person whose fingerprints no longer must be retained. 383
4. The costs of fingerprint processing, including the cost 384
of retaining the fingerprints, shall be borne by the pe rson 385
subject to the background check. 386
5. The office shall review the results of the state and 387
federal criminal history background checks and determine whether 388
the applicant meets licensure requirements. 389
6. For purposes of this paragraph, fingerprints a re not 390
required to be submitted if the applicant is a publicly traded 391
corporation or is exempted from this chapter under s. 392
560.104(1). The term "publicly traded" means a stock is 393
currently traded on a national securities exchange registered 394
with the federal Securities and Exchange Commission or traded on 395
an exchange in a country other than the United States regulated 396
by a regulator equivalent to the Securities and Exchange 397
Commission and the disclosure and reporting requirements of such 398
regulator are substantially similar to those of the commission. 399
7. Licensees initially approved before October 1, 2013, 400
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who are seeking renewal must submit fingerprints for each person 401
listed in subparagraph (a)3. for live -scan processing pursuant 402
to this paragraph. Such f ingerprints must be submitted before 403
renewing a license that is scheduled to expire between April 30, 404
2014, and December 31, 2015. 405
Section 7. Subsection (1) of section 560.143, Florida 406
Statutes, is amended to read: 407
560.143 Fees.— 408
(1) LICENSE APPLICATION FEES.—The applicable non-409
refundable fees must accompany an application for licensure: 410
(a) Part II ................................ .... $375. 411
(b) Part III ................................ ... $188. 412
(c) Per branch office ........................... $38. 413
(d) For each location of an authorized 414
vendor ................................ ............... $38. 415
(e) Declaration as a deferred presentment 416
provider ................................ .......... $1,000. 417
(f) Fingerprint retention fees as prescribed by rule. 418
(g) License application fees for branch offices and 419
authorized vendors are limited to $20,000 when such fees are 420
assessed as a result of a change in controlling interest as 421
defined in s. 560.127. 422
Section 8. For the purpose of incorporating the amendments 423
made by this act to sections 560.118 and 560.141, Florida 424
Statutes, in references thereto, paragraph (a) of subsection (4) 425
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of section 559.952, Florida Statutes, is re enacted to read: 426
559.952 Financial Technology Sandbox. — 427
(4) EXCEPTIONS TO GENERAL LAW AND WAIVERS OF RULE 428
REQUIREMENTS.— 429
(a) Notwithstanding any other law, upon approval of a 430
Financial Technology Sandbox application, the following 431
provisions and corresponding rule requirements are not 432
applicable to the licensee during the sandbox period: 433
1. Section 516.03(1), except for the application fee, the 434
investigation fee, the requirement to provide the social 435
security numbers of control persons, evidence of liquid assets 436
of at least $25,000, and the office's authority to investigate 437
the applicant's background. The office may prorate the license 438
renewal fee for an extension granted under subsection (7). 439
2. Section 516.05(1) and (2), except that the office sh all 440
investigate the applicant's background. 441
3. Section 560.109, only to the extent that the section 442
requires the office to examine a licensee at least once every 5 443
years. 444
4. Section 560.118(2). 445
5. Section 560.125(1), only to the extent that the 446
subsection would prohibit a licensee from engaging in the 447
business of a money transmitter or payment instrument seller 448
during the sandbox period. 449
6. Section 560.125(2), only to the extent that the 450
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subsection would prohibit a licensee from appointing an 451
authorized vendor during the sandbox period. Any authorized 452
vendor of such a licensee during the sandbox period remains 453
liable to the holder or remitter. 454
7. Section 560.128. 455
8. Section 560.141, except for s. 560.141(1)(a)1., 3., 7. -456
10. and (b), (c), and (d). 457
9. Section 560.142(1) and (2), except that the office may 458
prorate, but may not entirely eliminate, the license renewal 459
fees in s. 560.143 for an extension granted under subsection 460
(7). 461
10. Section 560.143(2), only to the extent necessary for 462
proration of the renewal fee under subparagraph 9. 463
11. Section 560.204(1), only to the extent that the 464
subsection would prohibit a licensee from engaging in, or 465
advertising that it engages in, the selling or issuing of 466
payment instruments or in the activity of a money transmitter 467
during the sandbox period. 468
12. Section 560.205(2). 469
13. Section 560.208(2). 470
14. Section 560.209, only to the extent that the office 471
may modify, but may not entirely eliminate, the net worth, 472
corporate surety bond, and collateral depo sit amounts required 473
under that section. The modified amounts must be in such lower 474
amounts that the office determines to be commensurate with the 475
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factors under paragraph (5)(c) and the maximum number of 476
consumers authorized to receive the financial produc t or service 477
under this section. 478
Section 9. For the purpose of incorporating the amendment 479
made by this act to section 560.141, Florida Statutes, in a 480
reference thereto, paragraph (c) of subsection (2) of section 481
560.114, Florida Statutes, is reenacted , to read: 482
560.114 Disciplinary actions; penalties. — 483
(2) Pursuant to s. 120.60(6), the office may summarily 484
suspend the license of a money services business if the office 485
finds that a licensee poses an immediate, serious danger to the 486
public health, safety, and welfare. A proceeding in which the 487
office seeks the issuance of a final order for the summary 488
suspension of a licensee shall be conducted by the commissioner 489
of the office, or his or her designee, who shall issue such 490
order. The following acts ar e deemed to constitute an immediate 491
and serious danger to the public health, safety, and welfare, 492
and the office may immediately suspend the license of a money 493
services business if: 494
(c) A natural person required to be listed on the license 495
application for a money services business pursuant to s. 496
560.141(1)(a)3. is criminally charged with, or arrested for, a 497
crime described in paragraph (1)(o), paragraph (1)(p), or 498
paragraph(1)(q). 499
Section 10. This act shall take effect October 1, 2022. 500