CS/HB 389 2022 CODING: Words stricken are deletions; words underlined are additions. hb0389-01-c1 Page 1 of 20 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 CS/HB 389 2022 CODING: Words stricken are deletions; words underlined are additions. hb0389-01-c1 Page 2 of 20 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 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 CS/HB 389 2022 CODING: Words stricken are deletions; words underlined are additions. hb0389-01-c1 Page 3 of 20 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 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 CS/HB 389 2022 CODING: Words stricken are deletions; words underlined are additions. hb0389-01-c1 Page 4 of 20 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 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 CS/HB 389 2022 CODING: Words stricken are deletions; words underlined are additions. hb0389-01-c1 Page 5 of 20 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 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 CS/HB 389 2022 CODING: Words stricken are deletions; words underlined are additions. hb0389-01-c1 Page 6 of 20 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 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 CS/HB 389 2022 CODING: Words stricken are deletions; words underlined are additions. hb0389-01-c1 Page 7 of 20 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 (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 CS/HB 389 2022 CODING: Words stricken are deletions; words underlined are additions. hb0389-01-c1 Page 8 of 20 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 (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 CS/HB 389 2022 CODING: Words stricken are deletions; words underlined are additions. hb0389-01-c1 Page 9 of 20 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 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 CS/HB 389 2022 CODING: Words stricken are deletions; words underlined are additions. hb0389-01-c1 Page 10 of 20 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 CS/HB 389 2022 CODING: Words stricken are deletions; words underlined are additions. hb0389-01-c1 Page 11 of 20 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 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 CS/HB 389 2022 CODING: Words stricken are deletions; words underlined are additions. hb0389-01-c1 Page 12 of 20 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 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 CS/HB 389 2022 CODING: Words stricken are deletions; words underlined are additions. hb0389-01-c1 Page 13 of 20 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 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 CS/HB 389 2022 CODING: Words stricken are deletions; words underlined are additions. hb0389-01-c1 Page 14 of 20 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 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 CS/HB 389 2022 CODING: Words stricken are deletions; words underlined are additions. hb0389-01-c1 Page 15 of 20 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 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 CS/HB 389 2022 CODING: Words stricken are deletions; words underlined are additions. hb0389-01-c1 Page 16 of 20 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 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 CS/HB 389 2022 CODING: Words stricken are deletions; words underlined are additions. hb0389-01-c1 Page 17 of 20 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 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 CS/HB 389 2022 CODING: Words stricken are deletions; words underlined are additions. hb0389-01-c1 Page 18 of 20 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 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 CS/HB 389 2022 CODING: Words stricken are deletions; words underlined are additions. hb0389-01-c1 Page 19 of 20 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 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 CS/HB 389 2022 CODING: Words stricken are deletions; words underlined are additions. hb0389-01-c1 Page 20 of 20 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 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