FL
Florida House Bill H0389

Florida 2022 Regular Session

Florida House Bill H0389 Compare Versions

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1010 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
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14+A bill to be entitled 1
1515 An act relating to money services businesses; amending 2
1616 s. 560.103, F.S.; defining the terms "control person" 3
1717 and "publicly traded"; revising and deleting 4
1818 definitions; amending s. 560.118, F.S.; providing that 5
1919 a rule may require certain reports to the Offic e of 6
2020 Financial Regulation to contain declarations by 7
2121 control persons, rather than officers or other 8
2222 responsible persons; amending s. 560.123, F.S.; 9
2323 providing that control persons, rather than officers, 10
2424 are not liable for loss or damages under certain 11
2525 circumstances; amending s. 560.126, F.S.; requiring 12
2626 licensees to report changes in control persons, rather 13
2727 than in certain other entities or persons; providing 14
2828 that the addition of a control person, rather than 15
2929 certain other entities or persons, is subject to 16
3030 certain requirements; amending s. 560.141, F.S.; 17
3131 revising requirements for applications for licensure 18
3232 as a money services business; deleting the definition 19
3333 of the term "publicly traded"; reenacting s. 20
3434 559.952(4)(a), F.S., relating to the Financial 21
3535 Technology Sandbox, to incorporate the amendments made 22
3636 to ss. 560.118 and 560.141, F.S., in references 23
3737 thereto; reenacting s. 560.114(2)(c), F.S., relating 24
3838 to disciplinary actions and penalties, to incorporate 25
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4747 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
4848
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5050
5151 the amendment made to s. 560.141, F.S., in a reference 26
5252 thereto; providing an effective date. 27
5353 28
5454 Be It Enacted by the Legislature of the State of Florida: 29
5555 30
5656 Section 1. Section 560.103, Florida Statutes, is amended 31
5757 to read: 32
5858 560.103 Definitions. —As used in this chapter, the term: 33
5959 (1) "Affiliated party" m eans a control director, officer, 34
6060 responsible person, employee, or foreign affiliate of a money 35
6161 services business, or a person who has a controlling interest in 36
6262 a money services business as provided in s. 560.127. 37
6363 (2) "Appropriate regulator" means a stat e, federal, or 38
6464 foreign agency that has been granted authority to enforce state, 39
6565 federal, or foreign laws related to a money services business or 40
6666 deferred presentment provider. 41
6767 (3) "Authorized vendor" means a person designated by a 42
6868 money services business licensed under part II of this chapter 43
6969 to act on behalf of the licensee at locations in this state 44
7070 pursuant to a written contract with the licensee. 45
7171 (4) "Branch office" means the physical location, other 46
7272 than the principal place of business, of a money services 47
7373 business operated by a licensee under this chapter. 48
7474 (5) "Cashing" means providing currency for payment 49
7575 instruments except for travelers checks. 50
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8484 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
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8888 (6) "Check casher" means a person who sells currency in 51
8989 exchange for payment instruments received, except travelers 52
9090 checks. 53
9191 (7) "Commission" means the Financial Services Commission. 54
9292 (8) "Compliance officer" means the individual in charge of 55
9393 overseeing, managing, and ensuring that a money services 56
9494 business is in compliance with all state and federal laws and 57
9595 rules relating to money services businesses, as applicable, 58
9696 including all money laundering laws and rules. 59
9797 (9) "Conductor" means a natural person who presents 60
9898 himself or herself to a licensee for purposes of cashing a 61
9999 payment instrument. 62
100100 (10) "Control person" means any of the following: 63
101101 (a) A person who holds the title of president, chief 64
102102 executive officer, chief financial officer, chief operations 65
103103 officer, chief legal officer, or compliance officer for a money 66
104104 services business. 67
105105 (b) A person who holds any of the officer positions named 68
106106 in the money services business's governing documents. 69
107107 (c) A person who holds any position named by the money 70
108108 services business's liability insurance coverage for directors 71
109109 and officers, if the business has such coverage. 72
110110 (d) A director of the money services business's board of 73
111111 directors. 74
112112 (e) A person who directs the affairs of a money services 75
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121121 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
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125125 business or who participates in, or has authority to participate 76
126126 in, the major policymaking functions of a m oney services 77
127127 business, regardless of whether the person has an official title 78
128128 or receives a salary or other compensation. 79
129129 (f) For a money services business that is a corporation, 80
130130 all shareholders that, directly or indirectly, own 25 percent or 81
131131 more or that have the power to vote 25 percent or more of a 82
132132 class of voting securities. 83
133133 (g) For a money services business that is a partnership, 84
134134 all general partners, and those limited or special partners that 85
135135 have contributed 25 percent or more or that have the right to 86
136136 receive upon dissolution 25 percent or more of the partnership's 87
137137 capital. 88
138138 (h) For a money services business that is a limited 89
139139 liability company, all managers, and those members that have 90
140140 contributed 25 percent or more or that have the right to receive 91
141141 upon dissolution 25 percent or more of the limited liability 92
142142 company's capital. 93
143143 (11)(10) "Corporate payment instrument" means a payment 94
144144 instrument on which the payee named on the instrument's face is 95
145145 other than a natural person. 96
146146 (12)(11) "Currency" means the coin and paper money of the 97
147147 United States or of any other country which is designated as 98
148148 legal tender and which circulates and is customarily used and 99
149149 accepted as a medium of exchange in the country of issuance. 100
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158158 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
159159
160160
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162162 Currency includes United Stat es silver certificates, United 101
163163 States notes, and Federal Reserve notes. Currency also includes 102
164164 official foreign bank notes that are customarily used and 103
165165 accepted as a medium of exchange in a foreign country. 104
166166 (13)(12) "Deferred presentment provider" means a person 105
167167 who is licensed under part II or part III of this chapter and 106
168168 has filed a declaration of intent with the office to engage in 107
169169 deferred presentment transactions as provided under part IV of 108
170170 this chapter. 109
171171 (14)(13) "Department" means the Department of Financial 110
172172 Services. 111
173173 (15)(14) "Electronic instrument" means a card, tangible 112
174174 object, or other form of electronic payment for the transmission 113
175175 or payment of money or the exchange of monetary value, including 114
176176 a stored value card or device that contains a microprocessor 115
177177 chip, magnetic stripe, or other means for storing information; 116
178178 that is prefunded; and for which the value is decremented upon 117
179179 each use. 118
180180 (16)(15) "Financial audit report" means a report prepared 119
181181 in connection with a financial audit that i s conducted in 120
182182 accordance with generally accepted auditing standards prescribed 121
183183 by the American Institute of Certified Public Accountants by a 122
184184 certified public accountant licensed to do business in the 123
185185 United States, and which must include: 124
186186 (a) Financial statements, including notes related to the 125
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195195 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
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197197
198198
199199 financial statements and required supplementary information, 126
200200 prepared in conformity with accounting principles generally 127
201201 accepted in the United States. The notes must, at a minimum, 128
202202 include detailed disclosures r egarding receivables that are 129
203203 greater than 90 days, if the total amount of such receivables 130
204204 represents more than 2 percent of the licensee's total assets. 131
205205 (b) An expression of opinion regarding whether the 132
206206 financial statements are presented in conformity with accounting 133
207207 principles generally accepted in the United States, or an 134
208208 assertion to the effect that such an opinion cannot be expressed 135
209209 and the reasons. 136
210210 (17)(16) "Foreign affiliate" means a person located 137
211211 outside this state who has been designated by a licensee to make 138
212212 payments on behalf of the licensee to persons who reside outside 139
213213 this state. The term also includes a person located outside of 140
214214 this state for whom the licensee has been designated to make 141
215215 payments in this state. 142
216216 (18)(17) "Foreign currency exchanger" means a person who 143
217217 exchanges, for compensation, currency of the United States or a 144
218218 foreign government to currency of another government. 145
219219 (19)(18) "Fraudulent identification paraphernalia" means 146
220220 all equipment, products, or materials of an y kind that are used, 147
221221 intended for use, or designed for use in the misrepresentation 148
222222 of a customer's identity. The term includes, but is not limited 149
223223 to: 150
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232232 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
233233
234234
235235
236236 (a) A signature stamp, thumbprint stamp, or other tool or 151
237237 device used to forge a customer's personal identification 152
238238 information. 153
239239 (b) An original of any type of personal identification 154
240240 listed in s. 560.310(2)(b) which is blank, stolen, or unlawfully 155
241241 issued. 156
242242 (c) A blank, forged, fictitious, or counterfeit instrument 157
243243 in the similitude of any type of pers onal identification listed 158
244244 in s. 560.310(2)(b) which would in context lead a reasonably 159
245245 prudent person to believe that such instrument is an authentic 160
246246 original of such personal identification. 161
247247 (d) Counterfeit, fictitious, or fabricated information in 162
248248 the similitude of a customer's personal identification 163
249249 information that, although not authentic, would in context lead 164
250250 a reasonably prudent person to credit its authenticity. 165
251251 (20)(19) "Licensee" means a person licensed under this 166
252252 chapter. 167
253253 (21)(20) "Location" means a branch office, mobile 168
254254 location, or location of an authorized vendor whose business 169
255255 activity is regulated under this chapter. 170
256256 (22)(21) "Monetary value" means a medium of exchange, 171
257257 whether or not redeemable in currency. 172
258258 (23)(22) "Money services business" means any person 173
259259 located in or doing business in this state, from this state, or 174
260260 into this state from locations outside this state or country who 175
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269269 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
270270
271271
272272
273273 acts as a payment instrument seller, foreign currency exchanger, 176
274274 check casher, or money transmitt er. 177
275275 (24)(23) "Money transmitter" means a corporation, limited 178
276276 liability company, limited liability partnership, or foreign 179
277277 entity qualified to do business in this state which receives 180
278278 currency, monetary value, or payment instruments for the purpose 181
279279 of transmitting the same by any means, including transmission by 182
280280 wire, facsimile, electronic transfer, courier, the Internet, or 183
281281 through bill payment services or other businesses that 184
282282 facilitate such transfer within this country, or to or from this 185
283283 country. 186
284284 (25)(24) "Net worth" means assets minus liabilities, 187
285285 determined in accordance with United States generally accepted 188
286286 accounting principles. 189
287287 (26)(25) "Office" means the Office of Financial Regulation 190
288288 of the commission. 191
289289 (26) "Officer" means an individual, other than a director, 192
290290 who participates in, or has authority to participate in, the 193
291291 major policymaking functions of a money services business, 194
292292 regardless of whether the individual has an official title or 195
293293 receives a salary or other compensation. 196
294294 (27) "Outstanding money transmission" means a money 197
295295 transmission to a designated recipient or a refund to a sender 198
296296 that has not been completed. 199
297297 (28) "Outstanding payment instrument" means an unpaid 200
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306306 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
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310310 payment instrument whose sale has been reported to a licensee. 201
311311 (29) "Payment instrument" means a check, draft, warrant, 202
312312 money order, travelers check, electronic instrument, or other 203
313313 instrument, payment of money, or monetary value whether or not 204
314314 negotiable. The term does not include an instrument that is 205
315315 redeemable by the issuer in merchandise or service, a credit 206
316316 card voucher, or a letter of credit. 207
317317 (30) "Payment instrument seller" means a corporation, 208
318318 limited liability company, limited liability partnership, or 209
319319 foreign entity qualified to do business in this state which 210
320320 sells a payment instrument. 211
321321 (31) "Person" means an individual, partnership, 212
322322 association, trust, corporation, limited liability company, or 213
323323 other group, however organized, but does not include a public 214
324324 agency or instrumentality thereof. 215
325325 (32) "Personal identification information" means a 216
326326 customer's name that, alone or together with any of the 217
327327 following information, may be used to identify that specific 218
328328 customer: 219
329329 (a) Customer's signature. 220
330330 (b) Photograph, digital image, or other likeness of the 221
331331 customer. 222
332332 (c) Unique biometric data, such as the customer's 223
333333 thumbprint or fingerprint, voice print, retina or iris image, or 224
334334 other unique physical representation of the customer. 225
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343343 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
344344
345345
346346
347347 (33) "Responsible person" means an individual who is 226
348348 employed by or affilia ted with a money services business and who 227
349349 has principal active management authority over the business 228
350350 decisions, actions, and activities of the money services 229
351351 business in this state. 230
352352 (33) "Publicly traded" means a stock is currently traded 231
353353 on a national securities exchange registered with the Securities 232
354354 and Exchange Commission, or traded on an exchange in a country 233
355355 other than the United States regulated by a regulator equivalent 234
356356 to the Securities and Exchange Commission and the disclosure and 235
357357 reporting requirements of such regulator are substantially 236
358358 similar to those of the Securities and Exchange Commission. 237
359359 (34) "Sells" means to sell, issue, provide, or deliver. 238
360360 (35) "Stored value" means funds or monetary value 239
361361 represented in digital electronic form at, whether or not 240
362362 specially encrypted, and stored or capable of storage on 241
363363 electronic media in such a way as to be retrievable and 242
364364 transferred electronically. 243
365365 Section 2. Subsection (2) of section 560.118, Florida 244
366366 Statutes, is amended to read: 245
367367 560.118 Reports.— 246
368368 (2) Each licensee must submit quarterly reports to the 247
369369 office in a format and include information as specified by rule. 248
370370 The rule may require the report to contain a declaration by a 249
371371 control an officer, or any other responsible person authorized 250
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380380 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
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384384 to make such declaration, that the report is true and correct to 251
385385 the best of her or his knowledge and belief. 252
386386 Section 3. Paragraph (d) of subsection (3) of section 253
387387 560.123, Florida Statutes, is amended to read: 254
388388 560.123 Florida Cont rol of Money Laundering in Money 255
389389 Services Business Act. — 256
390390 (3) A money services business shall keep a record of each 257
391391 financial transaction occurring in this state which it knows to 258
392392 involve currency or other payment instrument, as prescribed by 259
393393 the commission, having a value greater than $10,000; to involve 260
394394 the proceeds of specified unlawful activity; or to be designed 261
395395 to evade the reporting requirements of this section or chapter 262
396396 896. The money services business must maintain appropriate 263
397397 procedures to ensure compliance with this section and chapter 264
398398 896. 265
399399 (d) A money services business, or control person officer, 266
400400 employee, or agent thereof, that files a report in good faith 267
401401 pursuant to this section is not liable to any person for loss or 268
402402 damage caused in whol e or in part by the making, filing, or 269
403403 governmental use of the report, or any information contained 270
404404 therein. 271
405405 Section 4. Subsection (3) of section 560.126, Florida 272
406406 Statutes, is amended to read: 273
407407 560.126 Required notice by licensee. — 274
408408 (3) Each licensee must report any change in the control 275
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417417 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
418418
419419
420420
421421 partners, officers, members, joint venturers, directors, 276
422422 controlling shareholders, or responsible persons of the licensee 277
423423 or changes in the form of business organization by written 278
424424 amendment in such form and at such t ime as specified by rule. 279
425425 (a) If any person, directly or indirectly or acting by or 280
426426 through one or more persons, proposes to purchase or acquire a 281
427427 controlling interest in a licensee, such person or group must 282
428428 submit an application for licensure as a mone y services business 283
429429 or deferred presentment provider before such purchase or 284
430430 acquisition at such time and in such form as prescribed by rule. 285
431431 As used in this subsection, the term "controlling interest" 286
432432 means the same as described in s. 560.127. 287
433433 (b) Upon the addition of a control person, the office 288
434434 shall evaluate the added control person and ensure that such 289
435435 person has submitted fingerprints for processing pursuant to s. 290
436436 560.141(1)(c) partner, officer, member, joint venturer, 291
437437 director, controlling sharehol der, or responsible person of the 292
438438 applicant who does not have a controlling interest and who has 293
439439 not previously complied with the applicable provisions of ss. 294
440440 560.1401 and 560.141 is subject to such provisions . If the 295
441441 office determines that the addition of the control person would 296
442442 cause the money services business to no longer the licensee does 297
443443 not continue to meet the licensure requirements under this 298
444444 chapter, the office may bring an administrative action in 299
445445 accordance with s. 560.114 to enforce the provis ions of this 300
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454454 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
455455
456456
457457
458458 chapter. 301
459459 (c) The commission shall adopt rules providing for the 302
460460 waiver of the license application required by this subsection if 303
461461 the person or group of persons proposing to purchase or acquire 304
462462 a controlling interest in a licensee has previou sly complied 305
463463 with the applicable provisions of ss. 560.1401 and 560.141 under 306
464464 the same legal entity or is currently licensed under this 307
465465 chapter. 308
466466 Section 5. Paragraphs (a) and (c) of subsection (1) of 309
467467 section 560.141, Florida Statutes, are amended to re ad: 310
468468 560.141 License application. — 311
469469 (1) To apply for a license as a money services business 312
470470 under this chapter, the applicant must submit: 313
471471 (a) An application to the office on forms prescribed by 314
472472 rule which includes the following information: 315
473473 1. The legal name and address of the applicant, including 316
474474 any fictitious or trade names used by the applicant in the 317
475475 conduct of its business. 318
476476 2. The date of the applicant's formation and the state in 319
477477 which the applicant was formed, if applicable. 320
478478 3. The name, social security number, alien identification 321
479479 or taxpayer identification number, business and residence 322
480480 addresses, and employment history for the past 5 years for each 323
481481 control person officer, director, responsible person, the 324
482482 compliance officer, each contr olling shareholder, and any other 325
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491491 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
492492
493493
494494
495495 person who has a controlling interest in the money services 326
496496 business as provided in s. 560.127 . 327
497497 4. A description of the organizational structure of the 328
498498 applicant, including the identity of any parent or subsidiary of 329
499499 the applicant, and the disclosure of whether any parent or 330
500500 subsidiary is publicly traded. 331
501501 5. The applicant's history of operations in other states 332
502502 if applicable and a description of the money services business 333
503503 or deferred presentment provider activities pro posed to be 334
504504 conducted by the applicant in this state. 335
505505 6. If the applicant or its parent is a publicly traded 336
506506 company, copies of all filings made by the applicant with the 337
507507 United States Securities and Exchange Commission, or with a 338
508508 similar regulator in a country other than the United States, 339
509509 within the preceding year. 340
510510 7. The location at which the applicant proposes to 341
511511 establish its principal place of business and any other 342
512512 location, including branch offices and authorized vendors 343
513513 operating in this state. For each branch office and each 344
514514 location of an authorized vendor, the applicant shall include 345
515515 the nonrefundable fee required by s. 560.143. 346
516516 8. The name and address of the clearing financial 347
517517 institution or financial institutions through which the 348
518518 applicant's payment instruments are drawn or through which the 349
519519 payment instruments are payable. 350
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528528 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
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532532 9. The history of the applicant's material litigation, 351
533533 criminal convictions, pleas of nolo contendere, and cases of 352
534534 adjudication withheld. 353
535535 10. The history of mater ial litigation, arrests, criminal 354
536536 convictions, pleas of nolo contendere, and cases of adjudication 355
537537 withheld for each control executive officer, director, 356
538538 controlling shareholder, and responsible person. 357
539539 11. The name of the registered agent in this state for 358
540540 service of process unless the applicant is a sole proprietor. 359
541541 12. Any other information specified in this chapter or by 360
542542 rule. 361
543543 (c) Fingerprints for each person listed in subparagraph 362
544544 (a)3. for live-scan processing in accordance with rules adopted 363
545545 by the commission. 364
546546 1. The fingerprints may be submitted through a third -party 365
547547 vendor authorized by the Department of Law Enforcement to 366
548548 provide live-scan fingerprinting. 367
549549 2. The Department of Law Enforcement must conduct the 368
550550 state criminal history backgro und check, and a federal criminal 369
551551 history background check must be conducted through the Federal 370
552552 Bureau of Investigation. 371
553553 3. All fingerprints submitted to the Department of Law 372
554554 Enforcement must be submitted electronically and entered into 373
555555 the statewide automated fingerprint identification system 374
556556 established in s. 943.05(2)(b) and available for use in 375
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565565 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
566566
567567
568568
569569 accordance with s. 943.05(2)(g) and (h). The office shall pay an 376
570570 annual fee to the Department of Law Enforcement to participate 377
571571 in the system and shall infor m the Department of Law Enforcement 378
572572 of any person whose fingerprints no longer must be retained. 379
573573 4. The costs of fingerprint processing, including the cost 380
574574 of retaining the fingerprints, shall be borne by the person 381
575575 subject to the background check. 382
576576 5. The office shall review the results of the state and 383
577577 federal criminal history background checks and determine whether 384
578578 the applicant meets licensure requirements. 385
579579 6. For purposes of this paragraph, fingerprints are not 386
580580 required to be submitted if the appl icant is a publicly traded 387
581581 corporation or is exempted from this chapter under s. 388
582582 560.104(1). The term "publicly traded" means a stock is 389
583583 currently traded on a national securities exchange registered 390
584584 with the federal Securities and Exchange Commission or tr aded on 391
585585 an exchange in a country other than the United States regulated 392
586586 by a regulator equivalent to the Securities and Exchange 393
587587 Commission and the disclosure and reporting requirements of such 394
588588 regulator are substantially similar to those of the commission . 395
589589 7. Licensees initially approved before October 1, 2013, 396
590590 who are seeking renewal must submit fingerprints for each person 397
591591 listed in subparagraph (a)3. for live -scan processing pursuant 398
592592 to this paragraph. Such fingerprints must be submitted before 399
593593 renewing a license that is scheduled to expire between April 30, 400
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602602 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
603603
604604
605605
606606 2014, and December 31, 2015. 401
607607 Section 6. For the purpose of incorporating the amendments 402
608608 made by this act to sections 560.118 and 560.141, Florida 403
609609 Statutes, in references thereto, paragraph (a) of subsection (4) 404
610610 of section 559.952, Florida Statutes, is reenacted to read: 405
611611 559.952 Financial Technology Sandbox. — 406
612612 (4) EXCEPTIONS TO GENERAL LAW AND WAIVERS OF RULE 407
613613 REQUIREMENTS.— 408
614614 (a) Notwithstanding any other law, upon approval of a 409
615615 Financial Technology Sandbox application, the following 410
616616 provisions and corresponding rule requirements are not 411
617617 applicable to the licensee during the sandbox period: 412
618618 1. Section 516.03(1), except for the application fee, the 413
619619 investigation fee, the requirement to provide the social 414
620620 security numbers of control persons, evidence of liquid assets 415
621621 of at least $25,000, and the office's authority to investigate 416
622622 the applicant's background. The office may prorate the license 417
623623 renewal fee for an extension granted under subsection ( 7). 418
624624 2. Section 516.05(1) and (2), except that the office shall 419
625625 investigate the applicant's background. 420
626626 3. Section 560.109, only to the extent that the section 421
627627 requires the office to examine a licensee at least once every 5 422
628628 years. 423
629629 4. Section 560.118(2). 424
630630 5. Section 560.125(1), only to the extent that the 425
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639639 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
640640
641641
642642
643643 subsection would prohibit a licensee from engaging in the 426
644644 business of a money transmitter or payment instrument seller 427
645645 during the sandbox period. 428
646646 6. Section 560.125(2), only to the extent t hat the 429
647647 subsection would prohibit a licensee from appointing an 430
648648 authorized vendor during the sandbox period. Any authorized 431
649649 vendor of such a licensee during the sandbox period remains 432
650650 liable to the holder or remitter. 433
651651 7. Section 560.128. 434
652652 8. Section 560.141, except for s. 560.141(1)(a)1., 3., 7. -435
653653 10. and (b), (c), and (d). 436
654654 9. Section 560.142(1) and (2), except that the office may 437
655655 prorate, but may not entirely eliminate, the license renewal 438
656656 fees in s. 560.143 for an extension granted under subsection 439
657657 (7). 440
658658 10. Section 560.143(2), only to the extent necessary for 441
659659 proration of the renewal fee under subparagraph 9. 442
660660 11. Section 560.204(1), only to the extent that the 443
661661 subsection would prohibit a licensee from engaging in, or 444
662662 advertising that it engages in, the selling or issuing of 445
663663 payment instruments or in the activity of a money transmitter 446
664664 during the sandbox period. 447
665665 12. Section 560.205(2). 448
666666 13. Section 560.208(2). 449
667667 14. Section 560.209, only to the extent that the office 450
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676676 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
677677
678678
679679
680680 may modify, but may not entirel y eliminate, the net worth, 451
681681 corporate surety bond, and collateral deposit amounts required 452
682682 under that section. The modified amounts must be in such lower 453
683683 amounts that the office determines to be commensurate with the 454
684684 factors under paragraph (5)(c) and the maximum number of 455
685685 consumers authorized to receive the financial product or service 456
686686 under this section. 457
687687 Section 7. For the purpose of incorporating the amendment 458
688688 made by this act to section 560.141, Florida Statutes, in a 459
689689 reference thereto, paragraph (c ) of subsection (2) of section 460
690690 560.114, Florida Statutes, is reenacted, to read: 461
691691 560.114 Disciplinary actions; penalties. — 462
692692 (2) Pursuant to s. 120.60(6), the office may summarily 463
693693 suspend the license of a money services business if the office 464
694694 finds that a licensee poses an immediate, serious danger to the 465
695695 public health, safety, and welfare. A proceeding in which the 466
696696 office seeks the issuance of a final order for the summary 467
697697 suspension of a licensee shall be conducted by the commissioner 468
698698 of the office, or his or her designee, who shall issue such 469
699699 order. The following acts are deemed to constitute an immediate 470
700700 and serious danger to the public health, safety, and welfare, 471
701701 and the office may immediately suspend the license of a money 472
702702 services business if: 473
703703 (c) A natural person required to be listed on the license 474
704704 application for a money services business pursuant to s. 475
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713713 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
714714
715715
716716
717717 560.141(1)(a)3. is criminally charged with, or arrested for, a 476
718718 crime described in paragraph (1)(o), paragraph (1)(p), or 477
719719 paragraph(1)(q). 478
720720 Section 8. This act shall take effect October 1, 2022. 479