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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
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 Office 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 in certain other entities or persons; providing 14
that the addition of a control person, rather than 15
certain other entities or persons, is subject to 16
certain requirements; amending s. 560.141, F.S.; 17
revising requirements for applications for licensure 18
as a money services business; deleting the definition 19
of the term "publicly traded"; reenacting s. 20
559.952(4)(a), F.S., relating to the Financial 21
Technology Sandbox, to incorporate the amendments made 22
to ss. 560.118 and 560.141, F.S., in references 23
thereto; reenacting s. 560.114(2)(c), F.S., relating 24
to disciplinary actions and penalties, to incorporate 25
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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
the amendment made to s. 560.141, F.S., in a reference 26
thereto; providing an effective date. 27
28
Be It Enacted by the Legislature of the State of Florida: 29
30
Section 1. Section 560.103, Florida Statutes, is amended 31
to read: 32
560.103 Definitions. —As used in this chapter, the term: 33
(1) "Affiliated party" means a control director, officer, 34
responsible person, employee, or foreign affiliate of a money 35
services business, or a person who has a controlling inter est in 36
a money services business as provided in s. 560.127. 37
(2) "Appropriate regulator" means a state, federal, or 38
foreign agency that has been granted authority to enforce state, 39
federal, or foreign laws related to a money services business or 40
deferred presentment provider. 41
(3) "Authorized vendor" means a person designated by a 42
money services business licensed under part II of this chapter 43
to act on behalf of the licensee at locations in this state 44
pursuant to a written contract with the licensee. 45
(4) "Branch office" means the physical location, other 46
than the principal place of business, of a money services 47
business operated by a licensee under this chapter. 48
(5) "Cashing" means providing currency for payment 49
instruments except for travelers checks. 50
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(6) "Check casher" means a person who sells currency in 51
exchange for payment instruments received, except travelers 52
checks. 53
(7) "Commission" means the Financial Services Commission. 54
(8) "Compliance officer" means the individual in charge of 55
overseeing, managing, and ensuring that a money services 56
business is in compliance with all state and federal laws and 57
rules relating to money services businesses, as applicable, 58
including all money laundering laws and rules. 59
(9) "Conductor" means a natural pers on who presents 60
himself or herself to a licensee for purposes of cashing a 61
payment instrument. 62
(10) "Control person" means any of the following: 63
(a) A person who holds the title of president, chief 64
executive officer, chief financial officer, chief operations 65
officer, chief legal officer, or compliance officer for a money 66
services business. 67
(b) A person who holds any of the officer positions named 68
in the money services business's governing documents . 69
(c) A person who holds any position named by the money 70
services business's liability insurance coverage for directors 71
and officers, if the business has such coverage. 72
(d) A director of the money services business's board of 73
directors. 74
(e) A person who directs the affairs of a money services 75
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business or who participates in, or has authority to participate 76
in, the major policymaking functions of a money services 77
business, regardless of whether the person has an official title 78
or receives a salary or o ther compensation. 79
(f) For a money services business that is a corporation, 80
all shareholders that, directly or indirectly, own 25 percent or 81
more or that have the power to vote 25 percent or more of a 82
class of voting securities. 83
(g) For a money servic es business that is a partnership, 84
all general partners, and those limited or special partners that 85
have contributed 25 percent or more or that have the right to 86
receive upon dissolution 25 percent or more of the partnership's 87
capital. 88
(h) For a money services business that is a limited 89
liability company, all managers, and those members that have 90
contributed 25 percent or more or that have the right to receive 91
upon dissolution 25 percent or more of the limited liability 92
company's capital. 93
(11)(10) "Corporate payment instrument" means a payment 94
instrument on which the payee named on the instrument's face is 95
other than a natural person. 96
(12)(11) "Currency" means the coin and paper money of the 97
United States or of any other country which is designated as 98
legal tender and which circulates and is customarily used and 99
accepted as a medium of exchange in the country of issuance. 100
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Currency includes United States silver certificates, United 101
States notes, and Federal Reserve notes. Currency also includes 102
official foreign bank notes that are customarily used and 103
accepted as a medium of exchange in a foreign country. 104
(13)(12) "Deferred presentment provider" means a person 105
who is licensed under part II or part III of this chapter and 106
has filed a declaration of inten t with the office to engage in 107
deferred presentment transactions as provided under part IV of 108
this chapter. 109
(14)(13) "Department" means the Department of Financial 110
Services. 111
(15)(14) "Electronic instrument" means a card, tangible 112
object, or other form of electronic payment for the transmission 113
or payment of money or the exchange of monetary value, including 114
a stored value card or device that contains a microprocessor 115
chip, magnetic stripe, or other means for storing information; 116
that is prefunded; and f or which the value is decremented upon 117
each use. 118
(16)(15) "Financial audit report" means a report prepared 119
in connection with a financial audit that is conducted in 120
accordance with generally accepted auditing standards prescribed 121
by the American Institut e of Certified Public Accountants by a 122
certified public accountant licensed to do business in the 123
United States, and which must include: 124
(a) Financial statements, including notes related to the 125
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financial statements and required supplementary information, 126
prepared in conformity with accounting principles generally 127
accepted in the United States. The notes must, at a minimum, 128
include detailed disclosures regarding receivables that are 129
greater than 90 days, if the total amount of such receivables 130
represents more than 2 percent of the licensee's total assets. 131
(b) An expression of opinion regarding whether the 132
financial statements are presented in conformity with accounting 133
principles generally accepted in the United States, or an 134
assertion to the effect that such an opinion cannot be expressed 135
and the reasons. 136
(17)(16) "Foreign affiliate" means a person located 137
outside this state who has been designated by a licensee to make 138
payments on behalf of the licensee to persons who reside outside 139
this state. The term also includes a person located outside of 140
this state for whom the licensee has been designated to make 141
payments in this state. 142
(18)(17) "Foreign currency exchanger" means a person who 143
exchanges, for compensation, currency of the United States or a 144
foreign government to currency of another government. 145
(19)(18) "Fraudulent identification paraphernalia" means 146
all equipment, products, or materials of any kind that are used, 147
intended for use, or designed for use in the misrepresentation 148
of a customer's identity. The term includes, but is not limited 149
to: 150
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(a) A signature stamp, thumbprint stamp, or other tool or 151
device used to forge a customer's personal identification 152
information. 153
(b) An original of any type of personal identification 154
listed in s. 560.310(2)(b) which is blank, stolen, or unlawfully 155
issued. 156
(c) A blank, forged, fictitious, or counterfeit instrument 157
in the similitude of any type of personal identification listed 158
in s. 560.310(2)(b) which would in context lead a reasonably 159
prudent person to believe that such instrument is an authentic 160
original of such personal identification. 161
(d) Counterfeit, fictitious, or fabricated information in 162
the similitude of a customer's personal identification 163
information that, although not authentic, would in c ontext lead 164
a reasonably prudent person to credit its authenticity. 165
(20)(19) "Licensee" means a person licensed under this 166
chapter. 167
(21)(20) "Location" means a branch office, mobile 168
location, or location of an authorized vendor whose business 169
activity is regulated under this chapter. 170
(22)(21) "Monetary value" means a medium of exchange, 171
whether or not redeemable in currency. 172
(23)(22) "Money services business" means any person 173
located in or doing business in this state, from this state, or 174
into this state from locations outside this state or country who 175
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acts as a payment instrument seller, foreign currency exchanger, 176
check casher, or money transmitter. 177
(24)(23) "Money transmitter" means a corporation, limited 178
liability company, limited liability par tnership, or foreign 179
entity qualified to do business in this state which receives 180
currency, monetary value, or payment instruments for the purpose 181
of transmitting the same by any means, including transmission by 182
wire, facsimile, electronic transfer, courie r, the Internet, or 183
through bill payment services or other businesses that 184
facilitate such transfer within this country, or to or from this 185
country. 186
(25)(24) "Net worth" means assets minus liabilities, 187
determined in accordance with United States generall y accepted 188
accounting principles. 189
(26)(25) "Office" means the Office of Financial Regulation 190
of the commission. 191
(26) "Officer" means an individual, other than a director, 192
who participates in, or has authority to participate in, the 193
major policymaking functions of a money services business, 194
regardless of whether the individual has an official title or 195
receives a salary or other compensation. 196
(27) "Outstanding money transmission" means a money 197
transmission to a designated recipient o r a refund to a sender 198
that has not been completed. 199
(28) "Outstanding payment instrument" means an unpaid 200
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payment instrument whose sale has been reported to a licensee. 201
(29) "Payment instrument" means a check, draft, warrant, 202
money order, travelers che ck, electronic instrument, or other 203
instrument, payment of money, or monetary value whether or not 204
negotiable. The term does not include an instrument that is 205
redeemable by the issuer in merchandise or service, a credit 206
card voucher, or a letter of credit. 207
(30) "Payment instrument seller" means a corporation, 208
limited liability company, limited liability partnership, or 209
foreign entity qualified to do business in this state which 210
sells a payment instrument. 211
(31) "Person" means an individual, partnership, 212
association, trust, corporation, limited liability company, or 213
other group, however organized, but does not include a public 214
agency or instrumentality thereof. 215
(32) "Personal identification information" means a 216
customer's name that, alone or together wit h any of the 217
following information, may be used to identify that specific 218
customer: 219
(a) Customer's signature. 220
(b) Photograph, digital image, or other likeness of the 221
customer. 222
(c) Unique biometric data, such as the customer's 223
thumbprint or fingerprin t, voice print, retina or iris image, or 224
other unique physical representation of the customer. 225
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(33) "Responsible person" means an individual who is 226
employed by or affiliated with a money services business and who 227
has principal active management authority over the business 228
decisions, actions, and activities of the money services 229
business in this state. 230
(33) "Publicly traded" means a stock is currently traded 231
on a national securities exchange registered with the Securities 232
and Exchange Commission, or trad ed on an exchange in a country 233
other than the United States regulated by a regulator equivalent 234
to the Securities and Exchange Commission and the disclosure and 235
reporting requirements of such regulator are substantially 236
similar to those of the Securities a nd Exchange Commission. 237
(34) "Sells" means to sell, issue, provide, or deliver. 238
(35) "Stored value" means funds or monetary value 239
represented in digital electronic format, whether or not 240
specially encrypted, and stored or capable of storage on 241
electronic media in such a way as to be retrievable and 242
transferred electronically. 243
Section 2. Subsection (2) of section 560.118, Florida 244
Statutes, is amended to read: 245
560.118 Reports.— 246
(2) Each licensee must submit quarterly reports to the 247
office in a format and include information as specified by rule. 248
The rule may require the report to contain a declaration by a 249
control an officer, or any other responsible person authorized 250
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to make such declaration, that the report is true and correct to 251
the best of her or his knowledge and belief. 252
Section 3. Paragraph (d) of subsection (3) of section 253
560.123, Florida Statutes, is amended to read: 254
560.123 Florida Control of Money Laundering in Money 255
Services Business Act. — 256
(3) A money services business sha ll keep a record of each 257
financial transaction occurring in this state which it knows to 258
involve currency or other payment instrument, as prescribed by 259
the commission, having a value greater than $10,000; to involve 260
the proceeds of specified unlawful activ ity; or to be designed 261
to evade the reporting requirements of this section or chapter 262
896. The money services business must maintain appropriate 263
procedures to ensure compliance with this section and chapter 264
896. 265
(d) A money services business, or control person officer, 266
employee, or agent thereof, that files a report in good faith 267
pursuant to this section is not liable to any person for loss or 268
damage caused in whole or in part by the making, filing, or 269
governmental use of the report, or any information co ntained 270
therein. 271
Section 4. Subsection (3) of section 560.126, Florida 272
Statutes, is amended to read: 273
560.126 Required notice by licensee. — 274
(3) Each licensee must report any change in the control 275
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partners, officers, members, joint venturers, directo rs, 276
controlling shareholders, or responsible persons of the licensee 277
or changes in the form of business organization by written 278
amendment in such form and at such time as specified by rule. 279
(a) If any person, directly or indirectly or acting by or 280
through one or more persons, proposes to purchase or acquire a 281
controlling interest in a licensee, such person or group must 282
submit an application for licensure as a money services business 283
or deferred presentment provider before such purchase or 284
acquisition at such time and in such form as prescribed by rule. 285
As used in this subsection, the term "controlling interest" 286
means the same as described in s. 560.127. 287
(b) Upon the addition of a control person, the office 288
shall evaluate the added control person and ens ure that such 289
person has submitted fingerprints for processing pursuant to s. 290
560.141(1)(c) partner, officer, member, joint venturer, 291
director, controlling shareholder, or responsible person of the 292
applicant who does not have a controlling interest and who has 293
not previously complied with the applicable provisions of ss. 294
560.1401 and 560.141 is subject to such provisions . If the 295
office determines that the addition of the control person would 296
cause the money services business to no longer the licensee does 297
not continue to meet the licensure requirements under this 298
chapter, the office may bring an administrative action in 299
accordance with s. 560.114 to enforce the provisions of this 300
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chapter. 301
(c) The commission shall adopt rules providing for the 302
waiver of the license application required by this subsection if 303
the person or group of persons proposing to purchase or acquire 304
a controlling interest in a licensee has previously complied 305
with the applicable provisions of ss. 560.1401 and 560.141 under 306
the same legal entity or is currently licensed under this 307
chapter. 308
Section 5. Paragraphs (a) and (c) of subsection (1) of 309
section 560.141, Florida Statutes, are amended to read: 310
560.141 License application. — 311
(1) To apply for a license as a money services business 312
under this chapter, the applicant must submit: 313
(a) An application to the office on forms prescribed by 314
rule which includes the following information: 315
1. The legal name and address of the applican t, including 316
any fictitious or trade names used by the applicant in the 317
conduct of its business. 318
2. The date of the applicant's formation and the state in 319
which the applicant was formed, if applicable. 320
3. The name, social security number, alien identif ication 321
or taxpayer identification number, business and residence 322
addresses, and employment history for the past 5 years for each 323
control person officer, director, responsible person, the 324
compliance officer, each controlling shareholder, and any other 325
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person who has a controlling interest in the money services 326
business as provided in s. 560.127 . 327
4. A description of the organizational structure of the 328
applicant, including the identity of any parent or subsidiary of 329
the applicant, and the disclosure of whet her any parent or 330
subsidiary is publicly traded. 331
5. The applicant's history of operations in other states 332
if applicable and a description of the money services business 333
or deferred presentment provider activities proposed to be 334
conducted by the applicant in this state. 335
6. If the applicant or its parent is a publicly traded 336
company, copies of all filings made by the applicant with the 337
United States Securities and Exchange Commission, or with a 338
similar regulator in a country other than the United States, 339
within the preceding year. 340
7. The location at which the applicant proposes to 341
establish its principal place of business and any other 342
location, including branch offices and authorized vendors 343
operating in this state. For each branch office and each 344
location of an authorized vendor, the applicant shall include 345
the nonrefundable fee required by s. 560.143. 346
8. The name and address of the clearing financial 347
institution or financial institutions through which the 348
applicant's payment instruments are drawn or through which the 349
payment instruments are payable. 350
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9. The history of the applicant's material litigation, 351
criminal convictions, pleas of nolo contendere, and cases of 352
adjudication withheld. 353
10. The history of material litigation, arrests, criminal 354
convictions, pleas of nolo contendere, and cases of adjudication 355
withheld for each control executive officer, director, 356
controlling shareholder, and responsible person. 357
11. The name of the registered agent in this state for 358
service of process unless the appl icant is a sole proprietor. 359
12. Any other information specified in this chapter or by 360
rule. 361
(c) Fingerprints for each person listed in subparagraph 362
(a)3. for live-scan processing in accordance with rules adopted 363
by the commission. 364
1. The fingerprints may be submitted through a third -party 365
vendor authorized by the Department of Law Enforcement to 366
provide live-scan fingerprinting. 367
2. The Department of Law Enforcement must conduct the 368
state criminal history background check, and a federal criminal 369
history background check must be conducted through the Federal 370
Bureau of Investigation. 371
3. All fingerprints submitted to the Department of Law 372
Enforcement must be submitted electronically and entered into 373
the statewide automated fingerprint identification sy stem 374
established in s. 943.05(2)(b) and available for use in 375
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accordance with s. 943.05(2)(g) and (h). The office shall pay an 376
annual fee to the Department of Law Enforcement to participate 377
in the system and shall inform the Department of Law Enforcement 378
of any person whose fingerprints no longer must be retained. 379
4. The costs of fingerprint processing, including the cost 380
of retaining the fingerprints, shall be borne by the person 381
subject to the background check. 382
5. The office shall review the results of the state and 383
federal criminal history background checks and determine whether 384
the applicant meets licensure requirements. 385
6. For purposes of this paragraph, fingerprints are not 386
required to be submitted if the applicant is a publicly traded 387
corporation or is exempted from this chapter under s. 388
560.104(1). The term "publicly traded" means a stock is 389
currently traded on a national securities exchange registered 390
with the federal Securities and Exchange Commission or traded on 391
an exchange in a country other than the United States regulated 392
by a regulator equivalent to the Securities and Exchange 393
Commission and the disclosure and reporting requirements of such 394
regulator are substantially similar to those of the commission. 395
7. Licensees initially approved be fore October 1, 2013, 396
who are seeking renewal must submit fingerprints for each person 397
listed in subparagraph (a)3. for live -scan processing pursuant 398
to this paragraph. Such fingerprints must be submitted before 399
renewing a license that is scheduled to expi re between April 30, 400
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2014, and December 31, 2015. 401
Section 6. For the purpose of incorporating the amendments 402
made by this act to sections 560.118 and 560.141, Florida 403
Statutes, in references thereto, paragraph (a) of subsection (4) 404
of section 559.952, Florida Statutes, is reenacted to read: 405
559.952 Financial Technology Sandbox. — 406
(4) EXCEPTIONS TO GENERAL LAW AND WAIVERS OF RULE 407
REQUIREMENTS.— 408
(a) Notwithstanding any other law, upon approval of a 409
Financial Technology Sandbox application, the follow ing 410
provisions and corresponding rule requirements are not 411
applicable to the licensee during the sandbox period: 412
1. Section 516.03(1), except for the application fee, the 413
investigation fee, the requirement to provide the social 414
security numbers of contro l persons, evidence of liquid assets 415
of at least $25,000, and the office's authority to investigate 416
the applicant's background. The office may prorate the license 417
renewal fee for an extension granted under subsection (7). 418
2. Section 516.05(1) and (2), ex cept that the office shall 419
investigate the applicant's background. 420
3. Section 560.109, only to the extent that the section 421
requires the office to examine a licensee at least once every 5 422
years. 423
4. Section 560.118(2). 424
5. Section 560.125(1), only to the extent that the 425
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subsection would prohibit a licensee from engaging in the 426
business of a money transmitter or payment instrument seller 427
during the sandbox period. 428
6. Section 560.125(2), only to the extent that the 429
subsection would prohibit a licensee from appointing an 430
authorized vendor during the sandbox period. Any authorized 431
vendor of such a licensee during the sandbox period remains 432
liable to the holder or remitter. 433
7. Section 560.128. 434
8. Section 560.141, except for s. 560.141(1)(a)1., 3., 7. -435
10. and (b), (c), and (d). 436
9. Section 560.142(1) and (2), except that the office may 437
prorate, but may not entirely eliminate, the license renewal 438
fees in s. 560.143 for an extension granted under subsection 439
(7). 440
10. Section 560.143(2), only to the extent necessary for 441
proration of the renewal fee under subparagraph 9. 442
11. Section 560.204(1), only to the extent that the 443
subsection would prohibit a licensee from engaging in, or 444
advertising that it engages in, the selling o r issuing of 445
payment instruments or in the activity of a money transmitter 446
during the sandbox period. 447
12. Section 560.205(2). 448
13. Section 560.208(2). 449
14. Section 560.209, only to the extent that the office 450
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may modify, but may not entirely eliminate, the net worth, 451
corporate surety bond, and collateral deposit amounts required 452
under that section. The modified amounts must be in such lower 453
amounts that the office determines to be commensurate with the 454
factors under paragraph (5)(c) and the maximum numbe r of 455
consumers authorized to receive the financial product or service 456
under this section. 457
Section 7. For the purpose of incorporating the amendment 458
made by this act to section 560.141, Florida Statutes, in a 459
reference thereto, paragraph (c) of subsecti on (2) of section 460
560.114, Florida Statutes, is reenacted, to read: 461
560.114 Disciplinary actions; penalties. — 462
(2) Pursuant to s. 120.60(6), the office may summarily 463
suspend the license of a money services business if the office 464
finds that a licensee po ses an immediate, serious danger to the 465
public health, safety, and welfare. A proceeding in which the 466
office seeks the issuance of a final order for the summary 467
suspension of a licensee shall be conducted by the commissioner 468
of the office, or his or her de signee, who shall issue such 469
order. The following acts are deemed to constitute an immediate 470
and serious danger to the public health, safety, and welfare, 471
and the office may immediately suspend the license of a money 472
services business if: 473
(c) A natural person required to be listed on the license 474
application for a money services business pursuant to s. 475
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CS/CS/HB 389 2022 Legislature
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hb0389-03-er
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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
560.141(1)(a)3. is criminally charged with, or arrested for, a 476
crime described in paragraph (1)(o), paragraph (1)(p), or 477
paragraph(1)(q). 478
Section 8. This act shall take effect October 1, 2022. 479