HB 607 2023
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hb0607-00
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
A bill to be entitled 1
An act relating to money services businesses; amending 2
s. 560.103, F.S.; revising the definition of the term 3
"control person" for purposes of ch. 560, F.S.; 4
defining the term "governing documents"; providing an 5
effective date. 6
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Be It Enacted by the Legislature of the State of Florida: 8
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Section 1. Subsection (10) of section 560.103, Florida 10
Statutes, is amended to read: 11
560.103 Definitions. —As used in this chapter, the term: 12
(10) "Control person" means any of the following: 13
(a) A person who holds the title of president, chief 14
executive officer, chief financial officer, chief operations 15
officer, chief legal officer, or compliance officer for a money 16
services business. 17
(b) A person who holds any of the officer , manager, or 18
managing member positions named in the money services business's 19
governing documents. As used in this paragraph, the term 20
"governing documents" includes bylaws, articles of incorp oration 21
or organization, partnership agreements, shareholder agreements, 22
and management or operating agreements. 23
(c) A person who holds any position named by the money 24
services business's liability insurance coverage for directors 25
HB 607 2023
CODING: Words stricken are deletions; words underlined are additions.
hb0607-00
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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
and officers, if the bu siness has such coverage. 26
(d) A director of the money services business's board of 27
directors. 28
(e) A person who directs the affairs of a money services 29
business or who participates in, or has authority to participate 30
in, the major policymaking functions of a money services 31
business, regardless of whether the person has an official title 32
or receives a salary or other compensation. 33
(d)(f) For a money services business that is a corporation 34
or a foreign corporation, as those terms are defined in s. 35
607.01401, each person who is a 25 percent or greater interest 36
holder as that term is defined in s. 607.01401(44)(a) , all 37
shareholders that, directly or indirectly, own 25 percent or 38
more or that have the power to vote 25 percent or more of a 39
class of voting securities. 40
(e)(g) For a money services business that is a limited 41
partnership, limited liability limited partnership, foreign 42
limited partnership, or foreign limited liability limited 43
partnership as those terms are defined in s. 620.1102, each 44
person who has a 25 percent or greater transferable interest as 45
that term is defined in s. 620.1102 all general partners, and 46
those limited or special partners that have contributed 25 47
percent or more or that have the right to receive upon 48
dissolution 25 percent or mo re of the partnership's capital . 49
(f)(h) For a money services business that is a limited 50
HB 607 2023
CODING: Words stricken are deletions; words underlined are additions.
hb0607-00
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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
liability company or a foreign limited liability company, as 51
those terms are defined in s. 605.0102, each person who is a 25 52
percent or greater interest holder as tha t term is defined in s. 53
605.0102(31)(f), all managers, and those members that have 54
contributed 25 percent or more or that have the right to receive 55
upon dissolution 25 percent or more of the limited liability 56
company's capital. 57
Section 2. This act shal l take effect July 1, 2023. 58