Florida 2023 Regular Session

Florida House Bill H0607 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
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2		-	~~ENROLLED~~
3		-	CS/HB 607 2023 ~~Legislature~~
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	3	+	CS/HB 607 2023
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7	7		CODING: Words stricken are deletions; words underlined are additions.
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10	10		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		-	1
	14	+	A bill to be entitled 1
15	15		An act relating to money services businesses; amending 2
16	16		s. 560.103, F.S.; revising the definition of the term 3
17	17		"control person" for purposes of ch. 560, F.S., 4
18	18		relating to money services businesses; defining the 5
19	19		terms "governing documents" and "membership interest"; 6
20	20		providing an effective date. 7
21	21		8
22	22		Be It Enacted by the Legislature of the State of Florida: 9
23	23		10
24	24		Section 1. Subsection (10) of section 560.103, Flori da 11
25	25		Statutes, is amended to read: 12
26	26		560.103 Definitions. —As used in this chapter, the term: 13
27	27		(10) "Control person" means , with respect to a money 14
28	28		services business, any of the following: 15
29	29		(a) A person who holds the title of president, treasurer, 16
30	30		chief executive officer, chief financial officer, chief 17
31	31		operations officer, chief legal officer, or compliance officer 18
32	32		for a money services business. 19
33	33		(b) A person who holds any of the officer , general 20
34	34		partner, manager, or managing member positions named in the 21
35	35		money services business's governing documents. As used in this 22
36	36		paragraph, the term "governing documents" includes bylaws, 23
37	37		articles of incorporation or organization, partnership 24
38	38		agreements, shareholder agreements, and management or operating 25
39		-	~~ENROLLED~~
40		-	CS/HB 607 2023 ~~Legislature~~
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	40	+	CS/HB 607 2023
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44	44		CODING: Words stricken are deletions; words underlined are additions.
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47	47		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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51	51		agreements. 26
52	52		(c) A person who holds any position named by the money 27
53	53		services business's liability insurance coverage for directors 28
54	54		and officers, if the business has such coverage. 29
55	55		(d) A director of the money services business's board of 30
56	56		directors. 31
57	57		(e) A person who dir ects the affairs of a money services 32
58	58		business or who participates in, or has authority to participate 33
59	59		in, the major policymaking functions of a money services 34
60	60		business, regardless of whether the person has an official title 35
61	61		or receives a salary or other co mpensation. 36
62	62		(d)(f) A shareholder whose name shares are registered in 37
63	63		the records of a corporation for profit, whether incorporated 38
64	64		under the laws of this state or organized under the laws of any 39
65	65		other jurisdiction and existing in that legal form, who own s 25 40
66	66		percent or more of a class of the company's equity securities 41
67	67		For a money services business that is a corporation, all 42
68	68		shareholders that, directly or indirectly, own 25 percent or 43
69	69		more or that have the power to vote 25 percent or more of a 44
70	70		class of voting securities. 45
71	71		(e)(g) A general partner or a limited partner, as those 46
72	72		terms are defined in s. 620.1102, who has a 25 percent or more 47
73	73		transferable interest, as defined in s. 620.1102, of a limited 48
74	74		partnership, limited liability limited partnership, for eign 49
75	75		limited partnership, or foreign limited liability limited 50
76		-	~~ENROLLED~~
77		-	CS/HB 607 2023 ~~Legislature~~
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	77	+	CS/HB 607 2023
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84	84		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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88	88		partnership, as those terms are defined in s. 620.1102 For a 51
89	89		money services business that is a partnership, all general 52
90	90		partners, and those limited or special partners that have 53
91	91		contributed 25 percent or more or that have the right to receive 54
92	92		upon dissolution 25 percent or more of the partnership's 55
93	93		capital. 56
94	94		(f)(h) A member, who is a person that owns a membership 57
95	95		interest in a limited liability company or a foreign limited 58
96	96		liability company, as those terms are defined in s. 605.0102(36) 59
97	97		and (26), respectively, that holds a 25 percent or more 60
98	98		membership interest in such companies. As used in this 61
99	99		subsection, the term "membership interest" means a member's 62
100	100		right to receive distributions or other r ights, such as voting 63
101	101		rights or management rights, under the articles of organization 64
102	102		For a money services business that is a limited liability 65
103	103		company, all managers, and those members that have contributed 66
104	104		25 percent or more or that have the right to rece ive upon 67
105	105		dissolution 25 percent or more of the limited liability 68
106	106		company's capital. 69
107	107		(g) A natural person who indirectly owns 25 percent or 70
108	108		more of the shares or stock interest, transferable interest as 71
109	109		defined in s. 620.1102, or membership interest as de fined in 72
110	110		paragraph (f), of any legal entities referred to in paragraphs 73
111	111		(d)-(f). 74
112	112		Section 2. This act shall take effect July 1, 2023. 75