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