Florida Senate - 2023 CS for CS for SB 532 By the Committees on Rules; and Banking and Insurance; and Senator Burton 595-03701-23 2023532c2 1 A bill to be entitled 2 An act relating to money services businesses; amending 3 s. 560.103, F.S.; revising the definition of the term 4 control person for purposes of ch. 560, F.S.; 5 defining terms; providing an effective date. 6 7 Be It Enacted by the Legislature of the State of Florida: 8 9 Section 1.Subsection (10) of section 560.103, Florida 10 Statutes, is amended to read: 11 560.103Definitions.As used in this chapter, the term: 12 (10)Control person means, with respect to a money 13 services business, any of the following: 14 (a)A person who holds the title of president, treasurer, 15 chief executive officer, chief financial officer, chief 16 operations officer, chief legal officer, or compliance officer 17 for a money services business. 18 (b)A person who holds any of the officer, general partner, 19 manager, or managing member positions named in the money 20 services businesss governing documents. As used in this 21 paragraph, the term governing documents includes bylaws, 22 articles of incorporation or organization, partnership 23 agreements, shareholder agreements, and management or operating 24 agreements. 25 (c)A person who holds any position named by the money 26 services businesss liability insurance coverage for directors 27 and officers, if the business has such coverage. 28 (d)A director of the money services businesss board of 29 directors. 30 (e)A person who directs the affairs of a money services 31 business or who participates in, or has authority to participate 32 in, the major policymaking functions of a money services 33 business, regardless of whether the person has an official title 34 or receives a salary or other compensation. 35 (d)(f)A shareholder whose name shares are registered in 36 the records of a corporation for profit, whether incorporated 37 under the laws of this state or organized under the laws of any 38 other jurisdiction and existing in that legal form, who owns 25 39 percent or more of a class of the companys equity securities 40 For a money services business that is a corporation, all 41 shareholders that, directly or indirectly, own 25 percent or 42 more or that have the power to vote 25 percent or more of a 43 class of voting securities. 44 (e)(g)A general partner or a limited partner, as those 45 terms are defined in s. 620.1102, who has a 25 percent or more 46 transferable interest, as defined in s. 620.1102, of a limited 47 partnership, limited liability limited partnership, foreign 48 limited partnership, or foreign limited liability limited 49 partnership, as those terms are defined in s. 620.1102 For a 50 money services business that is a partnership, all general 51 partners, and those limited or special partners that have 52 contributed 25 percent or more or that have the right to receive 53 upon dissolution 25 percent or more of the partnerships 54 capital. 55 (f)(h)A member, who is a person that owns a membership 56 interest in a limited liability company or a foreign limited 57 liability company, as those terms are defined in s. 605.0102(36) 58 and (26), respectively, that holds a 25 percent or more 59 membership interest in such companies. As used in this 60 subsection, the term membership interest means a members 61 right to receive distributions or other rights, such as voting 62 rights or management rights, under the articles of organization 63 For a money services business that is a limited liability 64 company, all managers, and those members that have contributed 65 25 percent or more or that have the right to receive upon 66 dissolution 25 percent or more of the limited liability 67 companys capital. 68 (g)A natural person who indirectly owns 25 percent or more 69 of the shares or stock interest, transferable interest as 70 defined in s. 620.1102, or membership interest as defined in 71 paragraph (f), of any legal entities referred to in paragraphs 72 (d)-(f). 73 Section 2.This act shall take effect July 1, 2023.