Florida 2025 1st Special Session

Florida House Bill H0005 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
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3	3	HB 5A 2025A
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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	14	A bill to be entitled 1
15	15	An act relating to combatting illegal immigration; 2
16	16	amending s. 560.208, F.S.; prohibiting licensed money 3
17	17	services businesses from initiating foreign remittance 4
18	18	transfers unless they have verified that the sender is 5
19	19	not an unauthorized alien; defining the t erm "foreign 6
20	20	remittance transfer"; requiring the Financial Services 7
21	21	Commission to adopt certain rules; requiring licensees 8
22	22	to submit certain forms to the commission within a 9
23	23	specified timeframe; requiring licensees to pay 10
24	24	specified penalties for any foreig n remittance 11
25	25	transferred in violation of specified provisions; 12
26	26	requiring quarterly penalty remittances; requiring 13
27	27	licensees to submit certain forms and penalties to the 14
28	28	Office of Financial Regulation of the commission 15
29	29	within a specified timeframe; requirin g the office to 16
30	30	deposit such penalties into a certain fund; amending 17
31	31	s. 560.211, F.S.; requiring that licensees make, keep, 18
32	32	and preserve for 5 years records of certain 19
33	33	documentation and penalties paid; creating s. 20
34	34	560.2115, F.S.; authorizing the office to request, and 21
35	35	requiring licensees to provide, records of certain 22
36	36	documentation; authorizing the filing of complaints; 23
37	37	providing criminal penalties for knowingly filing 24
38	38	false or frivolous complaints; imposing requirements 25
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40	40	HB 5A 2025A
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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	on the office upon receipt of a vali d complaint 26
52	52	substantiated by evidence of a violation; requiring 27
53	53	the office to conduct random quarterly audits of 28
54	54	licensees to ensure compliance with specified 29
55	55	provisions; specifying that failure to comply with 30
56	56	certain provisions constitutes grounds for the 31
57	57	suspension of all licenses issued by the office; 32
58	58	prohibiting the office from auditing a licensee more 33
59	59	than a specified number of times within a specified 34
60	60	period; providing an exception; authorizing the 35
61	61	office, on behalf of the commission, to adopt certain 36
62	62	emergency rules; providing for severability; providing 37
63	63	an effective date. 38
64	64	39
65	65	Be It Enacted by the Legislature of the State of Florida: 40
66	66	41
67	67	Section 1. Subsection (7) is added to section 560.208, 42
68	68	Florida Statutes, to read: 43
69	69	560.208 Conduct of business .—In addition to the 44
70	70	requirements specified in s. 560.1401, a licensee under this 45
71	71	part: 46
72	72	(7)(a) May not initiate a foreign remittance transfer 47
73	73	unless the licensee has verified that the sender is not an 48
74	74	unauthorized alien as defined in s. 908.111. As used in this 49
75	75	section, the term "foreign remittance transfer" means a 50
76	76
77	77	HB 5A 2025A
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81	81	CODING: Words stricken are deletions; words underlined are additions.
82	82	hb5a-00
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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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86	86
87	87
88	88	remittance transfer as defined in the Electronic Fund Transfer 51
89	89	Act, 15 U.S.C. s. 1693o -1, as amended, the recipient of which is 52
90	90	located in any country other than the United States. The 53
91	91	commission shall adopt rules relating to acceptable forms of 54
92	92	documentation that a licensee shall use to verify that the 55
93	93	sender of a foreign remittance transfer is not an unauthorized 56
94	94	alien as defined in s. 908.111. The licensee shall provide 57
95	95	confirmation of verif ication on such forms as the commission may 58
96	96	prescribe for this purpose. All required forms must be submitted 59
97	97	to the commission not later than the 15th day of the month 60
98	98	following the close of each calendar quarter. 61
99	99	(b) Shall pay a penalty equal to 25 perc ent of the United 62
100	100	States dollar amount transferred, excluding any fees or charges 63
101	101	imposed by the licensee, for any foreign remittance transfer 64
102	102	initiated in violation of paragraph (a). The licensee shall 65
103	103	remit penalties owed under this paragraph quarterly t o the 66
104	104	office in addition to any such forms as the office may prescribe 67
105	105	for such purpose. All required penalties and forms must be 68
106	106	submitted to the office not later than the 15th day of the month 69
107	107	following the close of each calendar quarter. Notwithstanding 70
108	108	ss. 252.3711 and 560.144, the office shall deposit penalties 71
109	109	collected pursuant to this paragraph in the Emergency 72
110	110	Preparedness and Response Fund under s. 252.3711. 73
111	111	Notwithstanding any other provision of this chapter, failure to 74
112	112	comply with paragraph (a) does not subject a licensee to any 75
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114	114	HB 5A 2025A
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121	121	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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125	125	penalty other than the penalty imposed by this paragraph. 76
126	126	Section 2. Subsection (1) of section 560.211, Florida 77
127	127	Statutes, is amended to read: 78
128	128	560.211 Required records. — 79
129	129	(1) In addition to the record retention requ irements under 80
130	130	s. 560.1105, each licensee under this part must make, keep, and 81
131	131	preserve the following books, accounts, records, and documents 82
132	132	for 5 years: 83
133	133	(a) A daily record of payment instruments sold and of 84
134	134	currency, monetary value, payment instruments , or virtual 85
135	135	currency transmitted. 86
136	136	(b) A general ledger containing all asset, liability, 87
137	137	capital, income, and expense accounts, which shall be posted at 88
138	138	least monthly. 89
139	139	(c) Daily settlement records received from authorized 90
140	140	vendors. 91
141	141	(d) Monthly financi al institution statements and 92
142	142	reconciliation records. 93
143	143	(e) Records of outstanding payment instruments and of 94
144	144	currency, monetary value, payment instruments, or virtual 95
145	145	currency transmitted. 96
146	146	(f) Records of each payment instrument paid and of 97
147	147	currency, monetary value, payment instruments, or virtual 98
148	148	currency transmitted. 99
149	149	(g) A list of the names and addresses of all of the 100
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151	151	HB 5A 2025A
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156	156	hb5a-00
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158	158	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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160	160
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162	162	licensee's authorized vendors. 101
163	163	(h) Records that document the establishment, monitoring, 102
164	164	and termination of relationships with auth orized vendors and 103
165	165	foreign affiliates. 104
166	166	(i) Records of: 105
167	167	1. The documentation used to verify that the sender of a 106
168	168	foreign remittance transfer is not an unauthorized alien. 107
169	169	2. Penalties paid pursuant to s. 560.208(7)(b), including 108
170	170	the date and amount of each foreign remittance transfer and the 109
171	171	name, date of birth, and address of each sender. 110
172	172	(j) Any additional records, as prescribed by rule, 111
173	173	designed to detect and prevent money laundering. 112
174	174	(k)(j) Any additional records, as prescribed by rule, 113
175	175	related to virtual currency. 114
176	176	Section 3. Section 560.2115, Florida Statutes, is created 115
177	177	to read: 116
178	178	560.2115 Required records audit. — 117
179	179	(1) For the purpose of enforcement of this section, the 118
180	180	office may at any time request, and the licensee must provide, 119
181	181	records of documentation used to verify that the sender of a 120
182	182	foreign remittance transfer is not an unauthorized alien. 121
183	183	(2) A person who has a good faith belief that a licensee 122
184	184	is failing to comply with s. 560.208(7)(a) may file a complaint 123
185	185	with the office. 124
186	186	(3) A person who knowingly files a false or frivolous 125
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188	188	HB 5A 2025A
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192	192	CODING: Words stricken are deletions; words underlined are additions.
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195	195	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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199	199	complaint under subsection (2), including any complaint that 126
200	200	violates federal law, commits a misdemeanor of the second 127
201	201	degree, punishable as provided in s. 775.082 or s. 775.083. 128
202	202	(4) Upon receipt of a valid complaint substantiated by 129
203	203	evidence of a violation of s. 560.208(7)(a), the office shall 130
204	204	notify the licensee of the complaint and direct the licensee to 131
205	205	pay a penalty pursuant to s. 560.208(7)(b). 132
206	206	(5) In addition to the requirements under subsectio n (1), 133
207	207	beginning July 1, 2026, the office shall conduct random 134
208	208	quarterly audits of licensees to ensure compliance with s. 135
209	209	560.208(7)(a). During an audit, a licensee shall produce records 136
210	210	of the documentation used to verify that each sender of a 137
211	211	foreign remittance transfer is not an unauthorized alien. A 138
212	212	licensee that fails to comply with s. 560.208(7)(a) is subject 139
213	213	to the penalty pursuant to s. 560.208(7)(b). 140
214	214	(6) Failure to comply with subsection (5) constitutes 141
215	215	grounds for the suspension of all licenses held by the licensee 142
216	216	which were issued by the office. 143
217	217	(7) The office may not audit a licensee more than once 144
218	218	every 2 years unless an audit within the last 6 months found the 145
219	219	licensee out of compliance with s. 560.208(7)(a). 146
220	220	Section 4. The Office of Financial Regulation, on behalf 147
221	221	of the Financial Services Commission, is authorized, and all 148
222	222	conditions are deemed met, to adopt emergency rules pursuant to 149
223	223	s. 120.54(4) to implement this act. Notwithstanding any other 150
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225	225	HB 5A 2025A
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229	229	CODING: Words stricken are deletions; words underlined are additions.
230	230	hb5a-00
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232	232	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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236	236	law, emergency rules adopted pursuant to this section are 151
237	237	effective for 6 months after adoption and may be renewed during 152
238	238	the pendency of procedures to adopt permanent rules addressing 153
239	239	the subject of the emergency rules. 154
240	240	Section 5. If any provision of this act or its application 155
241	241	to any person or circumstance is held invalid, the invalidity 156
242	242	does not affect other provisions or applications of this act 157
243	243	which can be given effect without the invalid provisions or 158
244	244	application, and to this end the provisions of this act are 159
245	245	severable. 160
246	246	Section 6. This act shall take effect March 31, 2025. 161