Title: Licensure of Check Cashers

Summary: Providing an exemption from licensure under specified provisions for certain persons authorized by the Office of Financial Regulation to cash certain payment instruments within a specified aggregate face value range; requiring the office to authorize the person to cash such instruments without such licensure if certain conditions are met, etc.

Full Text:
An act relating to the licensure of check cashers; amending s. 560.304, F.S.; providing an exemption from licensure under part III of ch. 560, F.S., for certain persons authorized by the Office of Financial Regulation to cash certain payment instruments within a specified aggregate face value range; requiring the office to authorize the person to cash such instruments without such licensure if certain conditions are met; authorizing the Financial Services Commission to adopt rules; providing an effective date. Be It Enacted by the Legislature of the State of Florida: Section 1. Section 560.304, Florida Statutes, is amended to read: 560.304 Exemption from licensure.  (1)  The requirement for licensure under this part does not apply to:(a)  A person cashing payment instruments that have an aggregate face value of less than $2,000 per person per day and that are incidental to the retail sale of goods or services,if the person s whose compensation for cashing payment instruments at each site does not exceed percent of the total gross income from the retail sale of goods or services by such person during the last days. (b) A person who is authorized by the office to cash payment instruments that have an aggregate face value of between $2,000 and $7,500 per person per day and that are incidental to the retail sale of goods or services,and whose compensation for cashing payment instruments at each site does not exceed percent of the total gross income from the retail sale of goods or services by the person during the last days. The office must authorize such person if the person:1. S ubmit sall data collected in the course of business for checks with a face value exceeding $2,000 on a daily basis to support the detection and prosecution of financial crime and workers  compensation violations; 2. P rovide srecords prescribed by commission rule and requested by the office in the cou rse of a criminal investigation; 3. E stablish es limits on the aggregate value of cashed instruments over a monthly and yearly timeframe which do not exceed the maximum amount specified in this paragraph and reports the limits to the office pursuant to commission rule;and 4. D oes not cash corporate instruments. ( )   The commission may adopt rules to administer paragraph (1)(b).Section 2. This act shall take effect July 1, 2019.