reglab/statecodes huggingface dataset:
2023 Florida Statutes › Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations › Chapter 560 - Money Services Businesses › Part I - General Provisions (Ss. 560.103-560.144) › 560.107 - Liability.

560.107 Liability.—No person acting, or who has acted, in good faith reliance upon a rule, order, or declaratory statement issued by the commission or the office shall be subject to any criminal, civil, or administrative liability for such action, notwithstanding a subsequent decision by a court of competent jurisdiction invalidating the rule, order, or declaratory statement. In the case of an order or a declaratory statement that is not of general application, no person other than the person to whom the order or declaratory statement was issued is entitled to rely upon it, except upon material facts or circumstances that are substantially the same as those upon which the order or declaratory statement was based.
History.—s. 1, ch. 94-238; s. 1, ch. 94-354; s. 690, ch. 2003-261.
2023 Florida Statutes › Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations › Chapter 560 - Money Services Businesses › Part I - General Provisions (Ss. 560.103-560.144) › 560.1091 - Contracted examinations.

560.1091 Contracted examinations.—The office may contract with third parties to conduct examinations under this chapter.
(1) The person or firm selected by the office may not have a conflict of interest that might affect its ability to independently perform its responsibilities with respect to an examination.
(2) An examination under this section may be conducted by an independent certified public accountant, information technology specialist, or other specialist specified by rule who meets criteria specified by rule. The rules shall also provide that:
(a) The rates charged to the licensee examined are consistent with rates charged by other firms in similar professions and are comparable with the rates charged for comparable examinations.
(b) The licensee make payment for the examination pursuant to s. 560.1092 and in accordance with the rates and terms established by the office and the person or firm performing the examination.
History.—s. 5, ch. 2008-177.
2023 Florida Statutes › Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations › Chapter 560 - Money Services Businesses › Part I - General Provisions (Ss. 560.103-560.144) › 560.1092 - Examination expenses.

560.1092 Examination expenses.—
(1) Each licensee examined shall pay to the office the expenses of the examination at the rates adopted by the commission by rule. Such expenses shall include actual travel expenses, reasonable living expense allowance, compensation of the examiner or other person making the examination, and necessary attendant administrative costs of the office directly related to the examination. Travel expense and living expense allowance are limited to those expenses incurred on account of the examination and shall be paid by the examined licensee together with compensation upon presentation by the office to the licensee of a detailed account of the charges and expenses after a detailed statement has been filed by the examiner and approved by the office.
(2) All moneys collected from licensees for examinations shall be deposited into the Regulatory Trust Fund, and the office may make deposits into such fund from moneys appropriated for the operation of the office.
(3) Notwithstanding s. 112.061, the office may pay to the examiner or person making the examination out of the trust fund the actual travel expenses, reasonable living expense allowance, and compensation in accordance with the statement filed with the office by the examiner or other person, as provided in subsection (1) upon approval by the office.
(4) When not examining a licensee, the travel expenses, per diem, and compensation for the examiners and other persons employed to make examinations, if approved, shall be paid out of moneys budgeted for such purpose as regular employees, and reimbursement for travel expenses and per diem shall be at rates as provided in s. 112.061.
History.—s. 6, ch. 2008-177.
2023 Florida Statutes › Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations › Chapter 560 - Money Services Businesses › Part I - General Provisions (Ss. 560.103-560.144) › 560.1105 - Records retention.

560.1105 Records retention.—Each licensee and its authorized vendors must maintain all books, accounts, documents, files, and information necessary for determining compliance with this chapter and related rules for 5 years unless a longer period is required by other state or federal law.
(1) The records required under this chapter may be maintained by the licensee at any location identified in its license application or by amendment to the application. The licensee must make such records available to the office for examination and investigation in this state within 3 business days after receipt of a written request.
(2) The original of any record of a licensee or authorized vendor includes a record stored or transmitted by electronic, computerized, mechanized, or other information storage or retrieval or transmission system or device that can generate, regenerate, or transmit the precise data or other information comprising the record. An original also includes the visible data or other information so generated, regenerated, or transmitted if it is legible or can be made legible by enlargement or other process.
(3) The commission may adopt rules to administer this section and ss. 560.211 and 560.310. In adopting rules, the commission shall take into consideration federal regulations, rulings, and guidance issued by an appropriate regulator.
(4) Any person who willfully fails to comply with this section or ss. 560.211 and 560.310 commits a felony of the third degree, punishable as provided in s. 775.082, s. 775.083, or s. 775.084.
History.—s. 7, ch. 2008-177.
2023 Florida Statutes › Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations › Chapter 560 - Money Services Businesses › Part I - General Provisions (Ss. 560.103-560.144) › 560.113 - Injunctions; receiverships; restitution.

560.113 Injunctions; receiverships; restitution.—
(1) If the office determines that any person has engaged in or is about to engage in any action that is a violation of this chapter or related rules, the office may, in addition to or in lieu of other remedies, bring an action on behalf of the state in the circuit court against the person and any other person acting in concert with such person to enjoin such person from engaging in such act. The office may apply for, and on due showing be entitled to have issued, the court’s subpoena requiring the appearance of the person and her or his employees, associated persons, or agents and the production of any documents, books, or records that may appear necessary for the hearing of the petition, and to testify or give evidence concerning the acts complained of.
(2) In addition to, or in lieu of, the enforcement of a temporary restraining order, temporary injunction, or permanent injunction against the person, the court may, upon application of the office, impound and appoint a receiver or administrator for the property, assets, and business of the defendant, including, but not limited to, any related books, records, documents, or papers. The receiver or administrator shall have all powers and duties conferred by the court as to the custody, collection, administration, winding up, and liquidation of the property and business. The court may issue orders and decrees staying all pending suits and enjoining any further suits affecting the receiver’s or administrator’s custody or possession of the property, assets, and business or may, with the consent of the presiding judge of the circuit, require that all such suits be assigned to the judge appointing the receiver or administrator.
(3) In addition to, or in lieu of, any other remedies provided under this chapter, the office may apply to the court hearing the matter for an order directing the defendant to make restitution of those sums shown by the office to have been obtained in violation of this chapter. Such restitution shall, at the option of the court, be payable to the administrator or receiver appointed under this section or directly to the persons whose assets were obtained in violation of this chapter.
History.—s. 1, ch. 94-238; s. 1, ch. 94-354; s. 696, ch. 2003-261; s. 9, ch. 2008-177.
2023 Florida Statutes › Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations › Chapter 560 - Money Services Businesses › Part I - General Provisions (Ss. 560.103-560.144) › 560.1141 - Disciplinary guidelines.

560.1141 Disciplinary guidelines.—
(1) The commission shall adopt by rule disciplinary guidelines applicable to each ground for disciplinary action that may be imposed by the office.
(2) The disciplinary guidelines shall specify a meaningful range of designated penalties based upon the severity and repetition of specific offenses and that distinguish minor violations from those that endanger the public health, safety, or welfare; that provide reasonable and meaningful notice to the public of likely penalties that may be imposed for proscribed conduct; and that ensure that such penalties are imposed in a consistent manner by the office.
(3) The commission shall adopt by rule mitigating and aggravating circumstances that allow the office to impose a penalty other than that provided for in the guidelines, and for variations and a range of penalties permitted under such circumstances.
History.—s. 11, ch. 2008-177.
2023 Florida Statutes › Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations › Chapter 560 - Money Services Businesses › Part I - General Provisions (Ss. 560.103-560.144) › 560.115 - Surrender of license.

560.115 Surrender of license.—A licensee may voluntarily surrender its license at any time by giving written notice to the office.
History.—s. 1, ch. 94-238; s. 1, ch. 94-354; s. 698, ch. 2003-261; s. 12, ch. 2008-177.
2023 Florida Statutes › Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations › Chapter 560 - Money Services Businesses › Part I - General Provisions (Ss. 560.103-560.144) › 560.116 - Civil immunity.

560.116 Civil immunity.—Any person having reason to believe that a provision of this chapter is being violated, has been violated, or is about to be violated, may file a complaint with the office setting forth the details of the alleged violation. Such person is immune from civil liability unless the information provided is false and has been provided with reckless disregard for the truth.
History.—s. 1, ch. 94-238; s. 1, ch. 94-354; s. 699, ch. 2003-261; s. 13, ch. 2008-177.
2023 Florida Statutes › Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations › Chapter 560 - Money Services Businesses › Part I - General Provisions (Ss. 560.103-560.144) › 560.118 - Reports.

560.118 Reports.—
(1) Annual financial audit reports must be filed with the office pursuant to this chapter or related rules. The licensee shall directly bear the cost of the audit.
(2) Each licensee must submit quarterly reports to the office in a format and include information as specified by rule. The rule may require the report to contain a declaration by a control person authorized to make such declaration that the report is true and correct to the best of her or his knowledge and belief.
History.—s. 1, ch. 94-238; s. 1, ch. 94-354; s. 4, ch. 97-59; s. 838, ch. 97-103; s. 61, ch. 99-5; s. 7, ch. 2000-360; s. 4, ch. 2001-119; s. 701, ch. 2003-261; s. 14, ch. 2008-177; s. 2, ch. 2022-135.
2023 Florida Statutes › Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations › Chapter 560 - Money Services Businesses › Part I - General Provisions (Ss. 560.103-560.144) › 560.121 - Access to records; record retention; penalties.

560.121 Access to records; record retention; penalties.—
(1) Orders of courts or of administrative law judges for the production of confidential records or information must provide for inspection in camera by the court or the administrative law judge; and, if the court or administrative law judge determines that the documents requested are relevant or would likely lead to the discovery of admissible evidence, the court or the administrative law judge must issue further orders to protect the confidentiality of the documents. Any order directing the release of information is immediately reviewable, and a petition by the office for review of the order shall automatically stay further proceedings in the trial court or the administrative hearing until the disposition of the petition by the reviewing court. A petition for review of the order filed by any other party shall operate as a stay of the proceedings only upon order of the reviewing court.
(2) Confidential records and information furnished pursuant to a legislative subpoena must be kept confidential except in cases involving the investigation of charges against a public official subject to impeachment or removal, and then disclosure of such information shall be only to the extent determined to be necessary by the legislative body or committee.
(3) Examination reports, investigatory records, applications, and related information compiled by the office, or photographic copies thereof, must be retained by the office for at least 5 years after the date the examination or investigation ceases to be active. Application records, and related information compiled by the office, or photographic copies thereof, must be retained by the office for a period of at least 5 years after the date the license ceases to be active.
(4) Any person who willfully discloses information made confidential by this section commits a felony of the third degree, punishable as provided in s. 775.082, s. 775.083, or s. 775.084.
History.—s. 1, ch. 94-238; s. 1, ch. 94-354; s. 253, ch. 96-410; s. 703, ch. 2003-261; s. 19, ch. 2004-335; s. 55, ch. 2006-213; s. 16, ch. 2008-177.
2023 Florida Statutes › Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations › Chapter 560 - Money Services Businesses › Part I - General Provisions (Ss. 560.103-560.144) › 560.1235 - Anti-money laundering requirements.

560.1235 Anti-money laundering requirements.—
(1) A licensee and authorized vendor must comply with all state and federal laws and rules relating to the detection and prevention of money laundering, including, as applicable, s. 560.123, and 31 C.F.R. ss. 1010.306, 1010.311, 1010.312, 1010.313, 1010.340, 1010.410, 1010.415, 1022.320, 1022.380, and 1022.410.
(2) A licensee and authorized vendor must maintain an anti-money laundering program in accordance with 31 C.F.R. s. 1022.210. The program must be reviewed and updated as necessary to ensure that the program continues to be effective in detecting and deterring money laundering activities.
(3) A licensee must comply with United States Treasury Interpretive Release 2004-1.
History.—s. 18, ch. 2008-177; s. 3, ch. 2014-81.
2023 Florida Statutes › Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations › Chapter 560 - Money Services Businesses › Part I - General Provisions (Ss. 560.103-560.144) › 560.124 - Sharing of information.

560.124 Sharing of information.—Any person may provide to a money services business, authorized vendor, law enforcement agency, prosecutorial agency, or appropriate regulator, or any money services business, authorized vendor, law enforcement agency, prosecutorial agency, or appropriate regulator may provide to any person, information about any person’s known or suspected involvement in a violation of any state, federal, or foreign law, rule, or regulation relating to the business of a money services business or deferred presentment provider which has been reported to state, federal, or foreign authorities, and is not liable in any civil action for providing such information.
History.—s. 1, ch. 94-238; s. 1, ch. 94-354; s. 19, ch. 2008-177; s. 68, ch. 2009-21.
2023 Florida Statutes › Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations › Chapter 560 - Money Services Businesses › Part I - General Provisions (Ss. 560.103-560.144) › 560.127 - Control of a money services business.

560.127 Control of a money services business.—A person has a controlling interest in a money services business if the person:
(1) Possesses the power, directly or indirectly, to direct the management or policies of the money services business, whether through ownership, by contract, or otherwise;
(2) Directly or indirectly may vote 25 percent or more of a class of a voting security or sell or direct the sale of 25 percent or more of a class of voting securities; or
(3) In the case of a partnership, may receive upon dissolution or has contributed 25 percent or more of the capital.
History.—s. 1, ch. 94-238; s. 1, ch. 94-354; s. 707, ch. 2003-261; s. 57, ch. 2006-213; s. 22, ch. 2008-177.
2023 Florida Statutes › Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations › Chapter 560 - Money Services Businesses › Part I - General Provisions (Ss. 560.103-560.144) › 560.128 - Customer contacts; license display.

560.128 Customer contacts; license display.—
(1) A money services business and authorized vendor must provide each customer with a toll-free telephone number for the purpose of contacting the money services business or authorized vendor or, in lieu of a toll-free telephone number, the address and telephone number of the office may be provided.
(2) The commission may by rule require a licensee to display its license at each location where the licensee engages in the activities authorized by the license.
History.—s. 1, ch. 94-238; s. 1, ch. 94-354; s. 5, ch. 97-59; s. 708, ch. 2003-261; s. 23, ch. 2008-177.
2023 Florida Statutes › Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations › Chapter 560 - Money Services Businesses › Part I - General Provisions (Ss. 560.103-560.144) › 560.1401 - Licensing standards.

560.1401 Licensing standards.—To qualify for licensure as a money services business under this chapter, an applicant must:
(1) Demonstrate to the office the character and general fitness necessary to command the confidence of the public and warrant the belief that the money services business or deferred presentment provider shall be operated lawfully and fairly.
(2) Be legally authorized to do business in this state.
(3) Be registered as a money services business with the Financial Crimes Enforcement Network as required by 31 C.F.R. s. 1022.380, if applicable.
(4) Have an anti-money laundering program in place which meets the requirements of 31 C.F.R. s. 1022.210.
(5) Provide the office with all the information required under this chapter and related rules.
History.—s. 25, ch. 2008-177; s. 5, ch. 2014-81.
2023 Florida Statutes › Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations › Chapter 560 - Money Services Businesses › Part I - General Provisions (Ss. 560.103-560.144) › 560.142 - License renewal.

560.142 License renewal.—
(1) A license may be renewed for a subsequent 2-year period by furnishing such application as required by rule, together with the payment of a nonrefundable renewal fee as provided under s. 560.143, on or before the license expiration date, or for the remainder of any such period without proration following the date of license expiration.
(2) In addition to the renewal fee, each part II licensee must pay a 2-year nonrefundable renewal fee as provided in s. 560.143 for each authorized vendor or location operating within this state.
(3) A licensee who has on file with the office a declaration of intent to engage in deferred presentment transactions may renew a declaration upon license renewal by submitting a nonrefundable deferred presentment provider renewal fee as provided in s. 560.143.
(4) If a license or declaration of intent to engage in deferred presentment transactions expires, the license or declaration of intent may be reinstated only if a renewal application or declaration of intent, all required renewal fees, and any applicable late fees are received by the office within 60 days after expiration. If not submitted within 60 days, the license or declaration of intent expires and a new license application or declaration of intent must be filed with the office pursuant to this chapter.
(5) The commission may adopt rules to administer this section.
History.—s. 27, ch. 2008-177; s. 70, ch. 2009-21.
2023 Florida Statutes › Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations › Chapter 560 - Money Services Businesses › Part I - General Provisions (Ss. 560.103-560.144) › 560.143 - Fees.

560.143 Fees.—
(1) LICENSE APPLICATION FEES.—The applicable non-refundable fees must accompany an application for licensure:
(a) Part II..........$375.
(b) Part III..........$188.
(c) Per branch office..........$38.
(d) For each location of an authorized
vendor..........$38.
(e) Declaration as a deferred presentment
provider..........$1,000.
(f) Fingerprint retention fees as prescribed by rule.
(g) License application fees for branch offices and authorized vendors are limited to $20,000 when such fees are assessed as a result of a change in controlling interest as defined in s. 560.127.
(2) LICENSE RENEWAL FEES.—The applicable non-refundable license renewal fees must accompany a renewal of licensure:
(a) Part II..........$750.
(b) Part III..........$375.
(c) Per branch office..........$38.
(d) For each location of an authorized
vendor..........$38.
(e) Declaration as a deferred presentment
provider..........$1,000.
(f) Renewal fees for branch offices and authorized vendors are limited to $20,000 biennially.
(g) Fingerprint retention fees as prescribed by rule.
(3) LATE LICENSE RENEWAL FEES.—
(a) Part II..........$500.
(b) Part III..........$250.
(c) Declaration as a deferred presentment
provider..........$500.
History.—s. 28, ch. 2008-177; s. 71, ch. 2009-21; s. 3, ch. 2009-185; s. 5, ch. 2013-201.
2023 Florida Statutes › Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations › Chapter 560 - Money Services Businesses › Part I - General Provisions (Ss. 560.103-560.144) › 560.144 - Deposit of fees and assessments.

560.144 Deposit of fees and assessments.—License application fees, license renewal fees, late payment penalties, civil penalties, administrative fines, and other fees, costs, or penalties provided for in this chapter shall be paid directly to the office, which shall deposit such proceeds into the Regulatory Trust Fund and use the proceeds to pay the costs of the office as necessary to carry out its responsibilities under this chapter.
History.—s. 1, ch. 94-238; s. 1, ch. 94-354; s. 5, ch. 2001-119; s. 702, ch. 2003-261; s. 15, ch. 2008-177.
Note.—Former s. 560.119.
2023 Florida Statutes › Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations › Chapter 560 - Money Services Businesses › Part II - Payment Instruments and Funds Transmission (Ss. 560.203-560.213) › 560.203 - Exemptions from licensure.

560.203 Exemptions from licensure.—Authorized vendors of a licensee acting within the scope of authority conferred by the licensee are exempt from licensure but are otherwise subject to the provisions of this chapter.
History.—s. 2, ch. 94-238; s. 2, ch. 94-354; s. 29, ch. 2008-177.
2023 Florida Statutes › Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations › Chapter 560 - Money Services Businesses › Part II - Payment Instruments and Funds Transmission (Ss. 560.203-560.213) › 560.204 - License required.

560.204 License required.—
(1) Unless exempted, a person may not engage in, or in any manner advertise that they engage in, the activity of a payment instrument seller or money transmitter, for compensation, without first obtaining a license under this part. For purposes of this subsection, the term “compensation” includes profit or loss on the exchange of currency, monetary value, or virtual currency.
(2) A licensee under this part may also engage in the activities authorized under part III of this chapter without the imposition of any additional licensing fees.
History.—s. 2, ch. 94-238; s. 2, ch. 94-354; s. 6, ch. 2001-119; s. 30, ch. 2008-177; s. 5, ch. 2022-113.
2023 Florida Statutes › Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations › Chapter 560 - Money Services Businesses › Part II - Payment Instruments and Funds Transmission (Ss. 560.203-560.213) › 560.205 - Additional license application requirements.

560.205 Additional license application requirements.—In addition to the license application requirements under part I of this chapter, an applicant seeking a license under this part must also submit to the office:
(1) A sample authorized vendor contract, if applicable.
(2) A sample form of payment instrument, if applicable.
(3) Documents demonstrating that the net worth and bonding requirements specified in s. 560.209 have been fulfilled.
(4) A copy of the applicant’s financial audit report for the most recent fiscal year. If the applicant is a wholly owned subsidiary of another corporation, the financial audit report on the parent corporation’s financial statements shall satisfy this requirement.
History.—s. 2, ch. 94-238; s. 2, ch. 94-354; s. 6, ch. 97-59; s. 10, ch. 2000-360; s. 7, ch. 2001-119; s. 711, ch. 2003-261; s. 58, ch. 2006-213; s. 31, ch. 2008-177.
2023 Florida Statutes › Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations › Chapter 560 - Money Services Businesses › Part II - Payment Instruments and Funds Transmission (Ss. 560.203-560.213) › 560.208 - Conduct of business.

560.208 Conduct of business.—In addition to the requirements specified in s. 560.1401, a licensee under this part:
(1) May conduct its business at one or more locations within this state through branches or by means of authorized vendors, as designated by the licensee, including the conduct of business through electronic transfer, such as by the telephone or the Internet.
(2) Notwithstanding and without violating s. 501.0117, may charge a different price for a money transmitter service based on the mode of transmission used in the transaction as long as the price charged for a service paid for with a credit card is not more than the price charged when the service is paid for with currency or other similar means accepted within the same mode of transmission.
(3) Is responsible for the acts of its authorized vendors in accordance with the terms of its written contract with the vendor.
(4) Shall place assets that are the property of a customer in a segregated account in a federally insured financial institution and shall maintain separate accounts for operating capital and the clearing of customer funds.
(5) Shall, in the normal course of business, ensure that currency, monetary value, payment instruments, or virtual currency transmitted is available to the designated recipient within 10 business days after receipt.
(6) Shall immediately upon receipt of currency, monetary value, a payment instrument, or virtual currency provide a confirmation or sequence number to the customer verbally, by paper, or electronically.
History.—s. 2, ch. 94-238; s. 2, ch. 94-354; s. 10, ch. 2001-119; s. 714, ch. 2003-261; s. 5, ch. 2004-85; s. 32, ch. 2008-177; s. 6, ch. 2022-113.
2023 Florida Statutes › Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations › Chapter 560 - Money Services Businesses › Part II - Payment Instruments and Funds Transmission (Ss. 560.203-560.213) › 560.2085 - Authorized vendors.

560.2085 Authorized vendors.—A licensee under this part shall:
(1) Within 60 days after an authorized vendor commences business, file with the office such information as prescribed by rule together with the nonrefundable location fee as provided by s. 560.143. This requirement applies to vendors who are also terminated within the 60-day period.
(2) Enter into a written contract, signed by the licensee and the authorized vendor, which:
(a) Sets forth the nature and scope of the relationship between the licensee and the authorized vendor, including the respective rights and responsibilities of the parties; and
(b) Includes contract provisions that require the authorized vendor to:
1. Report to the licensee, immediately upon discovery, the theft or loss of currency, monetary value, a payment instrument, or virtual currency received for a transmission or for a payment instrument sold;
2. Display a notice to the public, in such form as prescribed by rule, that the vendor is the authorized vendor of the licensee;
3. Remit all amounts owed to the licensee for all transmissions accepted and all payment instruments sold in accordance with the contract between the licensee and the authorized vendor;
4. Hold in trust all currency, monetary value, payment instruments, or virtual currency received for transmissions or for the purchase of payment instruments from the time of receipt by the licensee or authorized vendor until the time the transmission obligation is completed;
5. Not commingle the currency, monetary value, payment instruments, or virtual currency received for transmissions accepted or payment instruments sold on behalf of the licensee with the assets or property of the authorized vendor, except for making change in the ordinary course of the vendor’s business;
6. Ensure that the currency, monetary value, payment instruments, or virtual currency received for transmissions accepted or payment instruments sold is accounted for at the end of the business day;
7. Consent to examination or investigation by the office;
8. Adhere to the applicable state and federal laws and rules pertaining to a money services business; and
9. Provide such other information or disclosure as may be required by rule.
(3) Develop and implement written policies and procedures to monitor compliance with applicable state and federal law by its authorized vendors.
History.—s. 33, ch. 2008-177; s. 4, ch. 2009-185; s. 7, ch. 2022-113.
2023 Florida Statutes › Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations › Chapter 560 - Money Services Businesses › Part II - Payment Instruments and Funds Transmission (Ss. 560.203-560.213) › 560.210 - Permissible investments.

560.210 Permissible investments.—
(1) A licensee must at all times possess permissible investments with an aggregate market value, calculated in accordance with generally accepted accounting principles, of at least the aggregate face amount of all outstanding money transmissions and payment instruments issued or sold by the licensee or an authorized vendor in the United States. As used in this section, permissible investments include:
(a) Cash.
(b) Certificates of deposit or other deposit liabilities of a domestic or foreign financial institution.
(c) Bankers’ acceptances eligible for purchase by member banks of the Federal Reserve System.
(d) An investment bearing a rating of one of the three highest grades as defined by a nationally recognized rating service of such securities.
(e) Investment securities that are obligations of the United States, its agencies or instrumentalities, or obligations that are guaranteed fully as to principal and interest by the United States, or any obligations of any state or municipality, or any political subdivision thereof.
(f) Shares in a money market mutual fund.
(g) A demand borrowing agreement or agreements made to a corporation or a subsidiary of a corporation whose capital stock is listed on a national exchange.
(h) Receivables that are due to a licensee from the licensee’s authorized vendors except those that are more than 90 days past due or are doubtful of collection.
(i) Any other investment approved by rule.
(2) Each money transmitter that receives virtual currency, either directly or through an authorized vendor, for the purpose of transmitting such virtual currency from one person to another location or person must at all times, until the transmission obligation is completed, hold virtual currency of the same type and amount owed or obligated to the other location or person. Virtual currency received and held under this subsection is not included in the amount of outstanding money transmissions for purposes of calculating the permissible investments required by subsection (1).
(3) Notwithstanding any other provision of this part, the office, with respect to any particular licensee or all licensees, may limit the extent to which any class of permissible investments may be considered a permissible investment, except for cash and certificates of deposit.
(4) The office may waive the permissible investments requirement if the dollar value of a licensee’s outstanding payment instruments and money transmitted do not exceed the bond or collateral deposit posted by the licensee under s. 560.209.
History.—s. 2, ch. 94-238; s. 2, ch. 94-354; s. 716, ch. 2003-261; s. 60, ch. 2006-213; s. 35, ch. 2008-177; s. 8, ch. 2022-113.
2023 Florida Statutes › Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations › Chapter 560 - Money Services Businesses › Part II - Payment Instruments and Funds Transmission (Ss. 560.203-560.213) › 560.211 - Required records.

560.211 Required records.—
(1) In addition to the record retention requirements under s. 560.1105, each licensee under this part must make, keep, and preserve the following books, accounts, records, and documents for 5 years:
(a) A daily record of payment instruments sold and of currency, monetary value, payment instruments, or virtual currency transmitted.
(b) A general ledger containing all asset, liability, capital, income, and expense accounts, which shall be posted at least monthly.
(c) Daily settlement records received from authorized vendors.
(d) Monthly financial institution statements and reconciliation records.
(e) Records of outstanding payment instruments and of currency, monetary value, payment instruments, or virtual currency transmitted.
(f) Records of each payment instrument paid and of currency, monetary value, payment instruments, or virtual currency transmitted.
(g) A list of the names and addresses of all of the licensee’s authorized vendors.
(h) Records that document the establishment, monitoring, and termination of relationships with authorized vendors and foreign affiliates.
(i) Any additional records, as prescribed by rule, designed to detect and prevent money laundering.
(j) Any additional records, as prescribed by rule, related to virtual currency.
(2) Any person who willfully fails to comply with this section commits a felony of the third degree, punishable as provided in s. 775.082, s. 775.083, or s. 775.084.
History.—s. 2, ch. 94-238; s. 2, ch. 94-354; s. 11, ch. 2000-360; s. 717, ch. 2003-261; s. 61, ch. 2006-213; s. 36, ch. 2008-177; s. 9, ch. 2022-113.
2023 Florida Statutes › Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations › Chapter 560 - Money Services Businesses › Part II - Payment Instruments and Funds Transmission (Ss. 560.203-560.213) › 560.212 - Financial liability.

560.212 Financial liability.—A licensee under this part is liable for the payment of all currency, monetary value, payment instruments, or virtual currency transmitted and payment instruments that it sells, in whatever form and whether directly or through an authorized vendor, as the maker, drawer, or principal thereof, regardless of whether such items are negotiable or nonnegotiable.
History.—s. 2, ch. 94-238; s. 2, ch. 94-354; s. 37, ch. 2008-177; s. 10, ch. 2022-113.
2023 Florida Statutes › Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations › Chapter 560 - Money Services Businesses › Part II - Payment Instruments and Funds Transmission (Ss. 560.203-560.213) › 560.213 - Payment instrument information.

560.213 Payment instrument information.—Each payment instrument sold or issued by a licensee, directly or through an authorized vendor, must bear the name of the licensee, and any other information as may be required by rule, clearly imprinted thereon.
History.—s. 2, ch. 94-238; s. 2, ch. 94-354; s. 38, ch. 2008-177.
2023 Florida Statutes › Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations › Chapter 560 - Money Services Businesses › Part III - Check Cashing and Foreign Currency Exchange (Ss. 560.303-560.312) › 560.303 - License required.

560.303 License required.—
(1) A person may not engage in, or in any manner advertise engagement in, the business of cashing payment instruments or exchanging foreign currency without being licensed under this part.
(2) A person licensed under this part may not engage directly in the activities that require a license under part II of this chapter but may be an authorized vendor for a person licensed under part II.
(3) A person exempt from licensure under this part engaging in the business of cashing payment instruments or the exchanging of foreign currency may not charge fees in excess of those provided in s. 560.309.
History.—s. 3, ch. 94-238; s. 3, ch. 94-354; s. 39, ch. 2008-177.
2023 Florida Statutes › Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations › Chapter 560 - Money Services Businesses › Part III - Check Cashing and Foreign Currency Exchange (Ss. 560.303-560.312) › 560.304 - Exemption from licensure.

560.304 Exemption from licensure.—The requirement for licensure under this part does not apply to 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 whose compensation for cashing payment instruments at each site does not exceed 5 percent of the total gross income from the retail sale of goods or services by such person during the last 60 days.
History.—s. 3, ch. 94-238; s. 3, ch. 94-354; s. 40, ch. 2008-177.
2023 Florida Statutes › Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations › Chapter 560 - Money Services Businesses › Part III - Check Cashing and Foreign Currency Exchange (Ss. 560.303-560.312) › 560.312 - Database of payment instrument transactions; confidentiality.

560.312 Database of payment instrument transactions; confidentiality.—
(1) Payment instrument transaction information held by the office pursuant to s. 560.310 which identifies a licensee, payor, payee, or conductor is confidential and exempt from s. 119.07(1) and s. 24(a), Art. I of the State Constitution.
(2)(a) A licensee may access information that it submits to the office for inclusion in the database.
(b) The office, to the extent permitted by state and federal law, may enter into information-sharing agreements with the department, law enforcement agencies, and other governmental agencies and, in accordance with such agreements, may provide the department, law enforcement agencies, and other governmental agencies with access to information contained in the database for use in detecting and deterring financial crimes and workers’ compensation violations, pursuant to chapter 440. Any department or agency that receives confidential information from the office under this paragraph must maintain the confidentiality of the information, unless, and only to the extent that, a court order compels production of the information to a specific party or parties.
(3) The office may release payment instrument transaction information in the aggregate, so long as the information released does not reveal information that identifies a licensee, payor, payee, or conductor.
History.—s. 1, ch. 2013-155; s. 1, ch. 2018-116; s. 1, ch. 2020-169.
2023 Florida Statutes › Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations › Chapter 560 - Money Services Businesses › Part IV - Deferred Presentment (Ss. 560.402-560.408) › 560.402 - Definitions.

560.402 Definitions.—For the purposes of this part, the term:
(1) “Affiliate” means a person who, directly or indirectly, through one or more intermediaries controls, is controlled by, or is under common control with, a deferred presentment provider.
(2) “Deferment period” means the number of days a deferred presentment provider agrees to defer depositing, presenting, or redeeming a payment instrument.
(3) “Deferred presentment installment transaction” means a deferred presentment transaction that is repayable in installments.
(4) “Deferred presentment transaction” means providing currency or a payment instrument in exchange for a drawer’s check and agreeing to hold the check for a deferment period.
(5) “Drawer” means a customer who writes a personal check and upon whose account the check is drawn.
(6) “Extension of a deferred presentment agreement” means continuing a deferred presentment transaction past the deferment period by having the drawer pay additional fees and the deferred presentment provider continuing to hold the check for another deferment period.
(7) “Outstanding transaction balance” means the amount received by the drawer from the deferred presentment provider which is due and owing, exclusive of the fees allowed under this part, in a deferred presentment transaction.
(8) “Rollover” means the termination or extension of a deferred presentment agreement by the payment of an additional fee and the continued holding of the check, or the substitution of a new check by the drawer pursuant to a new deferred presentment agreement.
(9) “Termination of a deferred presentment agreement” means that all checks that are the basis for the agreement are redeemed by the drawer by payment in full in cash, or are deposited and the deferred presentment provider has evidence that such checks have cleared. Verification of sufficient funds in the drawer’s account by the deferred presentment provider is not sufficient evidence to deem that the deferred presentment transaction is terminated.
History.—s. 13, ch. 2001-119; s. 725, ch. 2003-261; s. 43, ch. 2008-177; s. 1, ch. 2018-26.
2023 Florida Statutes › Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations › Chapter 560 - Money Services Businesses › Part IV - Deferred Presentment (Ss. 560.402-560.408) › 560.403 - Declaration of intent.

560.403 Declaration of intent.—Except for financial institutions as defined in s. 655.005, a person may not engage in a deferred presentment transaction unless the person is licensed as a money services business under part II or part III of this chapter and has on file with the office a declaration of intent to engage in deferred presentment transactions, regardless of whether such person is exempted from licensure under any other provision of this chapter. The declaration of intent must be under oath and on such form as prescribed by rule. The declaration of intent must be filed with a nonrefundable filing fee as provided in s. 560.143. A declaration of intent expires after 24 months and must be renewed.
History.—s. 13, ch. 2001-119; s. 726, ch. 2003-261; s. 66, ch. 2006-213; s. 44, ch. 2008-177.
2023 Florida Statutes › Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations › Chapter 560 - Money Services Businesses › Part IV - Deferred Presentment (Ss. 560.402-560.408) › 560.4041 - Database for deferred presentment providers; public records exemption.

560.4041 Database for deferred presentment providers; public records exemption.—Information that identifies a drawer or a deferred presentment provider contained in the database authorized under s. 560.404 is confidential and exempt from s. 119.07(1) and s. 24(a), Art. I of the State Constitution. A deferred presentment provider may access information that it has entered into the database and may obtain an eligibility determination for a particular drawer based on information in the database.
History.—s. 1, ch. 2001-268; s. 728, ch. 2003-261; s. 1, ch. 2006-189.
2023 Florida Statutes › Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations › Chapter 560 - Money Services Businesses › Part IV - Deferred Presentment (Ss. 560.402-560.408) › 560.405 - Deposit; redemption.

560.405 Deposit; redemption.—
(1) The deferred presentment provider or its affiliate may not present the drawer’s check before the end of the deferment period, except for a missed scheduled payment for a deferred presentment installment transaction that has not been otherwise deferred pursuant to s. 560.404(23), as reflected and described in the deferred presentment transaction agreement.
(2) Before a deferred presentment provider presents the drawer’s check, the check must be endorsed with the name under which the deferred presentment provider is doing business.
(3) Notwithstanding subsection (1), in lieu of presentment, a deferred presentment provider may allow the check to be redeemed at any time upon payment of the outstanding transaction balance and earned fees. However, payment may not be made in the form of a personal check. Upon redemption, the deferred presentment provider must return the drawer’s check and provide a signed, dated receipt showing that the drawer’s check has been redeemed.
(4) A drawer may not be required to redeem his or her check in full before the agreed-upon date; however, the drawer may choose to redeem the check before the agreed-upon presentment date.
History.—s. 13, ch. 2001-119; s. 46, ch. 2008-177; s. 3, ch. 2018-26.
2023 Florida Statutes › Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations › Chapter 560 - Money Services Businesses › Part IV - Deferred Presentment (Ss. 560.402-560.408) › 560.406 - Worthless checks.

560.406 Worthless checks.—
(1) If a check is returned to a deferred presentment provider from a payor financial institution due to lack of funds, a closed account, or a stop-payment order, the deferred presentment provider may seek collection pursuant to s. 68.065, except a deferred presentment provider may not collect treble damages. The notice sent by the deferred deposit provider may not include any references to treble damages and must clearly state that the deferred presentment provider is not entitled to recover such damages. Except as otherwise provided in this part, an individual who issues a personal check to a deferred presentment provider under a deferred presentment agreement is not subject to criminal penalty.
(2) If a check is returned to a deferred presentment provider from a payor financial institution due to insufficient funds, a closed account, or a stop-payment order, the deferred presentment provider may pursue all legally available civil remedies to collect the check, including, but not limited to, the imposition of all charges imposed on the deferred presentment provider by the financial institution. In its collection practices, a deferred presentment provider must comply with the prohibitions against harassment or abuse, false or misleading representations, and unfair practices that are contained in the Fair Debt Collections Practices Act, 15 U.S.C. ss. 1692d, 1692e, and 1692f. A violation of this act is a deceptive and unfair trade practice and constitutes a violation of the Deceptive and Unfair Trade Practices Act under part II of chapter 501. In addition, a deferred presentment provider must comply with the applicable provisions of the Consumer Collection Practices Act under part VI of chapter 559, including s. 559.77.
(3) A deferred presentment provider may not assess the cost of collection, other than charges for insufficient funds as allowed by law, without a judgment from a court of competent jurisdiction.
History.—s. 13, ch. 2001-119; s. 47, ch. 2008-177; s. 74, ch. 2009-21.
2023 Florida Statutes › Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations › Chapter 560 - Money Services Businesses › Part IV - Deferred Presentment (Ss. 560.402-560.408) › 560.408 - Legislative intent; report.

560.408 Legislative intent; report.—It is the intent of the Legislature to provide for the regulation of deferred presentment transactions. It is further the intent of the Legislature to prevent fraud, abuse, and other unlawful activity associated with deferred presentment transactions in part by:
(1) Providing for sufficient regulatory authority and resources to monitor deferred presentment transactions.
(2) Preventing rollovers.
(3) Regulating the allowable fees charged in connection with a deferred presentment transaction.
History.—s. 13, ch. 2001-119; s. 730, ch. 2003-261; s. 111, ch. 2005-2.