Title XXXIII, Regulation of Trade, Commerce, Investments, and Solicitations

The office may conduct examinations and investigations, within or outside this state to determine whether a person has violated any provision of this chapter and related rules, or of any practice or conduct that creates the likelihood of material loss, insolvency, or dissipation …

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) A…

(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 exam…

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 requ…

(1) A money services business, authorized vendor, or affiliated party may not:(a) Receive or possess any property except in payment of a just demand, and, with intent to deceive or defraud, to omit to make or to cause to be made a full and true entry thereof in its books and acco…

(1) Licensees must make determinations about the provision or denial of services based on an analysis of risk factors unique to each current or prospective customer and may not engage in an unsafe and unsound practice as provided in subsection (2). This subsection does not restri…

(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 t…

(1) The following actions by a money services business, authorized vendor, or affiliated party constitute grounds for the issuance of a cease and desist order; the issuance of a removal order; the denial, suspension, or revocation of a license; or taking any other action within t…

(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 sp…

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.

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 in…

(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 rul…

(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…

(1) This section may be cited as the “Florida Control of Money Laundering in Money Services Business Act.”(2) The purpose of this section is to require the maintenance of certain records of transactions involving currency, monetary value, payment instruments, virtual currency, or…

(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, 1…

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…

(1) A person may not engage in the business of a money services business or deferred presentment provider in this state unless the person is licensed or registered, or exempted from licensure or registration under this chapter. A deferred presentment transaction conducted by a pe…

(1) A licensee must provide the office with a written notice sent by registered mail within 30 days after the occurrence or knowledge of, whichever period of time is greater, any of the following:(a) The filing of a petition under the United States Bankruptcy Code for bankruptcy …

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…

(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 off…

(1) Except as otherwise provided in this section, all information concerning an investigation or examination conducted by the office pursuant to this chapter, including any customer complaint received by the office or the Department of Financial Services, is confidential and exem…

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 presen…

(1) To apply for a license as a money services business under this chapter, the applicant must submit:(a) An application to the office on forms prescribed by rule which includes the following information:1. The legal name and address of the applicant, including any fictitious or …

(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…

(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 authorizedvendor..........$38.(e) Declaration as a defe…

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 a…

1(1) A money services business may not be required to offer products or services, including, but not limited to, transmitting, storing, exchanging, or accepting payment in gold coin or silver coin. To the extent that a money services business offers such products or services, the…

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.

(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 “compe…

1In addition to the license application requirements under part I of this chapter, an applicant seeking a license under this part must also submit any information required to be submitted by each applicant under the relevant subsection to the office.(1) Any applicant seeking to o…

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 throug…

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 …

(1) A licensee must have a net worth of at least $100,000. A licensee operating in more than one location must have an additional net worth of $10,000 per location in this state, up to a maximum of $2 million. The required net worth must be maintained at all times.(2) A licensee …

(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 …

(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, pa…

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 princi…

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.

1(1) A custodian of gold coin or silver coin must meet all of the following requirements:(a) Be located in a manner that enables rapid response time by law enforcement.(b) Meet security requirements in accordance with industry standards, including, but not limited to:1. Use of a …

(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…

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 ins…

(1) A licensee may transact business under this part only under the legal name under which the person is licensed. The use of a fictitious name is allowed if the fictitious name has been registered with the Department of State and disclosed to the office as part of an initial lic…

(1) A licensee engaged in check cashing must maintain for the period specified in s. 560.1105 a copy of each payment instrument cashed.(2) If the payment instrument exceeds $1,000, the following additional information must be maintained or submitted:(a) Customer files, as prescri…

(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 th…

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 de…

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 t…

(1) Each deferred presentment transaction must be documented in a written agreement signed by the deferred presentment provider and the drawer.(2) The deferred presentment transaction agreement must be executed on the day the deferred presentment provider furnishes currency or a …