Chapter 560 Money Transmitters' Code
Part I - General Provisions (ss. 560.101-560.129)
- §560.101 Short title.
This chapter may be cited as the "Money Transmitters' Code." History.--s. 1, ch. 94-238; s. 1, ch. 94-354. ...
- §560.102 Purpose; application.
The purposes of the code are to: (1) Provide general regulatory powers to be exercised by the Financial Services Commission and the Office of Financial Regulation...
- §560.103 Definitions.
As used in the code, unless the context otherwise requires: (1) "Appropriate regulator" means any state or federal agency, including the commission or office, which has...
- §560.104 Exemptions.
The following entities are exempt from the provisions of the code: (1) Banks, credit card banks, credit unions, trust companies, associations, offices of an international banking...
- §560.105 Supervisory powers; rulemaking.
(1) Consistent with the purposes of the code, the office shall have: (a) Supervision over all money transmitters and their authorized vendors. (b) Access to books and records...
- §560.106 Construction; standards.
(1) This code shall be liberally construed and applied to promote its purposes and policies. (2) The purposes and policies stated in s. 560.102 constitute the standards...
- §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...
- §560.1073 False or misleading statements or supporting documents; penalty.
Any person who, personally or otherwise, files with the office, or signs as the duly authorized representative for filing with the office, any financial statement...
- §560.108 Administrative enforcement guidelines.
(1) In imposing any administrative remedy or penalty provided for in the code, the office shall take into account the appropriateness of the penalty with respect...
- §560.109 Investigations, subpoenas, hearings, and witnesses.
(1) The office may make investigations or examinations as prescribed in s. 560.118, within or outside this state, which it deems necessary in order to determine...
- §560.111 Prohibited acts and practices.
(1) It is unlawful for any money transmitter or money transmitter-affiliated party to: (a) Receive or possess itself of any property otherwise than in payment of a...
- §560.112 Procedures for disciplinary actions.
(1) The office may issue and serve upon any person a complaint stating charges whenever the office has reason to believe that such person has engaged...
- §560.113 Injunctions.
Whenever a violation of the code is threatened or impending and such violation will cause substantial injury to any person, the circuit court has jurisdiction...
- §560.114 Disciplinary actions.
(1) The following actions by a money transmitter or money transmitter-affiliated party are violations of the code and constitute grounds for the issuance of a cease...
- §560.115 Surrender of registration.
Any money transmitter registered pursuant to the code may voluntarily surrender its registration at any time by giving written notice to the office. History.--s. 1,...
- §560.116 Civil immunity.
Any person having reason to believe that a provision of the code is being violated, or has been violated, or is about to be violated,...
- §560.117 Administrative fines; enforcement.
(1) The office may, by complaint, initiate a proceeding pursuant to chapter 120 to impose an administrative fine against any person found to have violated any...
- §560.118 Examinations, reports, and internal audits; penalty.
(1)(a) The office may conduct an examination of a money transmitter or authorized vendor by providing not less than 15 days' advance notice to the money...
- §560.119 Deposit of fees and assessments.
The application fees, registration renewal fees, late payment penalties, civil penalties, administrative fines, and other fees or penalties provided for in the code shall, in...
- §560.121 Records; limited restrictions upon public access.
(1)(a) Orders of courts or of administrative law judges for the production of confidential records or information shall provide for inspection in camera by the court...
- §560.123 Florida control of money laundering in the Money Transmitters' Code; reports of transactions involving currency or monetary instruments; when required; purpose; definitions; penalties; corpus delicti.
(1) This section may be cited as the "Florida Control of Money Laundering in Money Transmitters Act." (2) It is the purpose of this section to require...
- §560.124 Sharing of information.
(1) It is not unlawful for any person to provide information to a money transmitter, authorized vendor, or appropriate regulator, or for any money transmitter, authorized...
- §560.125 Money transmitter business by unauthorized persons; penalties.
(1) A person other than a registered money transmitter or authorized vendor may not engage in the business of a money transmitter in this state unless...
- §560.126 Significant events; notice required.
(1) Unless exempted by the office, every money transmitter must provide the office with a written notice within 30 days after the occurrence or knowledge of,...
- §560.127 Control of a money transmitter.
A person has control over a money transmitter if: (1) The individual, partnership, corporation, trust, or other organization possesses the power, directly or indirectly, to direct...
- §560.128 Consumer disclosure.
(1) Every money transmitter and authorized vendor shall provide each consumer of a money transmitter transaction a toll-free telephone number for the purpose of consumer contacts;...
- §560.129 Confidentiality.
(1)(a) Except as otherwise provided in this section, all information concerning an investigation or examination by the office pursuant to this chapter, including any consumer complaint...
Part II - Payment Instruments
And Funds Transmission (ss. 560.200-560.213)
- §560.200 Short title.
This part may be cited as the "Payment Instruments and Funds Transmission Act." History.--s. 2, ch. 94-238; s. 2, ch. 94-354. ...
- §560.202 Definitions.
In addition to the definitions provided in s. 560.103, for purposes of this part, unless otherwise clearly indicated by the context: (1) "Applicant" means a person...
- §560.203 Exemptions.
Authorized vendors of a registrant acting within the scope of authority conferred by the registrant shall be exempt from having to register pursuant to the...
- §560.204 Requirement of registration.
(1) No person shall engage for consideration, nor in any manner advertise that they engage, in the selling or issuing of payment instruments or in the...
- §560.205 Qualifications of applicant for registration; contents.
(1) To qualify for registration under this part, an applicant must demonstrate to the office such character and general fitness as to command the confidence of...
- §560.206 Investigation of applicants.
Upon the filing of a properly completed application, accompanied by the nonrefundable application fee and other required documents, the office shall investigate to ascertain whether...
- §560.207 Renewal of registration; registration fee.
(1) Registration may be renewed for a 24-month period or the remainder of any such period without proration following the date of its expiration by furnishing...
- §560.208 Conduct of business.
(1) A registrant may conduct its business at one or more locations within this state through branches or by means of authorized vendors, as designated by...
- §560.209 Net worth; corporate surety bond; collateral deposit in lieu of bond.
(1) Any person engaging in a registered activity shall have a net worth of at least $100,000 computed according to generally accepted accounting principles. Applicants proposing...
- §560.210 Permissible investments.
(1) A registrant shall at all times possess permissible investments with an aggregate market value calculated in accordance with United States generally accepted accounting principles of...
- §560.211 Records.
(1) Each registrant must make, keep, and preserve the following books, accounts, and other records for a period of 3 years: (a) A daily record or records...
- §560.212 Financial liability.
Each registrant under this part is liable for the payment of all funds transmitted and payment instruments that it sells, in whatever form and whether...
- §560.213 Payment instrument information.
Each payment instrument sold or issued by a registrant, directly or through an authorized vendor, shall bear the name of the registrant clearly imprinted thereon....
Part III - Check Cashing
And Foreign Currency Exchange (ss. 560.301-560.310)
- §560.301 Short title.
This part may be cited as the "Check Cashing and Foreign Currency Exchange Act." History.--s. 3, ch. 94-238; s. 3, ch. 94-354. ...
- §560.302 Definitions.
In addition to the definitions provided in s. 560.103, unless otherwise clearly indicated by the context, for purposes of this part: (1) "Cashing" means providing currency...
- §560.303 Requirement of registration.
(1) No person shall engage in, or in any manner advertise engagement in, the business of cashing payment instruments or the exchanging of foreign currency without...
- §560.304 Exceptions to registration.
The provisions of this part do not apply to: (1) Authorized vendors of any person registered pursuant to the provisions of the code, acting within the...
- §560.305 Application.
Each application for registration must be in writing and under oath to the office, in such form as the commission prescribes. The application must contain...
- §560.306 Standards.
(1) In order to qualify for registration under this part, an applicant must demonstrate to the office that he or she has such character and general...
- §560.307 Fees.
(1) The application shall be filed together with a nonrefundable application fee of $250 for each check casher or foreign currency exchanger and $50 for each...
- §560.308 Registration terms; renewal; renewal fees.
(1) Registration may be renewed for a 24-month period, or the remainder of any such period without proration, following the date of its expiration by furnishing...
- §560.309 Rules.
(1) Before a registrant shall deposit, with any financial institution, a payment instrument that is cashed by a registrant, each such item must be endorsed with...
- §560.310 Records of check cashers and foreign currency exchangers.
(1) Each registrant must maintain all books, accounts, records, and documents necessary to determine the registrant's compliance with the provisions of the code. Such books, accounts,...
Part IV - Deferred Presentment (ss. 560.401-560.408)
- §560.401 Short title.
This part may be cited as the "Deferred Presentment Act." History.--s. 13, ch. 2001-119. ...
- §560.402 Definitions.
In addition to the definitions provided in ss. 560.103, 560.202, and 560.302 and unless otherwise clearly indicated by the context, for purposes of this part:...
- §560.403 Requirements of registration; declaration of intent.
(1) No person, unless otherwise exempt from this chapter, shall engage in a deferred presentment transaction unless the person is registered under the provisions of part...
- §560.404 Requirements for deferred presentment transactions.
(1) Every deferred presentment transaction shall be documented in a written agreement signed by both the deferred presentment provider and the drawer. (2) The deferred presentment transaction...
- §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)...
- §560.405 Deposit; redemption.
(1) The deferred presentment provider or its affiliate shall not present the drawer's check prior to the agreed-upon date of presentment, as reflected in the deferred...
- §560.406 Worthless checks.
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...
- §560.407 Records.
(1) Each registrant under this part must maintain all books, accounts, records, and documents necessary to determine the registrant's compliance with the provisions of the code....
- §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...
