The Florida Senate

560.127  Control of a money transmitter.--

(1)  A person has control over a money transmitter if:

(a)  The person directly or indirectly or acting through one or more other persons owns, controls, or has power to vote 25 percent or more of any class of voting securities of the money transmitter; or

(b)  The department determines, after notice and opportunity for hearing, that the person directly or indirectly exercises a controlling influence over the activities of the money transmitter.

(2)  In any case in which a person or a group of persons, directly or indirectly or acting by or through one or more persons, proposes to purchase or acquire a controlling interest in a money transmitter, and thereby to change the control of that money transmitter, each person or group of persons shall provide written notice to the department.

(a)  A money transmitter whose stock is traded on an organized stock exchange shall provide the department with written notice within 15 days after knowledge of such change in control.

(b)  A money transmitter whose stock is not publicly traded shall provide the department with not less than 30 days' prior written notice of such proposed change in control.

(3)  After a review of the written notification, the department may require the money transmitter to provide additional information relating to other and former addresses, and the reputation, character, responsibility, and business affiliations, of the proposed new owner or each of the proposed new owners of the money transmitter.

(a)  The department may deny the person or group of persons proposing to purchase, or who have acquired control of, a money transmitter if, after investigation, the department determines that the person or persons are not qualified by reputation, character, experience, or financial responsibility to control or operate the money transmitter in a legal and proper manner and that the interests of the other stockholders, if any, or the interests of the public generally may be jeopardized by the proposed change in ownership, controlling interest, or management.

(b)  The department may disapprove any person who has been convicted of, or pled guilty or nolo contendere to, a violation of s. 560.123, s. 655.50, chapter 896, or any similar state, federal, or foreign law.

History.--s. 1, ch. 94-238; s. 1, ch. 94-354.