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The Florida Senate

2007 Florida Statutes

Section 560.126, Florida Statutes 2007

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, whichever period of time is greater, any of the following events:

(a)  The filing of a petition under the United States Bankruptcy Code for bankruptcy or reorganization by the money transmitter.

(b)  The commencement of any registration suspension or revocation proceeding, either administrative or judicial, or the denial of any original registration request or a registration renewal, by any state, the District of Columbia, any United States territory, or any foreign country, in which the money transmitter operates or plans to operate or has registered to operate.

(c)  A felony indictment relating to the money transmission business involving the money transmitter or a money transmitter-affiliated party of the money transmitter.

(d)  The felony conviction, guilty plea, or plea of nolo contendere, if the court adjudicates the nolo contendere pleader guilty, or the adjudication of guilt of a money transmitter or money transmitter-affiliated party.

(e)  The interruption of any corporate surety bond required by the code.

(f)  Any suspected criminal act, as defined by the commission by rule, perpetrated in this state against a money transmitter or authorized vendor.

However, a person does not incur liability as a result of making a good faith effort to fulfill this disclosure requirement.

(2)(a)  Each registrant under this code shall report, on a form prescribed by rule of the commission, any change in the information contained in any initial application form or any amendment thereto not later than 30 days after the change is effective.

(b)  Each registrant under the code shall report any changes in the partners, officers, members, joint venturers, directors, controlling shareholders, or responsible persons of any registrant or changes in the form of business organization by written amendment in such form and at such time as the commission specifies by rule.

1.  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 licensee, such person or group must submit an initial application for registration as a money transmitter before such purchase or acquisition at such time and in such form as the commission prescribes by rule.

2.  As used in this subsection, the term "controlling interest" means possession of the power to direct or cause the direction of the management or policies of a company whether through ownership of securities, by contract, or otherwise. Any person who directly or indirectly has the right to vote 25 percent or more of the voting securities of a company or is entitled to 25 percent or more of its profits is presumed to possess a controlling interest.

3.  Any addition of a partner, officer, member, joint venturer, director, controlling shareholder, or responsible person of the applicant who does not have a controlling interest and who has not previously complied with ss. 560.205 and 560.306 shall be subject to such provisions unless required to file an initial application in accordance with subparagraph 1. If the office determines that the registrant does not continue to meet registration requirements, the office may bring administrative action in accordance with s. 560.114 to enforce the provisions of this code.

4.  The commission shall adopt rules pursuant to ss. 120.536(1) and 120.54 providing for the waiver of the application required by this subsection if the person or group of persons proposing to purchase or acquire a controlling interest in a registrant has previously complied with the provisions of ss. 560.205 and 560.306 with the same legal entity or is currently registered with the office under this code.

History.--s. 1, ch. 94-238; s. 1, ch. 94-354; s. 706, ch. 2003-261; s. 56, ch. 2006-213.