The Florida Senate

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 the public and warrant the belief that the registered business will be operated lawfully and fairly. The office may investigate each applicant to ascertain whether the qualifications and requirements prescribed by this part have been met. The office's investigation may include a criminal background investigation of all controlling shareholders, principals, officers, directors, members, and responsible persons of a funds transmitter and a payment instrument seller and all persons designated by a funds transmitter or payment instrument seller as an authorized vendor. Each controlling shareholder, principal, officer, director, member, and responsible person of a funds transmitter or payment instrument seller, unless the applicant is a publicly traded corporation, a subsidiary thereof, or a subsidiary of a bank or bank holding company, shall file a complete set of fingerprints taken by an authorized law enforcement officer. Such fingerprints must be submitted to the Department of Law Enforcement or the Federal Bureau of Investigation for state and federal processing. The commission may waive by rule the requirement that applicants file a set of fingerprints or the requirement that such fingerprints be processed by the Department of Law Enforcement or the Federal Bureau of Investigation.

(2)  Each application for registration must be submitted under oath to the office on such forms as the commission prescribes by rule and must be accompanied by a nonrefundable application fee. Such fee may not exceed $500 for each payment instrument seller or funds transmitter and $50 for each authorized vendor or location operating within this state. The application forms shall set forth such information as the commission reasonably requires, including, but not limited to:

(a)  The name and address of the applicant, including any fictitious or trade names used by the applicant in the conduct of its business.

(b)  The history of the applicant's material litigation, criminal convictions, pleas of nolo contendere, and cases of adjudication withheld.

(c)  A description of the activities conducted by the applicant, the applicant's history of operations, and the business activities in which the applicant seeks to engage in this state.

(d)  A list identifying the applicant's proposed authorized vendors in this state, including the location or locations in this state at which the applicant and its authorized vendors propose to conduct registered activities.

(e)  A sample authorized vendor contract, if applicable.

(f)  A sample form of payment instrument, if applicable.

(g)  The name and address of the clearing financial institution or financial institutions through which the applicant's payment instruments will be drawn or through which such payment instruments will be payable.

(h)  Documents revealing that the net worth and bonding requirements specified in s. 560.209 have been or will be fulfilled.

(3)  Each application for registration by an applicant that is a corporation shall also set forth such information as the commission reasonably requires, including, but not limited to:

(a)  The date of the applicant's incorporation and state of incorporation.

(b)  A certificate of good standing from the state or country in which the applicant was incorporated.

(c)  A description of the corporate structure of the applicant, including the identity of any parent or subsidiary of the applicant, and the disclosure of whether any parent or subsidiary is publicly traded on any stock exchange.

(d)  The name, business and residence addresses, and employment history for the past 5 years for each executive officer, each director, each controlling shareholder, and the responsible person who will be in charge of all the applicant's business activities in this state.

(e)  The history of material litigation and criminal convictions, pleas of nolo contendere, and cases of adjudication withheld for each executive officer, each director, each controlling shareholder, and the responsible person who will be in charge of the applicant's registered activities.

(f)  Copies of the applicant's audited financial statements for the current year and, if available, for the immediately preceding 2-year period. In cases where the applicant is a wholly owned subsidiary of another corporation, the parent's consolidated audited financial statements may be submitted to satisfy this requirement. An applicant who is not required to file audited financial statements may satisfy this requirement by filing unaudited financial statements verified under penalty of perjury, as provided by the commission by rule.

(g)  An applicant who is not required to file audited financial statements may file copies of the applicant's unconsolidated, unaudited financial statements for the current year and, if available, for the immediately preceding 2-year period.

(h)  If the applicant is a publicly traded company, copies of all filings made by the applicant with the United States Securities and Exchange Commission, or with a similar regulator in a country other than the United States, within the year preceding the date of filing of the application.

(4)  Each application for registration submitted to the office by an applicant that is not a corporation shall also set forth such information as the commission reasonably requires, including, but not limited to:

(a)  Evidence that the applicant is registered to do business in this state.

(b)  The name, business and residence addresses, personal financial statement and employment history for the past 5 years for each individual having a controlling ownership interest in the applicant, and each responsible person who will be in charge of the applicant's registered activities.

(c)  The history of material litigation and criminal convictions, pleas of nolo contendere, and cases of adjudication withheld for each individual having a controlling ownership interest in the applicant and each responsible person who will be in charge of the applicant's registered activities.

(d)  Copies of the applicant's audited financial statements for the current year, and, if available, for the preceding 2 years. An applicant who is not required to file audited financial statements may satisfy this requirement by filing unaudited financial statements verified under penalty of perjury, as provided by the commission by rule.

(5)  Each applicant shall designate and maintain an agent in this state for service of process.

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.