CODING: Words stricken are deletions; words underlined are additions.





                                                   HOUSE AMENDMENT

                                                   Bill No. HB 553

    Amendment No. 1 (for drafter's use only)

                            CHAMBER ACTION
              Senate                               House
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 4                                                                

 5                                           ORIGINAL STAMP BELOW

 6

 7

 8

 9

10                                                                

11  The Committee on Financial Services offered the following:

12

13         Amendment (with title amendment) 

14  Remove from the bill:  Everything after the enacting clause

15

16  and insert in lieu thereof:

17         Section 1.  Paragraph (d) is added to subsection (4) of

18  section 560.103, Florida Statutes, and subsection (10) of said

19  section is amended, to read:

20         560.103  Definitions.--As used in the code, unless the

21  context otherwise requires:

22         (4)  "Code" means the "Money Transmitters' Code,"

23  consisting of:

24         (d)  Part IV of this chapter, relating to deferred

25  presentments.

26         (10)  "Money transmitter" means any person located in

27  or doing business in this state who acts as a payment

28  instrument seller, foreign currency exchanger, check casher,

29  or funds transmitter, or deferred presentment provider.

30         Section 2.  Paragraphs (l) and (m) are added to

31  subsection (1) of section 560.114, Florida Statutes, paragraph

                                  1

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                                                   HOUSE AMENDMENT

                                                   Bill No. HB 553

    Amendment No. 1 (for drafter's use only)





 1  (d) of subsection (2) of said section is amended, and

 2  subsection (4) is added to said section, to read:

 3         560.114  Disciplinary actions.--

 4         (1)  The following actions by a money transmitter or

 5  money transmitter-affiliated party are violations of the code

 6  and constitute grounds for the issuance of a cease and desist

 7  order, the issuance of a removal order, the denial of a

 8  registration application or the suspension or revocation of

 9  any registration previously issued pursuant to the code, or

10  the taking of any other action within the authority of the

11  department pursuant to the code:

12         (l)  Failure to pay any fee, charge, or fine under the

13  code.

14         (m)  Engaging or advertising engagement in the business

15  of a money transmitter without a registration, unless the

16  person is exempted from the registration requirements of the

17  code.

18         (2)  In addition to the acts specified in subsection

19  (1), the following acts are grounds for denial of registration

20  or for revocation, suspension, or restriction of registration

21  previously granted:

22         (d)  Having been convicted of or found guilty of, or

23  having pleaded guilty or nolo contendere to, a crime involving

24  fraud or dishonest dealing.

25         (4)  If any registration expires while administrative

26  charges are still pending against the deferred presentment

27  provider, the proceedings against the registrant shall

28  continue as if the registration were still in effect.

29         Section 3.  Subsection (1) of Section 560.118, Florida

30  Statutes, is amended to read:

31         560.118  Examinations, reports, and internal audits;

                                  2

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                                                   HOUSE AMENDMENT

                                                   Bill No. HB 553

    Amendment No. 1 (for drafter's use only)





 1  penalty.

 2         (c)  The department may recover the costs of a regular

 3  examination and supervision of a money transmitter or

 4  authorized vendor; however, the department may not recover the

 5  costs of more than one examination in any 12-month period

 6  unless the department has determined that the money

 7  transmitter or authorized vendor is operating in an unsafe or

 8  unsound or unlawful manner.

 9         (d)  The department may, by rule, set a maximum per-day

10  examination cost for a regular examination. Such per-day cost

11  may be less than that required to fully compensate the

12  department for costs associated with the examination. For the

13  purposes of this section, "costs" means the salary and travel

14  expenses directly attributable to the field staff examining

15  the money transmitter or authorized vendor, and the travel

16  expenses of any supervisory staff required as a result of

17  examination findings. Reimbursement for such costs incurred

18  under this subsection must be postmarked no later than 30 days

19  after the date of receipt of a notice stating that such costs

20  are due. The department may levy a late payment penalty of up

21  to $100 per day or part thereof that a payment is overdue,

22  unless the late payment penalty is excused for good cause. In

23  excusing any such late payment penalty, the department may

24  consider the prior payment history of the money transmitter or

25  authorized vendor.

26         Section 4.  Section 560.119, Florida Statutes, is

27  amended to read:

28         560.119  Deposit of fees and assessments.--

29         The application fees, registration renewal fees,

30  examination fees, late payment penalties, civil penalties,

31  administrative fines, and other fees or penalties provided for

                                  3

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                                                   HOUSE AMENDMENT

                                                   Bill No. HB 553

    Amendment No. 1 (for drafter's use only)





 1  in the code shall, in all cases, be paid directly to the

 2  department, which shall deposit such proceeds into the

 3  Financial Institutions' Regulatory Trust Fund. Each year, the

 4  Legislature shall appropriate from the trust fund to the

 5  department sufficient moneys to pay the department's costs for

 6  administration of the code. The Financial Institutions'

 7  Regulatory Trust Fund is subject to the service charge imposed

 8  pursuant to chapter 215.

 9         Section 5.  Section 560.129, Florida Statutes, is

10  amended to read:

11         560.129  Confidentiality.--

12         (1)  For purposes of this section, the definitions

13  contained in s. 560.103, as created by chapter 94-238, Laws of

14  Florida, and chapter 94-354, Laws of Florida, apply.

15         (2)  RESTRICTED ACCESS TO CERTAIN HEARINGS,

16  PROCEEDINGS, AND RELATED DOCUMENTS.--

17         (a)  The hearings and proceedings conducted under the

18  code pursuant to this part shall be closed and exempt from the

19  provisions of s. 286.011 and s. 24(b), Art. I of the State

20  Constitution, and documents related to such hearings and

21  proceedings shall be confidential and exempt from the

22  provisions of s. 119.07(1) and s. 24(a), Art. I of the State

23  Constitution.

24         (b)  Orders of courts or of administrative law judges

25  for the production of confidential records or information

26  shall provide for inspection in camera by the court or the

27  administrative law judge and, after the court or

28  administrative law judge has made a determination that the

29  documents requested are relevant or would likely lead to the

30  discovery of admissible evidence, the documents shall be

31  subject to further orders by the court or the administrative

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                                                   HOUSE AMENDMENT

                                                   Bill No. HB 553

    Amendment No. 1 (for drafter's use only)





 1  law judge to protect the confidentiality thereof. Any order

 2  directing the release of information shall be immediately

 3  reviewable, and a petition by the department for review of

 4  such order shall automatically stay further proceedings in the

 5  trial court or the administrative hearing until the

 6  disposition of such petition by the reviewing court. If any

 7  other party files such a petition for review, it will operate

 8  as a stay of such proceedings only upon order of the reviewing

 9  court.

10         (3)  Any emergency order entered under s. 560.112(6) is

11  confidential and exempt from the provisions of s. 119.07(1)

12  and s. 24(a), Art. I of the State Constitution, until the

13  emergency order is made permanent, unless the department finds

14  that such confidentiality will result in substantial risk of

15  financial loss to the public.

16         (3)(4)  Except for such portions of this section which

17  are otherwise public record, all records and information

18  relating to an investigation by the department under the code

19  are confidential and exempt from the provisions of s.

20  119.07(1) and s. 24(a), Art. I of the State Constitution,

21  until such investigation is completed or ceases to be active.

22  For purposes of this subsection, an investigation is

23  considered active while such investigation is being conducted

24  by the department with a reasonable, good faith belief that it

25  may lead to the filing of administrative, civil, or criminal

26  proceedings. An investigation does not cease to be active if

27  the department is proceeding with reasonable dispatch, and

28  there is a good faith belief that action may be initiated by

29  the department or other regulatory, administrative, or law

30  enforcement agency. After an investigation is completed or

31  ceases to be active, portions of such records relating to the

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                                                   HOUSE AMENDMENT

                                                   Bill No. HB 553

    Amendment No. 1 (for drafter's use only)





 1  investigation shall be confidential and exempt from the

 2  provisions of s. 119.07(1) and s. 24(a), Art. I of the State

 3  Constitution, to the extent that disclosure would:

 4         (a)  Jeopardize the integrity of another active

 5  investigation;

 6         (b)  Impair the safety and soundness of a money

 7  transmitter or authorized vendor;

 8         (c)  Reveal personal financial information;

 9         (d)  Reveal the identity of a confidential source;

10         (e)  Defame or cause unwarranted damage to the good

11  name or reputation, or jeopardize the safety, of a person; or

12         (f)  Reveal investigative techniques or procedures.

13         (4)(5)  Except as otherwise provided in s. 560.121, and

14  except for such portions that are public record, reports of

15  examinations, operations, or conditions, including working

16  papers, or portions thereof, prepared by, or for the use of,

17  the department or any appropriate regulatory agency are

18  confidential and exempt from the provisions of s. 119.07(1)

19  and s. 24(a), Art. I of the State Constitution. However, such

20  reports or papers or portions thereof may be released to:

21         (a)  The money transmitter under examination;

22         (b)  Proposed purchasers if necessary to protect the

23  continued financial viability of the money transmitter;

24  however, the department shall notify the money transmitter

25  prior to releasing such documents;

26         (c)  Persons proposing in good faith to acquire a

27  controlling interest in or to merge with the money

28  transmitter; however, the department shall obtain permission

29  from the money transmitter prior to releasing such documents;

30         (d)  Any responsible person, officer, director,

31  employee, attorney, auditor, or independent auditor officially

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                                                   HOUSE AMENDMENT

                                                   Bill No. HB 553

    Amendment No. 1 (for drafter's use only)





 1  connected with the money transmitter, proposed purchaser, or

 2  person seeking to acquire a controlling interest in or merge

 3  with the money transmitter; however, the department shall

 4  obtain permission from the money transmitter prior to

 5  releasing such documents; or

 6         (e)  A bonding company, upon approval of the money

 7  transmitter.

 8

 9  Any confidential information or records obtained from the

10  department pursuant to this subsection shall be maintained as

11  confidential and exempt from the provisions of s. 119.07(1)

12  and s. 24(a), Art. I of the State Constitution.

13         (5)(6)  This section shall not prevent or restrict:

14         (a)  Furnishing records or information to any

15  appropriate regulatory agency provided that such agency

16  adheres to the confidentiality provisions of the code;

17         (b)  Disclosing or publishing summaries of the

18  condition of money transmitters as well as general economic

19  and similar statistics or data, provided that the identity of

20  a particular money transmitter is not disclosed and may not be

21  ascertained; or

22         (c)  Reporting any suspected criminal activity, with

23  supporting documents and information, to appropriate law

24  enforcement or prosecutorial agencies.

25

26  Any confidential information or records obtained from the

27  department pursuant to this subsection shall be maintained as

28  confidential and exempt from the provisions of s. 119.07(1)

29  and s. 24(a), Art. I of the State Constitution.

30         (6)(7)  All reports and records filed with the

31  department pursuant to s. 560.123 are confidential and exempt

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                                                   HOUSE AMENDMENT

                                                   Bill No. HB 553

    Amendment No. 1 (for drafter's use only)





 1  from the provisions of s. 119.07(1) and s. 24(a), Art. I of

 2  the State Constitution. However, the department shall provide

 3  any report filed pursuant to such section, or information

 4  contained therein, to federal, state, and local law

 5  enforcement and prosecutorial agencies, and to any federal or

 6  state agency responsible for the regulation or supervision of

 7  money transmitters.

 8         (7)(8)  Confidential records and information furnished

 9  pursuant to a legislative subpoena shall be kept confidential

10  by the legislative body or committee that receives the records

11  or information, except in a case involving investigation of

12  charges against a public official subject to impeachment or

13  removal, and then disclosure of such information shall be only

14  to the extent determined to be necessary by the legislative

15  body or committee.

16         (8)(9)  Examination reports, investigatory records,

17  applications, and related information compiled by the

18  department, or photographic copies thereof, shall be retained

19  by the department for a period of at least 10 years.

20         (9)(10)  Any person who willfully discloses information

21  made confidential by this section commits a felony of the

22  third degree, punishable as provided in s. 775.082, s.

23  775.083, or s. 775.084.

24         (10)(11)  The exemptions created in this section,

25  pursuant to subsections (1)-(11) for purposes of the Money

26  Transmitters' Code in this chapter, as created by chapter

27  94-238, Laws of Florida, and chapter 94-354, Laws of Florida,

28  are exempt from the provisions of ss. 119.07(1) and 286.011

29  and s. 24(a) and (b), Art. I of the State Constitution.

30         Section 6.  Subsection (2) of Section 560.205, Florida

31  Statutes, is amended to read:

                                  8

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                                                   HOUSE AMENDMENT

                                                   Bill No. HB 553

    Amendment No. 1 (for drafter's use only)





 1         560.205  Qualifications of applicant for registration;

 2  contents.--

 3         (2)  Each application for registration must be

 4  submitted under oath to the department on such forms as the

 5  department prescribes by rule and must be accompanied by a

 6  nonrefundable application investigation fee. Such fee may not

 7  exceed $500 for each payment instrument seller or funds

 8  transmitter and $50 for each authorized vendor or branch

 9  location. and may be waived by the department for just cause.

10  The application forms shall set forth such information as the

11  department reasonably requires, including, but not limited to:

12         Section 7.  Section 560.206, Florida Statutes, is

13  amended to read:

14         560.206  Investigation of applicants.--

15         Upon the filing of a properly completed application,

16  accompanied by the nonrefundable application fee and other

17  required documents, the department shall investigate to

18  ascertain whether the qualifications and requirements

19  prescribed by this part have been met. If the department finds

20  that the applicant meets such qualifications and requirements,

21  the department shall issue the applicant a registration to

22  engage in the business of selling payment instruments and

23  transmitting funds in this state. Any registration issued

24  under this part shall remain effective through April 30 of the

25  second year following its date of issuance, not to exceed 24

26  months, unless during such period the registration is in

27  effect through April 30 next following its date of issuance

28  unless otherwise specified by the department or earlier

29  surrendered, suspended, or revoked.

30         Section 8.  Section 560.207, Florida Statutes, is

31  amended to read:

                                  9

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                                                   HOUSE AMENDMENT

                                                   Bill No. HB 553

    Amendment No. 1 (for drafter's use only)





 1         560.207  Renewal of registration; registration fee.--

 2         (2)  All registration renewal applications shall be

 3  accompanied by a renewal fee not to exceed $1,000, unless such

 4  fee is waived by the department. All renewal applications must

 5  be filed on or after January 1 of the year in which the

 6  existing registration expires, but before March 31. If the

 7  renewal application is filed prior to the expiration date of

 8  an existing registration, no late investigation fee shall be

 9  paid in connection with such renewal application. If the

10  renewal application is filed within 60 calendar days after the

11  expiration date of an existing registration, then, in addition

12  to the $1,000 renewal fee, the renewal application shall be

13  accompanied by a nonrefundable late fee of $500. investigation

14  fee pursuant to s. 560.205(2).  If the registrant has not

15  filed a renewal application within 60 days of the expiration

16  date of an existing registration, then a new application must

17  be filed with the department pursuant to s. 560.205.

18         (3)  Every registration renewal application shall also

19  include a 2-year registration fee of $50 for each location

20  operating within this state or, at the option of the

21  registrant, a total 2-year fee of $20,000 $5,000 may be paid

22  to register all such locations operating within this state.

23         Section 9.  Section 560.208, Florida Statutes, is

24  amended to read:

25         560.208  Conduct of business.--

26         (1)  A registrant may conduct its business at one or

27  more locations within this state through branches or by means

28  of authorized vendors, as designated by the registrant.

29         (2)  Each registrant shall notify the Department,

30  within 60 days from the date of designation by the registrant,

31  of each authorized vendor or branch location.  This

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                                                   HOUSE AMENDMENT

                                                   Bill No. HB 553

    Amendment No. 1 (for drafter's use only)





 1  notification shall be accompanied by a nonrefundable $50 fee

 2  for each authorized vendor or branch location.  Each

 3  notification shall also be accompanied by a financial

 4  statement demonstrating compliance with s. 560.209(1), unless

 5  compliance is demonstrated by the quarterly report filed in

 6  compliance with s. 560.118(2).  This section shall not apply

 7  to any authorized vendor or branch location that has been

 8  designated by the registrant before the effective date of this

 9  provision.

10         Section 10.  Section 560.307, Florida Statutes, is

11  amended to read:

12         560.307  Fees.--

13         (1)  The application shall be filed together with a

14  nonrefundable application investigation fee that shall be

15  established by department rule; however, the application

16  investigation fee may not exceed $250 for each check casher or

17  foreign currency exchanger and $50 for each authorized vendor

18  or branch location. Such investigation fee shall satisfy the

19  fee requirement for the first year of registration or the

20  remaining part thereof.

21         (2)  Each registrant shall notify the Department,

22  within 60 days from the date of designation by the registrant,

23  of each authorized vendor or branch location.  This

24  notification shall be accompanied by a nonrefundable $50 fee

25  for each authorized vendor or branch location.  This section

26  shall not apply to any authorized vendor or branch location

27  that has been designated by the registrant before the

28  effective date of this provision.

29         Section 11.  Section 560.308, Florida Statutes, is

30  amended to read:

31         560.308  Registration terms; renewal; renewal fees.--

                                  11

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                                                   HOUSE AMENDMENT

                                                   Bill No. HB 553

    Amendment No. 1 (for drafter's use only)





 1         (3)  In addition to the renewal fee required by

 2  subsection (2), each registrant must register and pay a $50

 3  registration fee for each location, including any authorized

 4  vendors, operating within this state or, at the option of the

 5  registrant, a total 2-year fee of $20,000 $5,000 may be paid

 6  to register all such operating locations within this state.

 7         (4)  Registration that is not renewed on or before the

 8  expiration date of the registration period automatically

 9  expires. A renewal application and fee, and a late fee of $250

10  an investigation fee pursuant to s. 560.307, must be filed

11  within 60 calendar days after the expiration of an existing

12  registration in order for the registration to be before

13  registration may be reinstated.

14         Section 12.  Part IV of chapter 560, Florida Statutes,

15  consisting of sections 560.401, 560.402, 560.403, 560.404,

16  560.405, 560.406, and 560.407, Florida Statutes, is created to

17  read:

18                             PART IV

19                       DEFERRED PRESENTMENT

20         560.401  Short title.--This part may be cited as the

21  "Deferred Presentment Act."

22         560.402  Definitions.--In addition to the definitions

23  provided in ss. 560.103, 560.202, and 560.302 and unless

24  otherwise clearly indicated by the context, for purposes of

25  this part:

26         (1)  "Affiliate" means a person who directly or

27  indirectly through one or more intermediaries, controls or is

28  controlled by, or is under common control with a deferred

29  presentment provider.

30         (2)  "Amount financed" means the total amount of credit

31  provided to the drawer by the deferred presentment provider.

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                                                   Bill No. HB 553

    Amendment No. 1 (for drafter's use only)





 1         (3)  "Business day" means the hours during a particular

 2  day that a deferred presentment provider customarily conducts

 3  business, not to exceed 15 consecutive hours during that day.

 4         (4)  "Days" means calendar days.

 5         (5)  "Deferment period" means the number of days a

 6  deferred presentment provider agrees to defer depositing or

 7  presenting a payment intrument.  A deferment period may not

 8  exceed 31 days.

 9         (6)  "Deferred presentment provider" means a person who

10  engages in a deferred presentment transaction and is

11  registered under part II or part III of the code and has filed

12  a declaration of intent with the department.

13         (7)  "Deferred presentment transaction" means providing

14  currency or a payment instrument in exchange for a person's

15  check and agreeing to hold that person's check for a period of

16  time prior to presentment, deposit, or redemption. A deferred

17  presentment transaction that complies with the provisions

18  contained in this part shall not be construed to be a loan

19  under state law.

20         (8)  "Drawer" means any person who writes a personal

21  check and upon whose account the check is drawn.

22         (9)  "Rollover" means the termination of an existing

23  deferred presentment agreement solely by the payment of fees

24  then due the deferred presentment provider and the continued

25  holding of the check or the substitution of a new check drawn

26  by the drawer pursuant to a new deferred presentment

27  agreement.

28         (10)  "Fee" means the fee authorized for the deferral

29  of the presentation of a check pursuant to this part. This fee

30  shall not be deemed to be interest for any purpose.

31         (11)  "Termination of an existing deferred presentment

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                                                   Bill No. HB 553

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 1  agreement" occurs when the check which is the basis for the

 2  agreement is presented for payment, is deposited, or is

 3  redeemed by the drawer by payment in full in cash or a cash

 4  equivalent to the deferred presentment provider.

 5         560.403  Requirements of registration; declaration of

 6  intent.--

 7         (1)  No person shall engage in a deferred presentment

 8  transaction unless the person is registered under the

 9  provisions of part II or part III and has on file with the

10  department a declaration of intent to engage in deferred

11  presentment transactions. The declaration of intent shall be

12  under oath and on such form as the department prescribes by

13  rule.  The declaration of intent shall be filed together with

14  a nonrefundable filing fee of $1,000. Any person who is

15  registered under part II or part III on the effective date of

16  this act and intends to engage in deferred presentment

17  transactions shall have 60 days after the effective date of

18  this act to file a declaration of intent.

19         (2)  A registrant under this part shall renew his or

20  her intent ot engage in the business of deferred presentment

21  transactions or to act as a deferred presentment provider upon

22  renewing his or her registration under part II or part III,

23  and shall do so by indicating his or her intent on the renewal

24  form and by submitting a nonrefundable deferred presentment

25  provider renewal fee of $1,000, in addition to any fees

26  required for renewal of registration under part II or part

27  III.

28         (3)  A registrant under this part who fails to timely

29  renew his or her intent to engage in the business of deferred

30  presentment transactions or to act as a deferred presentment

31  provider shall immediately cease to engage in the business of

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                                                   HOUSE AMENDMENT

                                                   Bill No. HB 553

    Amendment No. 1 (for drafter's use only)





 1  deferred presentment transactions or to act as a deferred

 2  presentment provider.

 3         (4)  A registrant under this part who fails to timely

 4  renew his or her intent to engage in the business of deferred

 5  presentment transactions or to act as a deferred presentment

 6  provider on or before the expiration date of the registration

 7  period automatically expires.  A renewal declaration of intent

 8  and fee, and a late fee of $500, must be filed within 60

 9  calendar days after the expiration of an existing registration

10  in order for the declaration of intent to be reinstated.  If

11  the registrant has not filed a renewal declaration of intent

12  within 60 days of the expiration date of an existing

13  registration, then a new declaration must be filed with the

14  department.

15         (5)  No person shall be exempt from registration and

16  declaration if such person engages in deferred presentment

17  transactions, regardless of whether such person is currently

18  exempt from registration under any provision of this code.

19         (6)  Every deferred presentment transaction shall be

20  documented in a written agreement signed by both the deferred

21  presentment provider and the drawer.

22         (7)  The deferred presentment transaction agreement

23  shall be executed on the day the deferred presentment provider

24  furnishes currency or a payment instrument to the drawer.

25         (8)  All written agreements shall contain:

26         (a)  The name or trade name, address, and telephone

27  number of the deferred presentment provider, and the name and

28  title of the person who signs the agreement on behalf of the

29  deferred presentment provider.

30         (b)  The date the deferred presentment transaction was

31  made.

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                                                   HOUSE AMENDMENT

                                                   Bill No. HB 553

    Amendment No. 1 (for drafter's use only)





 1         (c)  The amount of the drawer's check.

 2         (d)  The length of deferral period.

 3         (e)  The address and telephone number of the

 4  department.

 5         (f)  A clear description of the drawer's payment

 6  obligations under the deferred presentment transaction.

 7         (9)  Every deferred presentment provider shall furnish

 8  to the drawer a copy of the deferred presentment transaction

 9  agreement.

10         (10)  No deferred presentment provider shall require a

11  person to provide any additional security for the deferred

12  presentment transaction or any extension or require a person

13  to provide any additional guaranty from another person.

14         (11)  A deferred presentment provider shall not include

15  any of the following provisions in any written agreement:

16         (a)  A hold harmless clause;

17         (b)  A confession of judgment clause;

18         (c)  Any assignment of or order for payment of wages or

19  other compensation for services;

20         (d)  A provision in which the drawer agrees not to

21  assert any claim or defense arising out of the agreement; or

22         (e)  A waiver of any provision of this part.

23         560.404  Rules.--A person may engage in deferred

24  presentment transactions, subject to the following:

25         (1)  No deferred presentment provider shall charge fees

26  in excess of 10 percent of the amount financed.  However, a

27  verification fee may be charged in accordance with s.

28  560.309(4) and the rules promulgated pursuant to the code.

29         (2)  Each deferred presentment provider shall

30  immediately provide the drawer with the full amount of any

31  check to be held, less only the fees permitted under this

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                                                   HOUSE AMENDMENT

                                                   Bill No. HB 553

    Amendment No. 1 (for drafter's use only)





 1  section. However, no deferred presentment provider shall

 2  provide a drawer with the face amount of the check to be held.

 3         (3)  The deferred presentment agreement and drawer's

 4  check shall bear the same date, and the number of days shall

 5  be calculated from this date. No deferred presentment provider

 6  or person may alter or delete the date on any written

 7  agreement or check held by the deferred presentment provider.

 8         (4)  No deferred presentment provider may accept or

 9  hold an undated check or a check dated on a date other than

10  the date on which the deferred presentment provider agreed to

11  hold the check and signed the deferred presentment transaction

12  agreement.

13         (5)  No deferred presentment agreement shall be for a

14  term in excess of 31 days.

15         (6)  Every deferred presentment provider shall hold the

16  drawer's check for the agreed number of days, unless the

17  drawer chooses to redeem the check before the agreed

18  presentment date.

19         (7)  The fees authorized by this section may not be

20  collected before the drawer's check is presented or redeemed.

21         (8)  Proceeds in a deferred presentment transaction may

22  be made to the drawer in the form of the deferred presentment

23  provider's business check or money order if the deferred

24  presentment provider is licensed under part II; however, no

25  additional fee may be charged by a deferred presentment

26  provider for issuing or cashing the deferred presentment

27  provider's check.

28         (9)  No deferred presentment provider may engage in the

29  rollover of any deferred presentment agreement.  Two business

30  days after the termination of an existing deferred presentment

31  agreement, the drawer may enter into a separate deferred

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                                                   HOUSE AMENDMENT

                                                   Bill No. HB 553

    Amendment No. 1 (for drafter's use only)





 1  presentment agreement with the same deferred presentment

 2  provider or its affiliate.  A deferred presentment provider

 3  shall not redeem, extend, or otherwise consolidate a deferred

 4  presentment agreement with the proceeds of another deferred

 5  presentment transaction made by the same deferred presentment

 6  provider.

 7         (10)  The face amount of a check taken for deferred

 8  presentment may not exceed $500 exclusive of the fees allowed

 9  by this part.

10         (11)  No deferred presentment provider or affiliate may

11  have outstanding more than one check from any one drawer at

12  any one time, nor may the face value of any outstanding check

13  from any one drawer payable to any deferred presentment

14  provider or its affiliate exceed $500, exclusive of the fees

15  allowed by this part. Each deferred presentment provider may

16  rely on a written representation of a drawer regarding the

17  existence of any outstanding checks for deferred presentment.

18  A deferred presentment provider shall not use any device or

19  agreement, including, but not limited to, agreements with or

20  referrals to other deferred presentment providers, to obtain

21  greater fees.

22         (12)  A deferred presentment provider shall provide a

23  notice in a prominent place on each deferred presentment

24  agreement in at least 16-point type in substantially the

25  following form:

26

27                              NOTICE

28     STATE LAW PROHIBITS YOU FROM HAVING MORE THAN 1 DEFERRED

29  PRESENTMENT AGREEMENT WITH THIS DEFERRED PRESENTMENT PROVIDER

30             OR AN AFFILIATE TOTALING MORE THAN $500,

31           EXCLUSIVE OF FEES, OUTSTANDING AT ANY TIME.

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                                                   HOUSE AMENDMENT

                                                   Bill No. HB 553

    Amendment No. 1 (for drafter's use only)





 1      FAILURE TO OBEY THIS LAW COULD CREATE SEVERE FINANCIAL

 2                HARDSHIP FOR YOU AND YOUR FAMILY.

 3  (14)  A deferred presentment provider shall charge only those

 4  fees specifically authorized in this section.

 5         560.405  Deposit; redemption.--

 6         (1)  The deferred presentment provider shall not

 7  present the drawer's check prior to the agreed-upon date of

 8  presentment, as reflected in the deferred presentment

 9  transaction agreement.

10         (2)  Before a deferred presentment provider presents

11  the drawer's check, the check shall be endorsed with the

12  actual name under which the deferred presentment provider is

13  doing business.

14         (3)  Notwithstanding the provisions of subsection (1),

15  in lieu of presentment, a deferred presentment provider may

16  allow the check to be redeemed at any time upon payment to the

17  deferred presentment provider in the amount of the face amount

18  of the drawer's check. However, payment may not be made in the

19  form of a personal check. Upon redemption, the deferred

20  presentment provider shall return the drawer's check that was

21  being held and provide a signed, dated receipt showing that

22  the drawer's check has been redeemed.

23         (4)  No drawer can be required to redeem his or her

24  check prior to the agreed-upon date, unless the drawer chooses

25  to redeem the check before the agreed-upon presentment date.

26         560.406  Worthless checks.--If a check is returned to a

27  deferred presentment provider from a payor financial

28  institution due to lack of funds, a closed account, or a

29  stop-payment order, the deferred presentment provider may seek

30  collection pursuant to s. 68.065, except a deferred

31  presentment provider shall not be entitled to collect treble

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                                                   HOUSE AMENDMENT

                                                   Bill No. HB 553

    Amendment No. 1 (for drafter's use only)





 1  damages pursuant s. 68.065. The notice sent by a deferred

 2  deposit provider pursuant to s. 68.065 shall not include any

 3  references to treble damages and must clearly state that the

 4  deferred presentment provider is not entitled to recover such

 5  damages. Except as otherwise provided in this part, an

 6  individual who issues a personal check to a deferred

 7  presentment provider under a deferred presentment agreement is

 8  not subject to criminal penalty. If a check is returned to a

 9  deferred presentment provider from a payor financial

10  institution due to insufficient funds, a closed account, or a

11  stop-payment order, the deferred presentment provider may

12  pursue all legally available civil remedies to collect the

13  check, including, but not limited to, the imposition of all

14  charges imposed on the deferred presentment provider by any

15  financial institution.

16         560.407  Records--

17         (1)  Each registrant under this part must maintain all

18  books, accounts, records, and documents necessary to determine

19  the registrant's compliance with the provisions of the code.

20  Such books, accounts, records and documents shall be retained

21  for a period of at least 3 years unless a longer period is

22  expressly required by the department, laws of this state or

23  any federal law.

24         (2)  The records required to be maintained by the code

25  or any rule adopted pursuant thereto may be maintained by the

26  registrant at any location within this state, provided that

27  the registrant notifies the department, in writing, of the

28  location of the records in its application or otherwise.

29         (3)  A registrant shall make records available to the

30  department for examination and investigation in this state, as

31  permitted by the code, within 7 days after receipt of a

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                                                   HOUSE AMENDMENT

                                                   Bill No. HB 553

    Amendment No. 1 (for drafter's use only)





 1  written request.

 2         (4)  The original of any record of a registrant

 3  includes the data or other information comprising a record

 4  stored or transmitted in or by means of any electronic,

 5  computerized, mechanized, or other information storage or

 6  retrieval or transmission system or device that can upon

 7  request generate, regenerate, or transmit the precise data or

 8  other information comprising the record.  An original also

 9  includes the visible data or other information so generated,

10  regenerated, or transmitted if it is legible or can be made

11  legible by enlargement or other process.

12         Section 13.  Effective July 1, 2000, the sum of

13  $150,000 is hereby appropriated from the Regulatory Trust Fund

14  of the Department of Banking and Finance to the department for

15  fiscal year 2000-2001 to fund three positions for the purpose

16  of administering the provisions of the Deferred Presentment

17  Act.

18         Section 14.  Except as otherwise provided herein, this

19  act shall take effect October 1, 2000.

20

21

22  ================ T I T L E   A M E N D M E N T ===============

23  And the title is amended as follows:

24         On page 1, line 2,

25

26  insert in lieu thereof:

27         An act relating to deferred presentments;

28         amending s. 560.103, F.S.; revising

29         definitions; amending s. 560.114, F.S.;

30         providing additional grounds for disciplinary

31         action; providing for continuation of certain

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                                                   HOUSE AMENDMENT

                                                   Bill No. HB 553

    Amendment No. 1 (for drafter's use only)





 1         administrative proceedings under certain

 2         circumstances;  560.118, F.S.; eliminating the

 3         authority to assess examination fees; amending

 4         s. 560.119, F.S.; revising the deposit of fees

 5         and assessments; amending s. 560.129, F.S.;

 6         deleting provisions providing public records

 7         confidentiality for certain hearings,

 8         proceedings, and emergency orders; amending s.

 9         560.205, F.S.; adding a fee for authorized

10         vendor or branch locations; amending 560.206,

11         F.S.; amending the registration period;

12         amending s. 560.207, F.S.; conforming and

13         clarifying the fee for late renewals; amending

14         the renewal application fee; amending s.

15         560.208, F.S.; requiring notification of vendor

16         or branch locations; requiring a nonrefundable

17         fee and financial statement; amending s.

18         560.307, F.S.; applying the investigation fee

19         to check cashers and foreign currency exchanges

20         and adding a fee for authorized vendors or

21         branch locations; requiring notification of

22         vendor or branch locations; amending s.

23         560.308, F.S.; increasing the registration and

24         renewal fee for each registrant; clarifying the

25         fee to be charged for late renewal; creating

26         part IV, ch. 560, F.S., consisting of ss.

27         560.401, 560.402, 560.403, 560.404, 560.405,

28         560.406, and 560.407, F.S.; providing a short

29         title; providing definitions; providing

30         registration requirements for deferred

31         presentment transactions; providing for filing

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                                                   HOUSE AMENDMENT

                                                   Bill No. HB 553

    Amendment No. 1 (for drafter's use only)





 1         fees; providing limitations; specifying

 2         requirements and limitations for engaging in

 3         deferred presentment transactions; providing

 4         prohibitions; providing for fees; providing

 5         limitations; requiring certain notice;

 6         specifying criteria and requirements for

 7         deposit and redemption of a drawer's check;

 8         providing procedures for recovering damages for

 9         worthless checks; requiring maintenance of

10         records for a time certain; providing an

11         appropriation; providing effective dates.

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