House Bill hb0597

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    Florida House of Representatives - 2001                 HB 597

        By Representative Bean






  1                      A bill to be entitled

  2         An act relating to the Money Transmitters'

  3         Code; amending s. 560.119, F.S.; eliminating

  4         examination fees; shifting the deposit of funds

  5         from one trust fund to another; amending s.

  6         560.205, F.S.; providing for application fees;

  7         amending s. 560.206, F.S.; providing for an

  8         extended registration period; amending s.

  9         560.207, F.S.; revising renewal dates and fees;

10         amending s. 560.208, F.S.; providing for notice

11         of branch location openings and closings;

12         providing fees for branch locations and

13         authorized vendors; amending s. 560.307, F.S.;

14         providing fees and notice of openings and

15         closings of branch locations or authorized

16         vendors; amending s. 560.308, F.S.; revising

17         renewal dates and fees; repealing s.

18         560.118(1)(d) and (e), F.S., which provides for

19         examination costs; providing an effective date.

20

21  Be It Enacted by the Legislature of the State of Florida:

22

23         Section 1.  Section 560.119, Florida Statutes, is

24  amended to read:

25         560.119  Deposit of fees and assessments.--The

26  application fees, registration renewal fees, examination fees,

27  late payment penalties, civil penalties, administrative fines,

28  and other fees or penalties provided for in the code shall, in

29  all cases, be paid directly to the department, which shall

30  deposit such proceeds into the Financial Institutions'

31  Regulatory Trust Fund. Each year, the Legislature shall

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  1  appropriate from the trust fund to the department sufficient

  2  moneys to pay the department's costs for administration of the

  3  code. The Financial Institutions' Regulatory Trust Fund is

  4  subject to the service charge imposed pursuant to chapter 215.

  5         Section 2.  Subsection (2) of section 560.205, Florida

  6  Statutes, is amended to read:

  7         560.205  Qualifications of applicant for registration;

  8  contents.--

  9         (2)  Each application for registration must be

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

11  department prescribes by rule and must be accompanied by a

12  nonrefundable application investigation fee. Such fee may not

13  exceed $500 for each payment instrument seller or funds

14  transmitter and $50 for each authorized vendor or location

15  operating within this state and may be waived by the

16  department for just cause. The application forms shall set

17  forth such information as the department reasonably requires,

18  including, but not limited to:

19         (a)  The name and address of the applicant, including

20  any fictitious or trade names used by the applicant in the

21  conduct of its business.

22         (b)  The history of the applicant's material

23  litigation, criminal convictions, pleas of nolo contendere,

24  and cases of adjudication withheld.

25         (c)  A description of the activities conducted by the

26  applicant, the applicant's history of operations, and the

27  business activities in which the applicant seeks to engage in

28  this state.

29         (d)  A list identifying the applicant's proposed

30  authorized vendors in this state, including the location or

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  1  locations in this state at which the applicant and its

  2  authorized vendors propose to conduct registered activities.

  3         (e)  A sample authorized vendor contract, if

  4  applicable.

  5         (f)  A sample form of payment instrument, if

  6  applicable.

  7         (g)  The name and address of the clearing financial

  8  institution or financial institutions through which the

  9  applicant's payment instruments will be drawn or through which

10  such payment instruments will be payable.

11         (h)  Documents revealing that the net worth and bonding

12  requirements specified in s. 560.209 have been or will be

13  fulfilled.

14         Section 3.  Section 560.206, Florida Statutes, is

15  amended to read:

16         560.206  Investigation of applicants.--Upon the filing

17  of a properly completed application, accompanied by the

18  nonrefundable application fee and other required documents,

19  the department shall investigate to ascertain whether the

20  qualifications and requirements prescribed by this part have

21  been met. If the department finds that the applicant meets

22  such qualifications and requirements, the department shall

23  issue the applicant a registration to engage in the business

24  of selling payment instruments and transmitting funds in this

25  state. Any registration issued under this part shall remain

26  effective through April 30 of the second year following its

27  date of issuance, not to exceed 24 months, unless during that

28  period the registration is in effect through April 30 next

29  following its date of issuance unless otherwise specified by

30  the department or earlier surrendered, suspended, or revoked.

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  1         Section 4.  Subsections (2) and (3) of section 560.207,

  2  Florida Statutes, are amended to read:

  3         560.207  Renewal of registration; registration fee.--

  4         (2)  All registration renewal applications shall be

  5  accompanied by a renewal fee of not to exceed $1,000, unless

  6  such fee is waived by the department. All renewal applications

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

  8  existing registration expires, but before the expiration date

  9  of April 30 March 31. If the renewal application is filed

10  prior to the expiration date of an existing registration, no

11  late investigation fee shall be paid in connection with such

12  renewal application. If the renewal application is filed

13  within 60 calendar days after the expiration date of an

14  existing registration, then, in addition to the $1,000 renewal

15  fee, the renewal application shall be accompanied by a

16  nonrefundable late fee of $500 investigation fee pursuant to

17  s. 560.205(2). If the registrant has not filed a renewal

18  application within 60 calendar days after the expiration date

19  of an existing registration, then a new application must be

20  filed with the department under s. 560.205.

21         (3)  Every registration renewal application shall also

22  include a 2-year registration renewal fee of $50 for each

23  authorized vendor or location operating within this state or,

24  at the option of the registrant, a total 2-year renewal fee of

25  $20,000 $5,000 may be paid to renew the registration of

26  register all such locations currently registered at the time

27  of renewal operating within this state.

28         Section 5.  Section 560.208, Florida Statutes, is

29  amended to read:

30         560.208  Conduct of business.--

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

  2  more locations within this state through branches or by means

  3  of authorized vendors, as designated by the registrant.

  4         (2)  Within 60 days after the date that a registrant

  5  either opens a branch location within this state or authorizes

  6  an authorized vendor to operate on its behalf within this

  7  state, the registrant shall notify the department on a form to

  8  be prescribed by the department by rule. This notification

  9  must be accompanied by a nonrefundable $50 fee for each

10  authorized vendor or location. Each notification must also be

11  accompanied by a financial statement demonstrating compliance

12  with s. 560.209(1), unless compliance has been demonstrated by

13  a financial statement filed with the registrant's quarterly

14  report in compliance with s. 560.118(2). The financial

15  statement must be dated within 90 days after the date of

16  designation of the authorized vendor or location. This

17  subsection does not apply to any authorized vendor or location

18  that has been designated by the registrant before the

19  effective date of this subsection.

20         (3)  Within 10 days after the date that a registrant

21  either closes a branch location within this state or withdraws

22  its authorization for an authorized vendor to operate on its

23  behalf within this state, the registrant shall notify the

24  department on a form to be prescribed by the department by

25  rule.

26         Section 6.  Section 560.307, Florida Statutes, is

27  amended to read:

28         560.307  Fees.--

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

30  nonrefundable application investigation fee of that shall be

31  established by department rule; however, the investigation fee

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  1  may not exceed $250 for each check casher or foreign currency

  2  exchanger and $50 for each authorized vendor or location

  3  operating within this state. Such investigation fee shall

  4  satisfy the fee requirement for the first year of registration

  5  or the remaining part thereof.

  6         (2)  Within 60 days after the date that a registrant

  7  either opens a branch location within this state or authorizes

  8  an authorized vendor to operate on its behalf within this

  9  state, the registrant shall notify the department on a form to

10  be prescribed by the department by rule. This notification

11  must be accompanied by a nonrefundable $50 fee for each

12  authorized vendor or location. This subsection does not apply

13  to any authorized vendor or location that has been designated

14  by the registrant before the effective date of this

15  subsection.

16         (3)  Within 10 days after the date that a registrant

17  either closes a branch location within this state or withdraws

18  its authorization for an authorized vendor to operate on its

19  behalf within this state, the registrant shall notify the

20  department on a form to be prescribed by the department by

21  rule.

22         Section 7.  Subsections (2), (3), and (4) of section

23  560.308, Florida Statutes, are amended to read:

24         560.308  Registration terms; renewal; renewal fees.--

25         (2)  The department shall renew registration upon

26  receipt of a completed renewal form and payment of a

27  nonrefundable renewal fee of, as provided by rule, not to

28  exceed $500. The completed renewal form and payment of the

29  renewal fee shall occur on or after June 1 of the year in

30  which the existing registration expires.

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

  2  subsection (2), each registrant must register and pay a 2-year

  3  $50 registration renewal fee of $50 for each authorized vendor

  4  or location, including any authorized vendors, operating

  5  within this state or, at the option of the registrant, a total

  6  2-year renewal fee of $20,000 $5,000 may be paid to renew the

  7  registration of register all such operating locations

  8  currently registered at the time of renewal within this state.

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

10  expiration date of the registration period automatically

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

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

13  within 60 calendar days after the expiration of an existing

14  registration in order for the registration to be before

15  registration may be reinstated. If the registrant has not

16  filed a renewal application within 60 days after the

17  expiration date of an existing registration, then a new

18  application must be filed with the department under s.

19  560.307.

20         Section 8.  Paragraphs (d) and (e) of subsection (1) of

21  section 560.118, Florida Statutes, are repealed.

22         Section 9.  This act shall take effect upon becoming a

23  law.

24

25            *****************************************

26                          SENATE SUMMARY

27
      Revises the regulatory fee structure in the Money
28    Transmitters' Code. See bill for details.

29

30

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