HB 1171

CS

CHAMBER ACTION

1	The Committee on Appropriations recommends the following:
2
3	Committee Substitute
4	Remove the entire bill and insert:
5	A bill to be entitled
6	An act relating to money transmitters; amending s.
7	560.103, F.S.; revising a definition of unsafe or unsound
8	practice to include failures to comply with specified
9	provisions of the Code of Federal Regulations relating to
10	money and finance; amending s. 560.109, F.S.; authorizing
11	the Office of Financial Regulation of the Financial
12	Services Commission to make investigations or examinations
13	to determine the existence of violations of provisions of
14	the Code of Federal Regulations relating to money and
15	finance; amending s. 560.114, F.S.; providing for
16	disciplinary actions for failure to maintain all books,
17	accounts, or other documents pursuant to provisions of the
18	Code of Federal Regulations relating to money and finance;
19	amending s. 560.129, F.S.; providing that financial
20	records or information may be furnished to any law
21	enforcement agency; amending s. 560.208, F.S.; including
22	business by electronic transfer in the business that
23	registrants who sell or issue payment instruments or
24	transmit funds may conduct; authorizing registrants to
25	charge different prices for funds transmission services
26	based upon different modes of transmission; providing a
27	limitation; providing an effective date.
28
29	Be It Enacted by the Legislature of the State of Florida:
30
31	Section 1.  Subsection (21) of section 560.103, Florida
32	Statutes, is amended to read:
33	560.103  Definitions.--As used in the code, unless the
34	context otherwise requires:
35	(21)  "Unsafe and or unsound practice" means:
36	(a)  Any practice or conduct found by the office to be
37	contrary to generally accepted standards applicable to the
38	specific money transmitter, or a violation of any prior order of
39	an appropriate regulatory agency, which practice, conduct, or
40	violation creates the likelihood of material loss, insolvency,
41	or dissipation of assets of the money transmitter or otherwise
42	materially prejudices the interests of its customers; or
43	(b)  Failure to adhere to the provisions of 31 C.F.R. ss.
44	103.20, 103.22, 103.27, 103.28, 103.29, 103.33, 103.37, 103.41,
45	and 103.125 as they existed on March 31, 2004.
46
47	In making a this determination under this subsection, the office
48	must consider the size and condition of the money transmitter,
49	the magnitude of the loss, the gravity of the violation, and the
50	prior conduct of the person or business involved.
51	Section 2.  Subsection (1) of section 560.109, Florida
52	Statutes, is amended to read:
53	560.109  Investigations, subpoenas, hearings, and
54	witnesses.--
55	(1)  The office may make investigations, or examinations as
56	prescribed in s. 560.118, within or outside this state, which it
57	deems necessary in order to determine whether a person has
58	violated any provision of the code, or the rules adopted by the
59	commission pursuant to the code, or 31 C.F.R. ss. 103.20,
60	103.22, 103.27, 103.28, 103.29, 103.33, 103.37, 103.41, and
61	103.125 as they existed on March 31, 2004.
62	Section 3.  Paragraph (e) of subsection (1) of section
63	560.114, Florida Statutes, is amended to read:
64	560.114  Disciplinary actions.--
65	(1)  The following actions by a money transmitter or money
66	transmitter-affiliated party are violations of the code and
67	constitute grounds for the issuance of a cease and desist order,
68	the issuance of a removal order, the denial of a registration
69	application or the suspension or revocation of any registration
70	previously issued pursuant to the code, or the taking of any
71	other action within the authority of the office pursuant to the
72	code:
73	(e)  Failure to maintain, preserve, and keep available for
74	examination all books, accounts, or other documents required by
75	the code, by any rule or order adopted pursuant to the code, by
76	31 C.F.R. ss. 103.20, 103.22, 103.27, 103.28, 103.29, 103.33,
77	103.37, 103.41, and 103.125 as they existed on March 31, 2004,
78	or by any agreement entered into with the office.
79	Section 4.  Subsection (2) of section 560.129, Florida
80	Statutes, is amended to read:
81	560.129  Confidentiality.--
82	(2)  This section does not prevent or restrict:
83	(a)  Furnishing records or information to any appropriate
84	regulatory agency or law enforcement agency if such agency
85	adheres to the confidentiality provisions of the code;
86	(b)  Furnishing records or information to an independent
87	third party or a certified public accountant who has been
88	approved by the office to conduct an examination under s.
89	560.118(1)(b), if the independent third party or certified
90	public accountant adheres to the confidentiality provisions of
91	the code; or
92	(c)  Reporting any suspected criminal activity, with
93	supporting documents and information, to appropriate law
94	enforcement or prosecutorial agencies.
95	provisions of the code;
96	Section 5.  Subsection (1) of section 560.208, Florida
97	Statutes, is amended to read:
98	560.208  Conduct of business.--
99	(1)  A registrant may conduct its business at one or more
100	locations within this state through branches or by means of
101	authorized vendors, as designated by the registrant, including
102	the conduct of business through electronic transfer, such as by
103	the telephone or the Internet. Notwithstanding and without
104	violating s. 501.0117, a registrant may charge a different price
105	for a funds transmission service based on the mode of
106	transmission used in the transaction, so long as the price
107	charged for a service paid for with a credit card is not greater
108	than the price charged when that service is paid for with
109	currency or other similar means accepted within the same mode of
110	transmission.
111	Section 6.  This act shall take effect upon becoming a law.

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