Senate Bill sb2562er

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    2004 Legislature                                CS for SB 2562



  1                                 

  2         An act relating to money transmitters; amending

  3         s. 560.103, F.S.; defining the term "unsafe and

  4         unsound practice" for purposes of the Money

  5         Transmitters' Code to include failure to comply

  6         with specified provisions of the Code of

  7         Federal Regulations relating to money and

  8         finance; amending s. 560.109, F.S.; authorizing

  9         the Office of Financial Regulation of the

10         Financial Services Commission to make

11         investigations or examinations to determine a

12         violation of provisions of the Code of Federal

13         Regulations relating to money and finance;

14         amending s. 560.114, F.S.; providing for

15         disciplinary actions for failure to maintain

16         all books, accounts, or other documents

17         pursuant to provisions of the Code of Federal

18         Regulations relating to money and finance;

19         amending s. 560.129, F.S.; providing that

20         financial records or information may be

21         furnished to any law enforcement agency;

22         amending s. 560.208, F.S.; including business

23         by electronic transfer in the business that

24         registrants who sell or issue payment

25         instruments or transmit funds may conduct;

26         exempting, under specified conditions, a

27         registrant who charges a different price for a

28         funds transmission service from a penalty under

29         s. 501.0117; providing an effective date.

30  

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


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    ENROLLED

    2004 Legislature                                CS for SB 2562



 1         Section 1.  Subsection (21) of section 560.103, Florida

 2  Statutes, is amended to read:

 3         560.103  Definitions.--As used in the code, unless the

 4  context otherwise requires:

 5         (21)  "Unsafe and or unsound practice" means:

 6         (a)  Any practice or conduct found by the office to be

 7  contrary to generally accepted standards applicable to the

 8  specific money transmitter, or a violation of any prior order

 9  of an appropriate regulatory agency, which practice, conduct,

10  or violation creates the likelihood of material loss,

11  insolvency, or dissipation of assets of the money transmitter

12  or otherwise materially prejudices the interests of its

13  customers; or.

14         (b)  Failure to adhere to the provisions of 31 C.F.R.

15  ss. 103.20, 103.22, 103.27, 103.28, 103.29, 103.33, 103.37,

16  103.41, and 103.125 as they existed on March 31, 2004.

17  

18  In making a this determination under this subsection, the

19  office must consider the size and condition of the money

20  transmitter, the magnitude of the loss, the gravity of the

21  violation, and the prior conduct of the person or business

22  involved.

23         Section 2.  Subsection (1) of section 560.109, Florida

24  Statutes, is amended to read:

25         560.109  Investigations, subpoenas, hearings, and

26  witnesses.--

27         (1)  The office may make investigations or examinations

28  as prescribed in s. 560.118, within or outside this state,

29  which it deems necessary in order to determine whether a

30  person has violated any provision of the code, or the rules

31  adopted by the commission pursuant to the code, or 31 C.F.R.


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    2004 Legislature                                CS for SB 2562



 1  ss. 103.20, 103.22, 103.27, 103.28, 103.29, 103.33, 103.37,

 2  103.41, and 103.125 as they existed on March 31, 2004.

 3         Section 3.  Paragraph (e) of subsection (1) of section

 4  560.114, Florida Statutes, is amended to read:

 5         560.114  Disciplinary actions.--

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

 7  money transmitter-affiliated party are violations of the code

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

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

10  registration application or the suspension or revocation of

11  any registration previously issued pursuant to the code, or

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

13  office pursuant to the code:

14         (e)  Failure to maintain, preserve, and keep available

15  for examination all books, accounts, or other documents

16  required by the code, by any rule or order adopted pursuant to

17  the code, by 31 C.F.R. ss. 103.20, 103.22, 103.27, 103.28,

18  103.29, 103.33, 103.37, 103.41, and 103.125 as they existed on

19  March 31, 2004, or by any agreement entered into with the

20  office.

21         Section 4.  Subsection (2) of section 560.129, Florida

22  Statutes, is amended to read:

23         560.129  Confidentiality.--

24         (2)  This section does not prevent or restrict:

25         (a)  Furnishing records or information to any

26  appropriate regulatory agency or law enforcement agency if

27  such agency adheres to the confidentiality provisions of the

28  code;

29         (b)  Furnishing records or information to an

30  independent third party or a certified public accountant who

31  has been approved by the office to conduct an examination


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    2004 Legislature                                CS for SB 2562



 1  under s. 560.118(1)(b), if the independent third party or

 2  certified public accountant adheres to the confidentiality

 3  provisions of the code; or

 4         (c)  Reporting any suspected criminal activity, with

 5  supporting documents and information, to appropriate law

 6  enforcement or prosecutorial agencies.

 7         Section 5.  Subsection (1) of section 560.208, Florida

 8  Statutes, is amended to read:

 9         560.208  Conduct of business.--

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

11  more locations within this state through branches or by means

12  of authorized vendors, as designated by the registrant,

13  including the conduct of business through electronic transfer,

14  such as by the telephone or the Internet. Notwithstanding and

15  without violating s. 501.0117, a registrant may charge a

16  different price for a funds transmission service based on the

17  mode of transmission used in the transaction, so long as the

18  price charged for a service paid for with a credit card is not

19  greater than the price charged when that service is paid for

20  with currency or other similar means accepted within the same

21  mode of transmission.

22         Section 6.  This act shall take effect upon becoming a

23  law.

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