Senate Bill sb2678
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2007 SB 2678
By Senator Constantine
22-1024-07
1 A bill to be entitled
2 An act relating to the Money Transmitters'
3 Code; amending s. 560.113, F.S.; authorizing
4 the circuit court to order a receivership and
5 restitution of money as remedies for persons
6 injured due to a violation of the code;
7 requiring that relief be granted without bond;
8 amending s. 560.114, F.S.; providing that a
9 violation of any law enforced by the Office of
10 Financial Regulation is also a violation of the
11 Money Transmitters' Code; amending s. 560.402,
12 F.S.; defining the terms "check" and "engage in
13 a deferred presentment transaction"; creating
14 s. 560.4031, F.S.; providing that any deferred
15 presentment transaction entered into by a
16 drawer with a nonexempt person who is not
17 registered under ch. 560, F.S., is void;
18 providing penalties and civil remedies;
19 providing that a person commits a felony of the
20 third degree if he or she attempts to collect
21 on any deferred presentment transaction that he
22 or she knows to be void; providing criminal
23 penalties; providing an effective date.
24
25 Be It Enacted by the Legislature of the State of Florida:
26
27 Section 1. Section 560.113, Florida Statutes, is
28 amended to read:
29 560.113 Injunctions; receiverships;
30 restitution.--Whenever a violation of the code is threatened
31 or impending and such violation will cause substantial injury
1
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2007 SB 2678
22-1024-07
1 to any person, the circuit court has jurisdiction to hear any
2 complaint filed by the office and, upon proper showing, to
3 issue an injunction restraining such violation, to appoint a
4 receiver, to enter an order of restitution, or to grant
5 granting other such appropriate relief. Any relief, including
6 injunctive relief, granted pursuant to this section shall be
7 granted without bond.
8 Section 2. Paragraph (z) is added to subsection (1) of
9 section 560.114, Florida Statutes, to read:
10 560.114 Disciplinary actions.--
11 (1) The following actions by a money transmitter or
12 money transmitter-affiliated party are violations of the code
13 and constitute grounds for the issuance of a cease and desist
14 order, the issuance of a removal order, the denial of a
15 registration application or the suspension or revocation of
16 any registration previously issued pursuant to the code, or
17 the taking of any other action within the authority of the
18 office pursuant to the code:
19 (z) Committing a violation of any other chapter
20 administered or enforced by the office.
21 Section 3. Subsection (7) of section 560.402, Florida
22 Statutes, is amended, and subsections (12) and (13) are added
23 to that section, to read:
24 560.402 Definitions.--In addition to the definitions
25 provided in ss. 560.103, 560.202, and 560.302 and unless
26 otherwise clearly indicated by the context, for purposes of
27 this part:
28 (7) "Drawer" means any natural person who writes a
29 personal check and upon whose account the check is drawn.
30
31
2
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2007 SB 2678
22-1024-07
1 (12) "Check" has the same meaning as in s.
2 673.1041(6), or means any written authorization by a drawer to
3 execute an automated clearinghouse debit transaction.
4 (13) "Engage in a deferred presentment transaction"
5 means entering into or offering to enter into a deferred
6 presentment transaction at or from offices in this state, or
7 to persons in this state from offices outside the state, by
8 mail, Internet, or otherwise.
9 Section 4. Section 560.4031, Florida Statutes, is
10 created to read:
11 560.4031 Remedies for deferred presentment
12 transactions engaged in without registration.--
13 (1) Any deferred presentment transaction entered into
14 by a drawer with a person who is not exempt from this chapter
15 and who is not registered under this chapter is void. In such
16 cases, the person, or any agent, officer, or representative of
17 the person, forfeits all moneys provided and fees charged to
18 the drawer and may not collect any moneys or fees on the
19 deferred presentment transaction.
20 (2) A drawer may recover in a civil action or
21 arbitration three times the amount of the moneys and fees
22 actually collected by a person pursuant to a deferred
23 presentment transaction that is void under subsection (1).
24 (3) A deferred presentment transaction engaged in by a
25 prior registrant under this part IV whose registration has
26 inadvertently lapsed within the year preceding the date of the
27 transaction is not void under this section unless the prior
28 registrant continued to engage in such transactions knowing
29 its registration had lapsed.
30 (4) Any person who willfully attempts to collect on
31 any deferred presentment transaction that he or she knows to
3
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2007 SB 2678
22-1024-07
1 be void under subsection (1) commits a felony of the third
2 degree, punishable as provided in s. 775.082, s. 775.083, or
3 s. 775.084.
4 Section 5. This act shall take effect July 1, 2007.
5
6 *****************************************
7 SENATE SUMMARY
8 Authorizes a circuit court to order a receivership and
restitution of money as remedies for persons injured on
9 account of a violation of the Money Transmitters' Code.
Provides that a violation of any law enforced by the
10 Office of Financial Regulation is also a violation of the
code. Provides that any deferred presentment transaction
11 entered into by a drawer with a nonexempt person who is
not registered under ch. 560, F.S., is void. Provides
12 penalties and civil remedies. Provides that a person
commits a felony of the third degree if he or she
13 attempts to collect on any deferred presentment
transaction that he or she knows to be void.
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
4
CODING: Words stricken are deletions; words underlined are additions.