1

A bill to be entitled

2

An act relating to the Money Transmitters' Code; amending

3

s. 560.113, F.S.; authorizing the circuit court to order a

4

receivership and restitution of money as remedies for

5

persons injured due to a violation of the code; requiring

6

that relief be granted without bond; amending s. 560.114,

7

F.S.; providing that a violation of any law enforced by

8

the Office of Financial Regulation is also a violation of

9

the Money Transmitters' Code; amending s. 560.402, F.S.;

10

defining the terms "check" and "engage in a deferred

11

presentment transaction"; creating s. 560.4031, F.S.;

12

providing that any deferred presentment transaction

13

entered into by a drawer with a nonexempt person who is

14

not registered under ch. 560, F.S., is void; providing

15

penalties and civil remedies; providing that it is a

16

felony of the third degree to collect on any deferred

17

presentment transaction known to be void; providing

18

criminal penalties; providing an effective date.

19

20

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

21

22

     Section 1.  Section 560.113, Florida Statutes, is amended to

23

read:

24

     560.113 Injunctions; receiverships; restitution.--Whenever

25

a violation of the code is threatened or impending and such

26

violation will cause substantial injury to any person, the

27

circuit court has jurisdiction to hear any complaint filed by the

28

office and, upon proper showing, to issue an injunction

29

restraining such violation, to appoint a receiver, to enter an

30

order of restitution, or to grant granting other such appropriate

31

relief. Any relief, including injunctive relief, granted pursuant

32

to this section shall be granted without bond.

33

     Section 2.  Paragraph (z) is added to subsection (1) of

34

section 560.114, Florida Statutes, to read:

35

     560.114  Disciplinary actions.--

36

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

37

transmitter-affiliated party are violations of the code and

38

constitute grounds for the issuance of a cease and desist order,

39

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

40

application or the suspension or revocation of any registration

41

previously issued pursuant to the code, or the taking of any

42

other action within the authority of the office pursuant to the

43

code:

44

     (z) Committing a violation of any other chapter

45

administered or enforced by the office.

46

     Section 3.  Subsection (7) of section 560.402, Florida

47

Statutes, is amended, and subsections (12) and (13) are added to

48

that section, to read:

49

     560.402  Definitions.--In addition to the definitions

50

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

51

otherwise clearly indicated by the context, for purposes of this

52

part:

53

     (7) "Drawer" means any natural person who writes a personal

54

check and upon whose account the check is drawn.

55

     (12) "Check" has the same meaning as in s. 673.1041, or

56

means any written authorization by a drawer to execute an

57

automated clearinghouse debit transaction.

58

     (13) "Engage in a deferred presentment transaction" means

59

entering into or offering to enter into a deferred presentment

60

transaction at or from offices in this state, or to persons in

61

this state from offices outside the state, by mail, Internet, or

62

otherwise.

63

     Section 4.  Section 560.4031, Florida Statutes, is created

64

to read:

65

     560.4031 Remedies for deferred presentment transactions

66

engaged in without registration.--

67

     (1) Any deferred presentment transaction entered into by a

68

drawer with a person who is not exempt from this chapter and who

69

is not registered under this chapter is void. In such cases, the

70

person, or any agent, officer, or representative of the person,

71

forfeits all moneys provided and fees charged to the drawer and

72

may not collect any moneys or fees on the deferred presentment

73

transaction.

74

     (2) A drawer may recover in a civil action or arbitration

75

three times the amount of the moneys and fees actually collected

76

by a person pursuant to a deferred presentment transaction that

77

is void under subsection (1).

78

     (3) A deferred presentment transaction engaged in by a

79

prior registrant under this part whose registration has

80

inadvertently lapsed within the year preceding the date of the

81

transaction is not void under this section unless the prior

82

registrant continued to engage in such transactions knowing its

83

registration had lapsed.

84

     (4) Any person who willfully attempts to collect on any

85

deferred presentment transaction that he or she knows to be void

86

under subsection (1) commits a felony of the third degree,

87

punishable as provided in s. 775.082, s. 775.083, or s. 775.084.

88

     Section 5.  This act shall take effect July 1, 2008.