CS/HB 729

1
A bill to be entitled
2An act relating to money services businesses; amending s.
3560.123, F.S.; requiring that a money services business
4keep records of certain transactions; amending s. 560.141,
5F.S.; revising terminology relating to authorized vendors;
6amending s. 560.143, F.S.; revising terminology relating
7to license fees for authorized vendors; amending s.
8560.2085, F.S.; conforming terminology; providing an
9effective date.
10
11Be It Enacted by the Legislature of the State of Florida:
12
13     Section 1.  Subsection (3) of section 560.123, Florida
14Statutes, is amended to read:
15     560.123  Florida Control of Money Laundering in Money
16Services Business Act.--
17     (3)  A money services business shall must keep a record of
18each every financial transaction occurring known to it which
19occurs in this state which it knows to involve; involves
20currency or other monetary payment instrument, as prescribed by
21the commission rule, having a value greater than $10,000; to
22involve and involves the proceeds of specified unlawful
23activity; or to be is designed to evade the reporting
24requirements of this section or chapter 896. The money services
25business must maintain appropriate procedures to ensure
26compliance with this section and chapter 896.
27     (a)  Multiple financial transactions shall be treated as a
28single transaction if the money services business has knowledge
29that they are made by or on behalf of any one person and result
30in cash in or cash out totaling more than $10,000 during any
31day.
32     (b)  A money services business may keep a record of any
33financial transaction occurring in this state, regardless of the
34value, if it suspects that the transaction involves the proceeds
35of unlawful activity.
36     (c)  The money services business must file a report with
37the office of any records required by this subsection, at such
38time and containing such information as required by rule. The
39timely filing of the report required by 31 U.S.C. s. 5313 with
40the appropriate federal agency shall be deemed compliance with
41the reporting requirements of this subsection unless the reports
42are not regularly and comprehensively transmitted by the federal
43agency to the office.
44     (d)  A money services business, or officer, employee, or
45agent thereof, that files a report in good faith pursuant to
46this section is not liable to any person for loss or damage
47caused in whole or in part by the making, filing, or
48governmental use of the report, or any information contained
49therein.
50     Section 2.  Paragraph (a) of subsection (1) of section
51560.141, Florida Statutes, is amended to read:
52     560.141  License application.--
53     (1)  To apply for a license as a money services business
54under this chapter the applicant must:
55     (a)  Submit an application to the office on forms
56prescribed by rule which includes the following information:
57     1.  The legal name and address of the applicant, including
58any fictitious or trade names used by the applicant in the
59conduct of its business.
60     2.  The date of the applicant's formation and the state in
61which the applicant was formed, if applicable.
62     3.  The name, social security number, alien identification
63or taxpayer identification number, business and residence
64addresses, and employment history for the past 5 years for each
65officer, director, responsible person, the compliance officer,
66each controlling shareholder, and any other person who has a
67controlling interest in the money services business as provided
68in s. 560.127.
69     4.  A description of the organizational structure of the
70applicant, including the identity of any parent or subsidiary of
71the applicant, and the disclosure of whether any parent or
72subsidiary is publicly traded.
73     5.  The applicant's history of operations in other states
74if applicable and a description of the money services business
75or deferred presentment provider activities proposed to be
76conducted by the applicant in this state.
77     6.  If the applicant or its parent is a publicly traded
78company, copies of all filings made by the applicant with the
79United States Securities and Exchange Commission, or with a
80similar regulator in a country other than the United States,
81within the preceding year.
82     7.  The location at which the applicant proposes to
83establish its principal place of business and any other
84location, including branch offices and authorized vendors
85operating in this state. For each branch office identified and
86each location of an authorized vendor appointed, the applicant
87shall include the nonrefundable fee required by s. 560.143.
88     8.  The name and address of the clearing financial
89institution or financial institutions through which the
90applicant's payment instruments are drawn or through which the
91payment instruments are payable.
92     9.  The history of the applicant's material litigation,
93criminal convictions, pleas of nolo contendere, and cases of
94adjudication withheld.
95     10.  The history of material litigation, arrests, criminal
96convictions, pleas of nolo contendere, and cases of adjudication
97withheld for each executive officer, director, controlling
98shareholder, and responsible person.
99     11.  The name of the registered agent in this state for
100service of process unless the applicant is a sole proprietor.
101     12.  Any other information specified in this chapter or by
102rule.
103     Section 3.  Paragraph (d) of subsection (1) and paragraph
104(d) of subsection (2) of section 560.143, Florida Statutes, are
105amended to read:
106     560.143  Fees.--
107     (1)  LICENSE APPLICATION FEES.--The applicable non-
108refundable fees must accompany an application for licensure:
109     (d)  For each location appointment of an authorized
110vendor....$38.
111     (2)  LICENSE RENEWAL FEES.--The applicable non-refundable
112license renewal fees must accompany a renewal of licensure:
113     (d)  For each location appointment of an authorized
114vendor....$38.
115     Section 4.  Subsection (1) of section 560.2085, Florida
116Statutes, is amended to read:
117     560.2085  Authorized vendors.--A licensee under this part
118shall:
119     (1)  Within 60 days after an authorized vendor commences
120business, file with the office such information as prescribed by
121rule together with the nonrefundable location appointment fee as
122provided by s. 560.143. This requirement applies to vendors who
123are also terminated within the 60-day period.
124     Section 5.  This act shall take effect upon becoming a law.


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