CS/HB 1277: Money Services Businesses
GENERAL BILL by Insurance and Banking Subcommittee ; Davis
Money Services Businesses; Revises frequency & notice requirements for examinations & investigations by OFR of money services business licensees; prohibits money services businesses, authorized vendors, & affiliated parties from knowingly possessing certain paraphernalia used or intended or designed for use in misrepresenting customer's identity; prohibits certain persons from providing customer's personal identification information to licensee; prohibits certain acts by money services businesses, authorized vendors, & affiliated parties; revises conditions for which money services business license may be suspended; requires licensee to maintain its own federally insured depository account & deposit into account any payment instruments cashed; requires licensee to notify OFR & cease to cash payment instruments if licensee ceases to maintain account; prohibits licensee from accepting or cashing payment instrument from person who is not original payee except under certain circumstances; establishes limit on amount of fees that licensees may charge for direct costs of verification; revises requirements for records that licensee must maintain.
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Bill History
Date Chamber Action 1/5/2012 House • Filed
1/10/2012 House • Introduced -HJ 126
1/12/2012 House • Referred to Insurance and Banking Subcommittee; Rulemaking and Regulation Subcommittee; Government Operations Appropriations Subcommittee; Economic Affairs Committee -HJ 214
1/26/2012 House • PCS on Committee agenda-- Insurance and Banking Subcommittee, 01/30/12, 2:00 pm, 404 HOB
1/30/2012 House • CS by Insurance and Banking Subcommittee; YEAS 13 NAYS 0 -HJ 323
2/1/2012 House • Pending review of CS under Rule 7.19(c)
• CS by Insurance and Banking Subcommittee read 1st time -HJ 315
2/2/2012 House • Original reference(s) removed: Rulemaking and Regulation Subcommittee; Government Operations Appropriations Subcommittee
• CS referred to Economic Affairs Committee -HJ 452
• Now in Economic Affairs Committee -HJ 452
2/14/2012 House • On Committee agenda-- Economic Affairs Committee, 02/16/12, 11:30 am, Reed Hall
2/16/2012 House • Favorable by- Economic Affairs Committee; YEAS 14 NAYS 0 -HJ 684
2/18/2012 House • Placed on Calendar -HJ 684
2/20/2012 House • Placed on Special Order Calendar, 02/22/12
2/22/2012 House • Read 2nd time -HJ 733
• Placed on 3rd reading
2/23/2012 House • Read 3rd time -HJ 790
• CS passed; YEAS 115 NAYS 0 -HJ 790
2/24/2012 Senate • In Messages
3/5/2012 Senate • Received -SJ 829
• Referred to Banking and Insurance; Budget Subcommittee on General Government Appropriations; Budget -SJ 829
3/8/2012 Senate • Withdrawn from Banking and Insurance; Budget Subcommittee on General Government Appropriations; Budget -SJ 962
• Placed on Calendar, on 2nd reading -SJ 962
• Placed on Special Order Calendar, 03/08/12
• Substituted for CS/CS/SB 1586 -SJ 963
• Read 2nd time -SJ 963
• Read 3rd time -SJ 963
• CS passed; YEAS 40 NAYS 0 -SJ 963
3/8/2012 House • Ordered enrolled -HJ 1245
3/30/2012 • Signed by Officers and presented to Governor
4/6/2012 • Approved by Governor
4/8/2012 • Chapter No. 2012-85
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CS/HB 1277, Enrolled (Current Bill Version) Posted 3/8/2012 at 1:00 PM
Bill Text: PDF Analyses: None Related Bills (3)
Bill Number Subject Filed By Relationship Last Action and Location Track Bills H 1279 Pub. Rec./Money Services Businesses Database of Payment Instrument Transactions Davis Linked Last Action: 3/9/2012 H Died in Insurance and Banking Subcommittee, companion bill(s) passed, see CS/HB 1277 (Ch. 2012-85)
Location: In committee/council (INBS)
S 1586 (c2) Money Services Businesses Thrasher Similar Last Action: 3/8/2012 S Laid on Table, companion bill(s) passed, see CS/HB 1277 (Ch. 2012-85) -SJ 963
Location: Laid on Table
S 1584 Public Records/Money Services Businesses/Office of Financial Regulation Thrasher Compare Last Action: 3/9/2012 S Died in Governmental Oversight and Accountability, companion bill(s) passed, see CS/HB 1277 (Ch. 2012-85)
Location: In committee/council (GO)
Citations - Statutes (7)
Citation Catchline Location in Bill Location In Bill Help 560.103 Definitions. Page 2 (pdf) 560.109 Examinations and investigations. Page 4 (pdf) 560.111 Prohibited acts. Page 6 (pdf) 560.114 Disciplinary actions; penalties. Page 6 (pdf) 560.126 Required notice by licensee. Page 7 (pdf) 560.309 Conduct of business. Page 7 (pdf) 560.310 Records of check cashers and foreign currency exchangers. Page 9 (pdf) -
CS/HB 1277, Committee Substitute 1 Posted 2/1/2012 at 9:31 AM
Bill Text: PDF Analyses: Economic Affairs Committee (Post-Meeting) 2/16/2012 (pdf)
Related Bills (3)
Bill Number Subject Filed By Relationship Last Action and Location Track Bills H 1279 Pub. Rec./Money Services Businesses Database of Payment Instrument Transactions Davis Linked Last Action: 3/9/2012 H Died in Insurance and Banking Subcommittee, companion bill(s) passed, see CS/HB 1277 (Ch. 2012-85)
Location: In committee/council (INBS)
S 1586 (c2) Money Services Businesses Thrasher Similar Last Action: 3/8/2012 S Laid on Table, companion bill(s) passed, see CS/HB 1277 (Ch. 2012-85) -SJ 963
Location: Laid on Table
S 1584 Public Records/Money Services Businesses/Office of Financial Regulation Thrasher Compare Last Action: 3/9/2012 S Died in Governmental Oversight and Accountability, companion bill(s) passed, see CS/HB 1277 (Ch. 2012-85)
Location: In committee/council (GO)
Floor Votes (2)
Date Chamber Result 2/23/2012 3:12 PM House 115 Yeas - 0 Nays 3/8/2012 9:49 AM Senate 40 Yeas - 0 Nays Citations - Statutes (7)
Citation Catchline Location in Bill Location In Bill Help 560.103 Definitions. Page 2 (pdf) 560.109 Examinations and investigations. Page 4 (pdf) 560.111 Prohibited acts. Page 6 (pdf) 560.114 Disciplinary actions; penalties. Page 6 (pdf) 560.126 Required notice by licensee. Page 7 (pdf) 560.309 Conduct of business. Page 7 (pdf) 560.310 Records of check cashers and foreign currency exchangers. Page 9 (pdf) -
HB 1277, Original Filed Version Posted 1/5/2012 at 4:43 PM
Bill Text: PDF Analyses: Insurance and Banking Subcommittee (Post-Meeting) 4/16/2012 (pdf)
Related Bills (3)
Bill Number Subject Filed By Relationship Last Action and Location Track Bills H 1279 Pub. Rec./Money Services Businesses Database of Payment Instrument Transactions Davis Linked Last Action: 3/9/2012 H Died in Insurance and Banking Subcommittee, companion bill(s) passed, see CS/HB 1277 (Ch. 2012-85)
Location: In committee/council (INBS)
S 1586 Money Services Businesses Thrasher Identical Last Action: 3/8/2012 S Laid on Table, companion bill(s) passed, see CS/HB 1277 (Ch. 2012-85) -SJ 963
Location: Laid on Table
S 1584 Public Records/Money Services Businesses/Office of Financial Regulation Thrasher Compare Last Action: 3/9/2012 S Died in Governmental Oversight and Accountability, companion bill(s) passed, see CS/HB 1277 (Ch. 2012-85)
Location: In committee/council (GO)
Citations - Statutes (8)
Citation Catchline Location in Bill Location In Bill Help 560.103 Definitions. Page 3 (pdf) 560.109 Examinations and investigations. Page 4 (pdf) 560.111 Prohibited acts. Page 6 (pdf) 560.114 Disciplinary actions; penalties. Page 7 (pdf) 560.126 Required notice by licensee. Page 8 (pdf) 560.309 Conduct of business. Page 8 (pdf) 560.310 Records of check cashers and foreign currency exchangers. Page 9 (pdf) 560.311 Page 11 (pdf)