Florida Senate - 2023                        COMMITTEE AMENDMENT
       Bill No. SB 532
       
       
       
       
       
       
                                Ì336708<Î336708                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  03/17/2023           .                                
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       The Committee on Banking and Insurance (Burton) recommended the
       following:
       
       
    1         Senate Amendment (with title amendment)
    2  
    3  
    4         Delete lines 13 - 57
    5  and insert:
    6         (10) “Control person” means, with respect to a money
    7  services business, any of the following:
    8         (a) A person who holds the title of president, treasurer,
    9  chief executive officer, chief financial officer, chief
   10  operations officer, chief legal officer, or compliance officer
   11  for a money services business.
   12         (b) A person who holds any of the officer, general partner,
   13  manager, or managing member positions named in the money
   14  services business’s governing documents. As used in this
   15  paragraph, the term “governing documents” includes bylaws,
   16  articles of incorporation or organization, partnership
   17  agreements, shareholder agreements, and management or operating
   18  agreements.
   19         (c) A person who holds any position named by the money
   20  services business’s liability insurance coverage for directors
   21  and officers, if the business has such coverage.
   22         (d) A director of the money services business’s board of
   23  directors.
   24         (e) A person who directs the affairs of a money services
   25  business or who participates in, or has authority to participate
   26  in, the major policymaking functions of a money services
   27  business, regardless of whether the person has an official title
   28  or receives a salary or other compensation.
   29         (d)(f) A shareholder whose name shares are registered in
   30  the records of a corporation for profit, whether incorporated
   31  under the laws of this state or organized under the laws of any
   32  other jurisdiction and existing in that legal form, who owns 25
   33  percent or more of a class of the company’s equity securities
   34  For a money services business that is a corporation, all
   35  shareholders that, directly or indirectly, own 25 percent or
   36  more or that have the power to vote 25 percent or more of a
   37  class of voting securities.
   38         (e)(g) A general partner or a limited partner, as those
   39  terms are defined in s. 620.1102, or a special partner who has a
   40  25 percent or greater transferable interest, as defined in s.
   41  620.1102, of a limited partnership, limited liability limited
   42  partnership, foreign limited partnership, or foreign limited
   43  liability limited partnership, as those terms are defined in s.
   44  620.1102. For purposes of this paragraph, a special partner has
   45  the same meaning as a person that has rights, powers, and
   46  obligations similar to those of a limited partner, as defined in
   47  s. 620.1102, in a limited partnership For a money services
   48  business that is a all general partners, and those limited or
   49  special partners that have contributed 25 percent or more or
   50  that have the right to receive upon dissolution 25 percent or
   51  more of the partnership’s capital.
   52         (f)(h) A member, as defined in s. 605.0102, who holds a 25
   53  percent or greater membership interest in a limited liability
   54  company or a foreign limited liability company, as those terms
   55  are defined in s. 605.0102. As used in this subsection, the term
   56  “membership interest” means a member’s right to receive
   57  distributions or other rights, such as voting rights or
   58  management rights, under the articles of organization For a
   59  money services business that is a limited liability company, all
   60  managers, and those members that have contributed 25 percent or
   61  more or that have the right to receive upon dissolution 25
   62  percent or more of the limited liability company’s capital.
   63         (g) A beneficial owner of any legal entity referred to in
   64  paragraphs (d)-(f). As used in this paragraph, the term
   65  “beneficial owner” means each individual, if any, who, directly
   66  or indirectly, through any contract, arrangement, understanding,
   67  or relationship other than a revocable proxy, owns 25 percent or
   68  more of the shares or stock interest, transferable interest as
   69  defined in s. 620.1102, or membership interest of a legal
   70  entity.
   71  
   72  ================= T I T L E  A M E N D M E N T ================
   73  And the title is amended as follows:
   74         Delete line 5
   75  and insert:
   76         defining terms; providing an