Florida Senate - 2023 CS for CS for SB 532
By the Committees on Rules; and Banking and Insurance; and
Senator Burton
595-03701-23 2023532c2
1 A bill to be entitled
2 An act relating to money services businesses; amending
3 s. 560.103, F.S.; revising the definition of the term
4 “control person” for purposes of ch. 560, F.S.;
5 defining terms; providing an effective date.
6
7 Be It Enacted by the Legislature of the State of Florida:
8
9 Section 1. Subsection (10) of section 560.103, Florida
10 Statutes, is amended to read:
11 560.103 Definitions.—As used in this chapter, the term:
12 (10) “Control person” means, with respect to a money
13 services business, any of the following:
14 (a) A person who holds the title of president, treasurer,
15 chief executive officer, chief financial officer, chief
16 operations officer, chief legal officer, or compliance officer
17 for a money services business.
18 (b) A person who holds any of the officer, general partner,
19 manager, or managing member positions named in the money
20 services business’s governing documents. As used in this
21 paragraph, the term “governing documents” includes bylaws,
22 articles of incorporation or organization, partnership
23 agreements, shareholder agreements, and management or operating
24 agreements.
25 (c) A person who holds any position named by the money
26 services business’s liability insurance coverage for directors
27 and officers, if the business has such coverage.
28 (d) A director of the money services business’s board of
29 directors.
30 (e) A person who directs the affairs of a money services
31 business or who participates in, or has authority to participate
32 in, the major policymaking functions of a money services
33 business, regardless of whether the person has an official title
34 or receives a salary or other compensation.
35 (d)(f) A shareholder whose name shares are registered in
36 the records of a corporation for profit, whether incorporated
37 under the laws of this state or organized under the laws of any
38 other jurisdiction and existing in that legal form, who owns 25
39 percent or more of a class of the company’s equity securities
40 For a money services business that is a corporation, all
41 shareholders that, directly or indirectly, own 25 percent or
42 more or that have the power to vote 25 percent or more of a
43 class of voting securities.
44 (e)(g) A general partner or a limited partner, as those
45 terms are defined in s. 620.1102, who has a 25 percent or more
46 transferable interest, as defined in s. 620.1102, of a limited
47 partnership, limited liability limited partnership, foreign
48 limited partnership, or foreign limited liability limited
49 partnership, as those terms are defined in s. 620.1102 For a
50 money services business that is a partnership, all general
51 partners, and those limited or special partners that have
52 contributed 25 percent or more or that have the right to receive
53 upon dissolution 25 percent or more of the partnership’s
54 capital.
55 (f)(h) A member, who is a person that owns a membership
56 interest in a limited liability company or a foreign limited
57 liability company, as those terms are defined in s. 605.0102(36)
58 and (26), respectively, that holds a 25 percent or more
59 membership interest in such companies. As used in this
60 subsection, the term “membership interest” means a member’s
61 right to receive distributions or other rights, such as voting
62 rights or management rights, under the articles of organization
63 For a money services business that is a limited liability
64 company, all managers, and those members that have contributed
65 25 percent or more or that have the right to receive upon
66 dissolution 25 percent or more of the limited liability
67 company’s capital.
68 (g) A natural person who indirectly owns 25 percent or more
69 of the shares or stock interest, transferable interest as
70 defined in s. 620.1102, or membership interest as defined in
71 paragraph (f), of any legal entities referred to in paragraphs
72 (d)-(f).
73 Section 2. This act shall take effect July 1, 2023.