Florida Senate - 2025                        COMMITTEE AMENDMENT
       Bill No. SB 132
       
       
       
       
       
       
                                Ì605920ÃÎ605920                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  04/01/2025           .                                
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       The Committee on Banking and Insurance (Rodriguez) recommended
       the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete everything after the enacting clause
    4  and insert:
    5         Section 1. Subsection (19) of section 212.02, Florida
    6  Statutes, is amended to read:
    7         212.02 Definitions.—The following terms and phrases when
    8  used in this chapter have the meanings ascribed to them in this
    9  section, except where the context clearly indicates a different
   10  meaning:
   11         (19) “Tangible personal property” means and includes
   12  personal property which may be seen, weighed, measured, or
   13  touched or is in any manner perceptible to the senses, including
   14  electric power or energy, boats, motor vehicles and mobile homes
   15  as defined in s. 320.01(1) and (2), aircraft as defined in s.
   16  330.27, and all other types of vehicles. The term “tangible
   17  personal property” does not include stocks, bonds, notes,
   18  insurance, gold coin or silver coin as those terms are defined
   19  in s. 215.986, or other obligations or securities or pari-mutuel
   20  tickets sold or issued under the racing laws of the state.
   21         Section 2. Paragraph (j) of subsection (1) of section
   22  212.05, Florida Statutes, is amended to read:
   23         212.05 Sales, storage, use tax.—It is hereby declared to be
   24  the legislative intent that every person is exercising a taxable
   25  privilege who engages in the business of selling tangible
   26  personal property at retail in this state, including the
   27  business of making or facilitating remote sales; who rents or
   28  furnishes any of the things or services taxable under this
   29  chapter; or who stores for use or consumption in this state any
   30  item or article of tangible personal property as defined herein
   31  and who leases or rents such property within the state.
   32         (1) For the exercise of such privilege, a tax is levied on
   33  each taxable transaction or incident, which tax is due and
   34  payable as follows:
   35         (j)1. Notwithstanding any other provision of this chapter,
   36  there is hereby levied a tax on the sale, use, consumption, or
   37  storage for use in this state of any coin or currency, whether
   38  in circulation or not, when such coin or currency:
   39         a. Is not legal tender;
   40         b. If legal tender, is sold, exchanged, or traded at a rate
   41  in excess of its face value; or
   42         c. Is sold, exchanged, or traded at a rate based on its
   43  precious metal content.
   44         2. Such tax shall be at a rate of 6 percent of the price at
   45  which the coin or currency is sold, exchanged, or traded, except
   46  that, with respect to a coin or currency which is legal tender
   47  of the United States or any gold coin or silver coin declared
   48  legal tender in this state pursuant to s. 215.986 and which is
   49  sold, exchanged, or traded, such tax shall not be levied. The
   50  person that claims the sales tax exemption bears the burden of
   51  determining whether the gold coin or silver coin meets the
   52  definitions provided in s. 215.986. In the absence of evidence
   53  to the contrary, there is a presumption that the gold coin or
   54  silver coin meets the percent purity requirements provided in s.
   55  215.986 based upon:
   56         a. The purity imprinted or stamped on the gold coin or
   57  silver coin; or
   58         b. An electronic transfer, as defined in s. 215.986(1)(b),
   59  of a gold coin or silver coin or any fraction thereof.
   60         3. There are exempt from this tax exchanges of coins or
   61  currency which are in general circulation in, and legal tender
   62  of, one nation for coins or currency which are in general
   63  circulation in, and legal tender of, another nation when
   64  exchanged solely for use as legal tender and at an exchange rate
   65  based on the relative value of each as a medium of exchange.
   66         4. With respect to any transaction that involves the sale
   67  of coins or currency taxable under this paragraph in which the
   68  taxable amount represented by the sale of such coins or currency
   69  exceeds $500, the entire amount represented by the sale of such
   70  coins or currency is exempt from the tax imposed under this
   71  paragraph. The dealer must maintain proper documentation, as
   72  prescribed by rule of the department, to identify that portion
   73  of a transaction which involves the sale of coins or currency
   74  and is exempt under this subparagraph.
   75         Section 3. Section 215.986, Florida Statutes, is created to
   76  read:
   77         215.986Gold and silver coin as legal tender.—
   78         (1)DEFINITIONS.-As used in this section, the term:
   79         (a)“Debt” means an obligation for the payment of money
   80  under contract, whether expressed or implied, which includes
   81  judgments and recognizance. The term “debt” does not include
   82  taxes, charges, or dues imposed by the state.
   83         (b)“Electronic transfer” means any transfer of gold coin
   84  or silver coin, or any fraction thereof, other than a
   85  transaction by check, draft, or similar paper instrument, which
   86  is initiated through debit card, mobile application, or computer
   87  to order, instruct, or authorize a financial institution as
   88  defined in s. 655.005(1)(i) or a money services business as
   89  defined in s. 560.103 to debit or credit an account with gold
   90  coin or silver coin or the equivalent coin or currency of the
   91  United States converted at current market price.
   92         (c)“Gold coin” means a precious metal with the chemical
   93  element of atomic number 79 in solid form, typically in the
   94  shape of rounds, bars, ingots, or bullion coins, which is valued
   95  for its metal content and stamped or imprinted with its weight
   96  and which consists of at least 99.5 percent purity. The term
   97  “coin” does not mean any goods as defined in s. 672.105(1), such
   98  as jewelry, other items of utility such as picture frames, or
   99  keepsakes.
  100         (d)“Governmental entity” means a state, regional, county,
  101  municipal, special district, or other political subdivision,
  102  whether executive, judicial, or legislative, including, but not
  103  limited to, a department, a division, a board, a bureau, a
  104  commission, an authority, a district, or an agency thereof, or a
  105  public school, a Florida College System institution, a state
  106  university, or an associated board.
  107         (e)“Legal tender” means a medium of exchange that is
  108  authorized by this state pursuant to s. 10, Art. I of the United
  109  States Constitution for the payment of a debt.
  110         (f)“Silver coin” means a precious metal with the chemical
  111  element of atomic number 47, in solid form typically in the
  112  shape of rounds, bars, ingots, or bullion coins, which is valued
  113  for its metal content and is stamped or imprinted with a weight
  114  that consists of at least 99.9 percent purity. The term “coin”
  115  does not mean any goods as defined in s. 672.105(1), such as
  116  jewelry, other items of utility such as picture frames, or
  117  keepsakes.
  118         (2)LEGAL TENDER.-Effective January 1, 2026, gold coin and
  119  silver coin are legal tender for the payment of a debt in this
  120  state.
  121         (a)This section may not be construed to restrict the
  122  electronic transfer of gold coin or silver coin as tender for
  123  the payment of a debt.
  124         (b)A person may not be required to offer or accept any
  125  recognized legal tender, as described in this subsection, for
  126  the payment of a debt, deposit, or any other purpose. A person
  127  may not incur any liability for refusing to offer or accept such
  128  legal tender, except as specifically provided for by contract.
  129         (c)A governmental entity may accept gold coin or silver
  130  coin for the payment of taxes or fees levied by the state or
  131  local government or any subdivision thereof. However, a
  132  governmental entity may tender or accept gold coin or silver
  133  coin as payment for a debt only by electronic transfer and may
  134  not tender or accept gold coin or silver coin in physical form.
  135         (d)This section may not apply after the death of a system
  136  participant or account holder and may not affect the definitions
  137  of “tangible personal property” or “precious metals” for the
  138  purposes of chapters 731-738.
  139         (e) This section does not exempt a person from any
  140  applicable federal tax law, rule, or regulation.
  141         (3)GOVERNMENT IMPLEMENTATION.—Each governmental entity
  142  that intends to tender or to accept payment of gold coin or
  143  silver coin may enter into a written contract which must be
  144  procured through competitive bidding with a qualified public
  145  depository as defined in s. 280.02.
  146         (a) Unless otherwise provided in chapter 280, a custodian
  147  of gold coin or silver coin, as that term is defined in s.
  148  560.103, which holds gold coin or silver coin as public deposits
  149  must meet the requirements for qualified public depositories
  150  under that chapter.
  151         (b) A governmental entity that tenders or accepts gold coin
  152  or silver coin as payment of a debt by one of the exemptions
  153  listed in s. 280.03(3) need not comply with this subsection for
  154  purposes of tendering or accepting such gold coin or silver
  155  coin.
  156         Section 4. Section 280.21, Florida Statutes, is created to
  157  read:
  158         280.21 Custodians of gold coin and silver coin.—A custodian
  159  of gold coin or silver coin as that term is defined in s.
  160  560.103 which holds public deposits must do all of the
  161  following:
  162         (1) Meet the definition of a qualified public depository as
  163  defined in s. 280.02, except that such custodian is not required
  164  to be insured by the Federal Deposit Insurance Corporation or
  165  the National Credit Union Share Insurance Fund for purposes of
  166  holding gold coin or silver coin as defined in s. 215.986.
  167         (2) Comply with all other applicable qualified public
  168  depository requirements and be subject to the provisions of this
  169  chapter.
  170         Section 5. Present subsections (13) through (19), (20)
  171  through (34), and (35) and (36) of section 560.103, Florida
  172  Statutes, are redesignated as subsections (14) through (20),
  173  (22) through (36), and (38) and (39), respectively, new
  174  subsections (13), (21), and (37) are added to that section, and
  175  present subsections (18), (23), and (24) of that section are
  176  amended, to read:
  177         560.103 Definitions.—As used in this chapter, the term:
  178         (13) “Custodian of gold coin or silver coin” means any
  179  person or entity providing secure vault facilities for the
  180  safekeeping and storage of gold coin or silver coin, the
  181  ownership of which is or may be transferred electronically as
  182  defined in s. 215.986(1). The term includes any person who holds
  183  gold coin or silver coin for more than 10 days.
  184         (19)(18) “Foreign currency exchanger” means a person who
  185  exchanges, for compensation, currency of the United States or a
  186  foreign government, gold coin, or silver coin to currency of
  187  another government.
  188         (21) “Gold coin” has the same meaning as in s. 215.986.
  189         (25)(23) “Money services business” means any person located
  190  in or doing business in this state, from this state, or into
  191  this state from locations outside this state or country who acts
  192  as a payment instrument seller, foreign currency exchanger,
  193  check casher, or money transmitter, or custodian of gold coin or
  194  silver coin.
  195         (26)(24) “Money transmitter” means a corporation, limited
  196  liability company, limited liability partnership, or foreign
  197  entity qualified to do business in this state which receives
  198  currency, monetary value, a payment instrument, gold coin or
  199  silver coin, or virtual currency for the purpose of acting as an
  200  intermediary to transmit currency, monetary value, a payment
  201  instrument, gold coin or silver coin, or virtual currency from
  202  one person to another location or person by any means, including
  203  transmission by wire, facsimile, electronic transfer, courier,
  204  the Internet, or through bill payment services or other
  205  businesses that facilitate such transfer within this country, or
  206  to or from this country. The term includes only an intermediary
  207  that has the ability to unilaterally execute or indefinitely
  208  prevent a transaction.
  209         (37) “Silver coin” has the same meaning as in s. 215.986.
  210         Section 6. Subsection (3) is added to section 560.141,
  211  Florida Statutes, to read:
  212         560.141 License application.—
  213         (3)The office must approve an application for a custodian
  214  of gold coin or silver coin if the applicant demonstrates
  215  compliance with the provisions of this chapter and the rules
  216  adopted by the commission requiring guidelines for the storage,
  217  security, insurance, auditing, administration, authorized
  218  access, transacting, and transfer of gold coin or silver coin.
  219  The office may conduct an examination of the applicant before
  220  issuing a license to determine the applicant’s ability to
  221  conduct business immediately upon opening for business.
  222         Section 7. Present subsection (5) of section 560.142,
  223  Florida Statutes, is redesignated as subsection (6), and a new
  224  subsection (5) is added to that section, to read:
  225         560.142 License renewal.—
  226         (5)The office must approve a renewal application for a
  227  custodian of gold coin or silver coin if the licensee
  228  demonstrates compliance with the applicable provisions of this
  229  chapter and with the rules adopted by the commission requiring
  230  guidelines for the storage, security, insurance, auditing,
  231  administration, authorized access, transacting, and transfer of
  232  gold coin or silver coin.
  233         Section 8. Section 560.150, Florida Statutes, is created to
  234  read:
  235         560.150 Gold and silver coin as legal tender.—
  236         (1) A money services business may not be required to offer
  237  products or services, including, but not limited to,
  238  transmitting, storing, exchanging, or accepting payment in gold
  239  coin or silver coin. To the extent that a money services
  240  business offers such products or services, the money services
  241  business must do all of the following:
  242         (a)Insure the gold coin or silver coin, if not otherwise
  243  insured by an independent custodian of gold coin or silver coin,
  244  for 100 percent of the full replacement value of any deposit
  245  under an all-risk insurance policy issued by a nongovernmental
  246  operated insurer that is an authorized insurer or eligible
  247  surplus lines insurer.
  248         (b)Securely store and safeguard all physical gold coin or
  249  silver coin with a custodian of gold coin or silver coin within
  250  this state.
  251         (c)Include any fee to convert gold coin or silver coin to
  252  coin or currency of the United States or of another country in
  253  the total maximum interchange transaction fee that an issuer may
  254  charge with respect to an electronic debit transaction as
  255  provided under the Electronic Fund Transfer Act in 15 U.S.C. s.
  256  1693 et seq.
  257         (d)Ensure that any gold coin or silver coin that is
  258  purchased for use or circulation as legal tender is from an
  259  accredited refiner or wholesaler, as prescribed by commission
  260  rule, that certifies that the gold coin or silver coin being
  261  purchased meets the requirements of gold coin and silver coin
  262  defined in s. 215.986.
  263         (e) Comply with chain of custody requirements, as
  264  prescribed by commission rule.
  265         (f)Comply with all other applicable state and federal
  266  regulations.
  267         (2) The commission may adopt rules as necessary to
  268  implement this section.
  269         Section 9. Subsection (1) of section 560.204, Florida
  270  Statutes, is amended to read:
  271         560.204 License required.—
  272         (1) Unless exempted, a person may not engage in, or in any
  273  manner advertise that they engage in, the activity of a payment
  274  instrument seller, or money transmitter, or custodian of gold
  275  coin or silver coin for compensation, without first obtaining a
  276  license under this part. For purposes of this subsection, the
  277  term “compensation” includes profit or loss on the exchange of
  278  currency, monetary value, or virtual currency.
  279         Section 10. Section 560.205, Florida Statutes, is amended
  280  to read:
  281         560.205 Additional license application requirements.—In
  282  addition to the license application requirements under part I of
  283  this chapter, an applicant seeking a license under this part
  284  must also submit any information required by this section to the
  285  office.:
  286         (1) Any applicant seeking to operate as a payment
  287  instrument seller or money transmitter must provide all of the
  288  following information to the office:
  289         (a) A sample authorized vendor contract, if applicable.
  290         (b)(2) A sample form of payment instrument, if applicable.
  291         (c)(3) Documents demonstrating that the net worth and
  292  bonding requirements specified in s. 560.209 have been
  293  fulfilled.
  294         (d)(4) A copy of the applicant’s financial audit report for
  295  the most recent fiscal year. If the applicant is a wholly owned
  296  subsidiary of another corporation, the financial audit report on
  297  the parent corporation’s financial statements satisfies shall
  298  satisfy this requirement.
  299         (2)Any applicant seeking to operate as a custodian of gold
  300  coin or silver coin must provide all of the following
  301  information to the office:
  302         (a) All requirements specified in subsection(1).
  303         (b) Evidence of:
  304         1. Insurance against loss for all gold coin and silver coin
  305  held in its custody;
  306         2. Custody of the same quantity and type of asset for all
  307  current gold coin or silver coin held in its custody; and
  308         3. Depository accreditation from an entity approved by the
  309  office.
  310         (c) A statement of a business plan providing for the safe
  311  and sound operation of custodial services pertaining to the
  312  storage, security, insurance, auditing, administration,
  313  authorized access, transacting, and transfer of gold coin or
  314  silver coin to the satisfaction of the office or in accordance
  315  with rules adopted by the commission.
  316         Section 11. Section 560.214, Florida Statutes, is created
  317  to read:
  318         560.214Custodians of gold coin or silver coin.—
  319         (1) A custodian of gold coin or silver coin must meet all
  320  of the following requirements:
  321         (a) Be located in a manner that allows quick and efficient
  322  movement of the gold coin or silver coin, or enables rapid
  323  response time from law enforcement if necessary.
  324         (b)Meet security requirements in accordance with industry
  325  standards, including, but not limited to:
  326         1.Use of a high-security vault rated by Underwriters
  327  Laboratories, Inc.
  328         2.Physical security and video surveillance 24 hours a day,
  329  7 days a week;
  330         3.Biometric or multi-factor access controls;
  331         4.Facility design that is disaster-resistant including
  332  resistant to fire, flood, or earthquakes; and
  333         5.Regular review and updates of security procedure.
  334         (c) Keep customer assets segregated from the custodian’s
  335  own assets and from asset classes that are not gold coin and
  336  silver coin.
  337         (d)Offer allocated storage where the gold coin or silver
  338  coin is kept separate and identifiable, or segregated storage
  339  where the gold coin or silver coin is stored apart from other
  340  customers’ gold coin or silver coin.
  341         (e) Comply with chain of custody requirements as prescribed
  342  by commission rule.
  343         (f)Maintain records detailing the inventory system,
  344  including, but not limited to, serial number and bar number
  345  tracking and ledger accounts.
  346         (g)Have its custodial holdings examined or audited at
  347  least annually by an independent certified public accountant or
  348  other auditor acceptable to the office. The auditor must verify
  349  that the custodian’s custodial assets are sufficient to cover
  350  all customer holdings and are held as represented. The results
  351  of such audit or examination must be reported to the office.
  352         (h)Maintain insurance covering 100 percent of the full
  353  replacement value of the stored gold coin or silver coin under
  354  an all-risk insurance policy for loss, theft, damage, and
  355  employee dishonesty by an authorized insurer or eligible surplus
  356  lines insurer.
  357         (i)Permit visits or inspections with advance notice.
  358         (j)Maintain secure technology, including all of the
  359  following cybersecurity measures:
  360         1.Secure online portal for account access.
  361         2.Data encrypted in transit and at rest.
  362         3.Two-factor authentication for login.
  363         4.Regular cybersecurity audits or vulnerability
  364  assessments.
  365         (k) Maintain custody of the same quantity and type of gold
  366  coin or silver coin as that entrusted by each customer.
  367         (l) Refrain from selling, lending, pledging,
  368  rehypothecating, or encumbering any customer’s gold coin or
  369  silver coin except to the extent directed by the customer for a
  370  transfer or transaction.
  371         (m)Comply with anti-money laundering regulation pursuant
  372  to this chapter, and any applicable state or federal regulation.
  373         (2) For a custodian that has a direct contractual
  374  relationship with the owner of the gold coin or silver coin,
  375  such custodian must also comply with all of the following
  376  requirements:
  377         (a)Furnish to each owner, at the inception of the
  378  relationship and on at least an annual basis, a clear, written
  379  disclosure of the terms and conditions of the custodial
  380  arrangement and the associated risks. Such disclosure must also
  381  state that gold or silver assets are not insured by the FDIC,
  382  NCUA, or SIPC and that the owner’s assets are held by a licensed
  383  custodian under Florida law.
  384         (b)Provide transparent contracts, products, services, and
  385  fees, including storage and transaction fees.
  386         (c) Provide quarterly account statements to an owner which
  387  itemize the assets in custody for that owner, and promptly
  388  deliver an updated statement and return of the gold coin or
  389  silver coin to the owner or as the owner directs.
  390         (d) Within 30 days of a request, make available to an owner
  391  a copy of any audit report required pursuant to paragraph (1)(e)
  392  which has been completed within the most recent 2-year period.
  393         (3)A violation of any provision of this section or rules
  394  adopted hereunder constitutes a violation of this chapter. The
  395  office may take disciplinary action against a custodian or
  396  licensee or suspend or revoke the license, as applicable, for
  397  any violation of this section including, but not limited to,
  398  failure to safeguard assets, insolvency, commingling of customer
  399  assets, unauthorized use of assets, failure to maintain required
  400  records or reports, or other unsafe or unsound practices as
  401  defined in s. 655.005(1)(y).
  402         (4)Obligations of a custodian to an owner of gold coin or
  403  silver coin under this section are fiduciary in nature for
  404  purposes of determining the priority of claims or losses.
  405         (5)The commission may adopt rules as necessary to
  406  implement this section.
  407         Section 12. Paragraph (e) of subsection (3) of section
  408  655.50, Florida Statutes, is amended to read:
  409         655.50 Florida Control of Money Laundering and Terrorist
  410  Financing in Financial Institutions Act.—
  411         (3) As used in this section, the term:
  412         (e) “Monetary instruments” means coin or currency of the
  413  United States or of any other country, travelers’ checks,
  414  personal checks, bank checks, money orders, stored value cards,
  415  prepaid cards, gold coin or silver coin as those terms are
  416  defined in s. 215.986, investment securities or negotiable
  417  instruments in bearer form or otherwise in such form that title
  418  thereto passes upon delivery, or similar devices.
  419         Section 13. Section 655.970, Florida Statutes, is created
  420  to read:
  421         655.970Gold and silver coin as legal tender.—
  422         (1)A financial institution may not be required to take any
  423  of the following actions:
  424         (a)Receive deposits, as that term is defined in s.
  425  658.26(5)(c), consisting of gold coin or silver coin, as those
  426  terms are defined in s. 215.986, whether in physical form or by
  427  electronic transfer.
  428         (b)Exchange gold coin or silver coin for coin or currency
  429  of the United States or of another country.
  430         (2)To the extent that a financial institution accepts gold
  431  coin or silver coin deposits, the financial institution shall do
  432  all of the following:
  433         (a)Maintain separate accounts for any gold coin or silver
  434  coin and not commingle such gold coin or silver coin with any
  435  other coin or currency of the United States or of another
  436  country.
  437         (b)Insure the gold coin or silver coin, if not otherwise
  438  insured by the custodian of gold coin or silver coin, for 100
  439  percent of the full replacement value of any deposit under an
  440  all-risk insurance policy issued by a nongovernmental-operated
  441  insurer that is an authorized insurer or an eligible surplus
  442  lines insurer.
  443         (c)Securely store and safeguard all physical gold coin or
  444  silver coin with a custodian of gold or silver coin within this
  445  state.
  446         (d)Comply, or be responsible and accountable for any
  447  third-party vendor that stores such gold coin and silver coin to
  448  comply, with the requirements for a custodian of gold coin or
  449  silver coin as provided in s. 560.214.
  450         (e)Include any fee to convert gold coin or silver coin to
  451  coin or currency of the United States or of another country in
  452  the total maximum interchange transaction fee that an issuer may
  453  charge with respect to an electronic debit transaction as
  454  provided under the Electronic Fund Transfer Act in 15 U.S.C. s.
  455  1693 et seq.
  456         (f)Ensure that any gold coin or silver coin purchased for
  457  use or circulation as legal tender is from an accredited refiner
  458  or wholesaler that certifies that the gold coin or silver coin
  459  being purchased meets the requirements of gold coin and silver
  460  coin defined in s. 215.986.
  461         (g)Comply with all other applicable state and federal
  462  regulations.
  463         (3) The commission may adopt rules as necessary to
  464  implement this section.
  465         Section 14. Subsection (2) of section 672.511, Florida
  466  Statutes, is amended to read:
  467         672.511 Tender of payment by buyer; payment by check.—
  468         (2) Tender of payment is sufficient when made by any means
  469  or in any manner current in the ordinary course of business
  470  unless the seller demands payment in legal tender and gives any
  471  extension of time reasonably necessary to procure it. As
  472  provided in s. 215.986(2)(b), this section may not be construed
  473  to compel a person to tender payment in gold coin or silver
  474  coin.
  475         Section 15. The Department of Financial Services must
  476  submit a report by January 1, 2026 to the Governor, the
  477  President of the Senate, and the Speaker of the House of
  478  Representatives which contains all the following information:
  479         (1)The progress of implementing s. 215.986, Florida
  480  Statutes.
  481         (2)An explanation of any challenge that requires
  482  additional legislation to ensure that gold coin or silver coin
  483  may be accepted by the state as legal tender for payment of
  484  debts pursuant to s. 215.986, Florida Statutes.
  485         Section 16. Paragraph (a) of subsection (4) of section
  486  559.952, Florida Statutes, is amended to read:
  487         559.952 Financial Technology Sandbox.—
  488         (4) EXCEPTIONS TO GENERAL LAW AND WAIVERS OF RULE
  489  REQUIREMENTS.—
  490         (a) Notwithstanding any other law, upon approval of a
  491  Financial Technology Sandbox application, the following
  492  provisions and corresponding rule requirements are not
  493  applicable to the licensee during the sandbox period:
  494         1. Section 516.03(1), except for the application fee, the
  495  investigation fee, the requirement to provide the social
  496  security numbers of control persons, evidence of liquid assets
  497  of at least $25,000 or documents satisfying the requirements of
  498  s. 516.05(10), and the office’s authority to investigate the
  499  applicant’s background. The office may prorate the license
  500  renewal fee for an extension granted under subsection (7).
  501         2. Section 516.05(1) and (2), except that the office shall
  502  investigate the applicant’s background.
  503         3. Section 560.109, only to the extent that the section
  504  requires the office to examine a licensee at least once every 5
  505  years.
  506         4. Section 560.118(2).
  507         5. Section 560.125(1), only to the extent that the
  508  subsection would prohibit a licensee from engaging in the
  509  business of a money transmitter or payment instrument seller
  510  during the sandbox period.
  511         6. Section 560.125(2), only to the extent that the
  512  subsection would prohibit a licensee from appointing an
  513  authorized vendor during the sandbox period. Any authorized
  514  vendor of such a licensee during the sandbox period remains
  515  liable to the holder or remitter.
  516         7. Section 560.128.
  517         8. Section 560.141, except for s. 560.141(1)(a)1., 3., 7.
  518  10. and (b), (c), and (d).
  519         9. Section 560.142(1) and (2), except that the office may
  520  prorate, but may not entirely eliminate, the license renewal
  521  fees in s. 560.143 for an extension granted under subsection
  522  (7).
  523         10. Section 560.143(2), only to the extent necessary for
  524  proration of the renewal fee under subparagraph 9.
  525         11. Section 560.204(1), only to the extent that the
  526  subsection would prohibit a licensee from engaging in, or
  527  advertising that it engages in, the activity of a payment
  528  instrument seller or money transmitter during the sandbox
  529  period.
  530         12. Section 560.205(1)(b) Section 560.205(2).
  531         13. Section 560.208(2).
  532         14. Section 560.209, only to the extent that the office may
  533  modify, but may not entirely eliminate, the net worth, corporate
  534  surety bond, and collateral deposit amounts required under that
  535  section. The modified amounts must be in such lower amounts that
  536  the office determines to be commensurate with the factors under
  537  paragraph (5)(c) and the maximum number of consumers authorized
  538  to receive the financial product or service under this section.
  539         Section 17. This act shall take effect upon becoming a law.
  540  
  541  ================= T I T L E  A M E N D M E N T ================
  542  And the title is amended as follows:
  543         Delete everything before the enacting clause
  544  and insert:
  545                        A bill to be entitled                      
  546         An act relating to legal tender; amending s. 212.02,
  547         F.S.; revising the term “tangible personal property”;
  548         amending s. 212.05, F.S.; revising the sales and use
  549         tax of coin or currency tax exemption; specifying that
  550         a person who claims the sales tax exemption bears the
  551         burden for determining whether the gold coin or silver
  552         coin meets a specified definition; providing a
  553         presumption regarding the purity requirements of gold
  554         coin and silver coin; creating s. 215.986, F.S.;
  555         defining terms; specifying, beginning on a specified
  556         date, that gold coin and silver coin are legal tender
  557         for a specified purpose; providing construction;
  558         prohibiting persons from being required to offer or
  559         accept any legal tender for a specified purpose;
  560         prohibiting persons from incurring liability for
  561         refusing to offer or accept legal tender; providing an
  562         exception; authorizing a governmental entity to accept
  563         gold coin or silver coin for a specified purpose and
  564         only in a specified manner; providing applicability;
  565         providing construction; authorizing governmental
  566         entities to enter into written contracts under certain
  567         circumstances; requiring certain custodians of gold
  568         coin or silver coin to meet certain requirements;
  569         specifying that a governmental entity that tenders or
  570         accepts gold coin or silver coin under certain
  571         circumstances need not comply with certain provisions;
  572         creating s. 280.21, F.S.; requiring custodians of gold
  573         coin or silver coin which hold public deposits to meet
  574         certain requirements; amending s. 560.103, F.S.;
  575         revising definitions and defining terms; amending s.
  576         560.141, F.S.; requiring the Office of Financial
  577         Regulation to approve an application for a custodian
  578         of gold coin or silver coin under certain
  579         circumstances; authorizing the office to conduct an
  580         examination of certain applicants before issuing a
  581         specified license; amending s. 560.142, F.S.;
  582         requiring the office to approve a renewal application
  583         for a custodian of gold coin or silver coin under
  584         certain circumstances; creating s. 560.150, F.S.;
  585         prohibiting money services businesses from being
  586         required to offer certain products or services;
  587         specifying certain requirements if money services
  588         businesses offer certain products or services;
  589         authorizing the Financial Services Commission to adopt
  590         rules; amending s. 560.204, F.S.; prohibiting a person
  591         from engaging in or advertising that they engage in
  592         the activity of a custodian of gold or coin or silver
  593         coin for compensation without a license; amending s.
  594         560.205, F.S.; requiring applicants seeking to operate
  595         as a payment instrument seller, money transmitter, or
  596         a custodian of gold coin or silver coin to provide
  597         specified information to the office; amending s.
  598         560.214, F.S.; requiring a custodian of gold coin or
  599         silver coin to meet certain requirements; specifying
  600         that certain actions constitute a violation of certain
  601         provisions; authorizing the office to take certain
  602         disciplinary actions; specifying that the obligations
  603         of a custodian to an owner of gold coin or silver coin
  604         are fiduciary in nature for a specified purpose;
  605         authorizing the commission to adopt rules; amending s.
  606         655.50, F.S.; revising the definition of the term
  607         “monetary instrument”; creating s. 655.970, F.S.;
  608         prohibiting financial institutions from being required
  609         to take certain actions; requiring financial
  610         institutions to take actions under certain
  611         circumstances; authorizing the commission to adopt
  612         rules; amending s. 672.511, F.S.; providing
  613         construction; requiring, by a specified date, the
  614         Department of Financial Services to submit a specified
  615         report to the Governor and the Legislature; amending
  616         s. 559.952, F.S.; conforming a cross-reference;
  617         providing an effective date.