The Florida Senate

560.125  Money transmitter business by unauthorized persons.--

(1)  A person other than a registered money transmitter or authorized vendor may not engage in the business of a money transmitter in this state unless the person is exempted from the registration requirements of the code.

(2)  No person shall act as a vendor of a money transmitter when such money transmitter is subject to registration under the code but has not registered. Any such person becomes the principal thereof, and no longer merely acts as a vendor, and such person is liable to the holder or remitter as a principal money transmitter.

(3)  Any person whose substantial interests are affected by a proceeding brought by the department pursuant to the code may, pursuant to s. 560.113, petition any court to enjoin the person or activity that is the subject of the proceeding from violating any of the provisions of this section. For the purpose of this subsection, any money transmitter registered pursuant to the code, any person residing in this state, and any person whose principal place of business is in this state are presumed to be substantially affected. In addition, the interests of a trade organization or association are deemed substantially affected if the interests of any of its members are so affected.

(4)  Any person who violates the provisions of this section commits a felony of the third degree, punishable as provided in s. 775.082, s. 775.083, or s. 775.084. The department may issue and serve upon any person who violates any of the provisions of this section a complaint seeking a cease and desist order in accordance with the procedures and in the manner prescribed by s. 560.112. The department may also impose an administrative fine pursuant to s. 560.117(2) against any person who violates any of the provisions of this section.

History.--s. 1, ch. 94-238; s. 1, ch. 94-354.