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The Florida Senate

2004 Florida Statutes

Section 560.126, Florida Statutes 2004

560.126  Significant events; notice required.--Unless exempted by the office, every money transmitter must provide the office with a written notice within 15 days after the occurrence or knowledge of, whichever period of time is greater, any of the following events:

(1)  The filing of a petition under the United States Bankruptcy Code for bankruptcy or reorganization by the money transmitter.

(2)  The commencement of any registration suspension or revocation proceeding, either administrative or judicial, or the denial of any original registration request or a registration renewal, by any state, the District of Columbia, any United States territory, or any foreign country, in which the money transmitter operates or plans to operate or has registered to operate.

(3)  A felony indictment relating to the money transmission business involving the money transmitter or a money transmitter-affiliated party of the money transmitter.

(4)  The felony conviction, guilty plea, or plea of nolo contendere, if the court adjudicates the nolo contendere pleader guilty, or the adjudication of guilt of a money transmitter or money transmitter-affiliated party.

(5)  The interruption of any corporate surety bond required by the code.

(6)  Any suspected criminal act, as defined by the commission by rule, perpetrated in this state against a money transmitter or authorized vendor.

However, no liability shall be incurred by any person as a result of making a good faith effort to fulfill this disclosure requirement.

History.--s. 1, ch. 94-238; s. 1, ch. 94-354; s. 706, ch. 2003-261.