Skip to Navigation | Skip to Main Content | Skip to Site Map | Mobile Site

Senate Tracker: Sign Up | Login

The Florida Senate

2004 Florida Statutes

Section 560.210, Florida Statutes 2004

560.210  Permissible investments.--

(1)  A registrant shall at all times possess permissible investments with an aggregate market value calculated in accordance with generally accepted accounting principles of not less than the aggregate face amount of all funds transmitted and outstanding payment instruments issued or sold by the registrant or an authorized vendor in the United States.

(2)  Acceptable permissible investments include:

(a)  Cash.

(b)  Certificates of deposit or other deposit liabilities of a financial institution, either domestic or foreign.

(c)  Bankers' acceptances eligible for purchase by member banks of the Federal Reserve System.

(d)  An investment bearing a rating of one of the three highest grades as defined by a nationally recognized rating service of such securities.

(e)  Investment securities that are obligations of the United States, its agencies or instrumentalities, or obligations that are guaranteed fully as to principal and interest by the United States, or any obligations of any state or municipality, or any political subdivision thereof.

(f)  Shares in a money market mutual fund.

(g)  A demand borrowing agreement or agreements made to a corporation or a subsidiary of a corporation whose capital stock is listed on a national exchange.

(h)  Receivables that are due to a registrant from the registrant's authorized vendors except those that are more than 30 days past due or are doubtful of collection.

(i)  Any other investment approved by the commission.

(3)  Notwithstanding any other provision of this part, the office, with respect to any particular registrant or all registrants, may limit the extent to which any class of permissible investments may be considered a permissible investment, except for cash and certificates of deposit.

(4)  The office may waive the permissible investments requirement if the dollar value of a registrant's outstanding payment instruments and funds transmitted do not exceed the bond or collateral deposit posted by the registrant under s. 560.209

History.--s. 2, ch. 94-238; s. 2, ch. 94-354; s. 716, ch. 2003-261.