560.103 Definitions.—As used in this chapter, the term: (1) “Affiliated party” means a control person, employee, or foreign affiliate of a money services business, or a person who has a controlling interest in a money services business as provided in s. 560.127. (2) “Appropriate regulator” means a state, federal, or foreign agency that has been granted authority to […]
560.104 Exemptions.—The following entities are exempt from the provisions of this chapter: (1) Banks, credit card banks, credit unions, trust companies, associations, offices of an international banking corporation, Edge Act or agreement corporations, or other financial depository institutions organized under the laws of any state or the United States. (2) The United States or any agency or instrumentality […]
560.105 Supervisory powers; rulemaking.— (1) The office shall: (a) Supervise all money services businesses and their authorized vendors. (b) Have access to the books and records of persons the office supervises as necessary to carry out the duties and functions of the office under this chapter. (c) Issue orders and declaratory statements, disseminate information, and otherwise administer and enforce this […]
560.107 Liability.—No person acting, or who has acted, in good faith reliance upon a rule, order, or declaratory statement issued by the commission or the office shall be subject to any criminal, civil, or administrative liability for such action, notwithstanding a subsequent decision by a court of competent jurisdiction invalidating the rule, order, or declaratory statement. […]
560.109 Examinations and investigations.—The office may conduct examinations and investigations, within or outside this state to determine whether a person has violated any provision of this chapter and related rules, or of any practice or conduct that creates the likelihood of material loss, insolvency, or dissipation of the assets of a money services business or otherwise […]
560.1091 Contracted examinations.—The office may contract with third parties to conduct examinations under this chapter. (1) The person or firm selected by the office may not have a conflict of interest that might affect its ability to independently perform its responsibilities with respect to an examination. (2) An examination under this section may be conducted by an independent […]
560.1092 Examination expenses.— (1) Each licensee examined shall pay to the office the expenses of the examination at the rates adopted by the commission by rule. Such expenses shall include actual travel expenses, reasonable living expense allowance, compensation of the examiner or other person making the examination, and necessary attendant administrative costs of the office directly related […]
560.1105 Records retention.—Each licensee and its authorized vendors must maintain all books, accounts, documents, files, and information necessary for determining compliance with this chapter and related rules for 5 years unless a longer period is required by other state or federal law. (1) The records required under this chapter may be maintained by the licensee at any […]
560.111 Prohibited acts.— (1) A money services business, authorized vendor, or affiliated party may not: (a) Receive or possess any property except in payment of a just demand, and, with intent to deceive or defraud, to omit to make or to cause to be made a full and true entry thereof in its books and accounts, or to […]
560.113 Injunctions; receiverships; restitution.— (1) If the office determines that any person has engaged in or is about to engage in any action that is a violation of this chapter or related rules, the office may, in addition to or in lieu of other remedies, bring an action on behalf of the state in the circuit court […]
560.114 Disciplinary actions; penalties.— (1) The following actions by a money services business, authorized vendor, or affiliated party constitute grounds for the issuance of a cease and desist order; the issuance of a removal order; the denial, suspension, or revocation of a license; or taking any other action within the authority of the office pursuant to this […]
560.1141 Disciplinary guidelines.— (1) The commission shall adopt by rule disciplinary guidelines applicable to each ground for disciplinary action that may be imposed by the office. (2) The disciplinary guidelines shall specify a meaningful range of designated penalties based upon the severity and repetition of specific offenses and that distinguish minor violations from those that endanger the public […]
560.115 Surrender of license.—A licensee may voluntarily surrender its license at any time by giving written notice to the office. History.—s. 1, ch. 94-238; s. 1, ch. 94-354; s. 698, ch. 2003-261; s. 12, ch. 2008-177.
560.116 Civil immunity.—Any person having reason to believe that a provision of this chapter is being violated, has been violated, or is about to be violated, may file a complaint with the office setting forth the details of the alleged violation. Such person is immune from civil liability unless the information provided is false and has […]
560.118 Reports.— (1) Annual financial audit reports must be filed with the office pursuant to this chapter or related rules. The licensee shall directly bear the cost of the audit. (2) Each licensee must submit quarterly reports to the office in a format and include information as specified by rule. The rule may require the report to contain […]
560.121 Access to records; record retention; penalties.— (1) Orders of courts or of administrative law judges for the production of confidential records or information must provide for inspection in camera by the court or the administrative law judge; and, if the court or administrative law judge determines that the documents requested are relevant or would likely lead […]
560.123 Florida Control of Money Laundering in Money Services Business Act.— (1) This section may be cited as the “Florida Control of Money Laundering in Money Services Business Act.” (2) The purpose of this section is to require the maintenance of certain records of transactions involving currency, monetary value, payment instruments, or virtual currency in order to deter […]
560.1235 Anti-money laundering requirements.— (1) A licensee and authorized vendor must comply with all state and federal laws and rules relating to the detection and prevention of money laundering, including, as applicable, s. 560.123, and 31 C.F.R. ss. 1010.306, 1010.311, 1010.312, 1010.313, 1010.340, 1010.410, 1010.415, 1022.320, 1022.380, and 1022.410. (2) A licensee and authorized vendor must maintain an […]
560.124 Sharing of information.—Any person may provide to a money services business, authorized vendor, law enforcement agency, prosecutorial agency, or appropriate regulator, or any money services business, authorized vendor, law enforcement agency, prosecutorial agency, or appropriate regulator may provide to any person, information about any person’s known or suspected involvement in a violation of any state, […]
560.125 Unlicensed activity; penalties.— (1) A person may not engage in the business of a money services business or deferred presentment provider in this state unless the person is licensed or exempted from licensure under this chapter. A deferred presentment transaction conducted by a person not authorized to conduct such transaction under this chapter is void, and […]
