560.203 Exemptions from licensure.—Authorized vendors of a licensee acting within the scope of authority conferred by the licensee are exempt from licensure but are otherwise subject to the provisions of this chapter. History.—s. 2, ch. 94-238; s. 2, ch. 94-354; s. 29, ch. 2008-177.
560.204 License required.— (1) Unless exempted, a person may not engage in, or in any manner advertise that they engage in, the activity of a payment instrument seller or money transmitter, for compensation, without first obtaining a license under this part. For purposes of this subsection, the term “compensation” includes profit or loss on the exchange of […]
560.205 Additional license application requirements.—In addition to the license application requirements under part I of this chapter, an applicant seeking a license under this part must also submit to the office: (1) A sample authorized vendor contract, if applicable. (2) A sample form of payment instrument, if applicable. (3) Documents demonstrating that the net worth and bonding requirements specified […]
560.208 Conduct of business.—In addition to the requirements specified in s. 560.1401, a licensee under this part: (1) May conduct its business at one or more locations within this state through branches or by means of authorized vendors, as designated by the licensee, including the conduct of business through electronic transfer, such as by the telephone or […]
560.2085 Authorized vendors.—A licensee under this part shall: (1) Within 60 days after an authorized vendor commences business, file with the office such information as prescribed by rule together with the nonrefundable location fee as provided by s. 560.143. This requirement applies to vendors who are also terminated within the 60-day period. (2) Enter into a written contract, […]
560.209 Net worth; corporate surety bond; collateral deposit in lieu of bond.— (1) A licensee must have a net worth of at least $100,000. A licensee operating in more than one location must have an additional net worth of $10,000 per location in this state, up to a maximum of $2 million. The required net worth must […]
560.210 Permissible investments.— (1) A licensee must at all times possess permissible investments with an aggregate market value, calculated in accordance with generally accepted accounting principles, of at least the aggregate face amount of all outstanding money transmissions and payment instruments issued or sold by the licensee or an authorized vendor in the United States. As used […]
560.211 Required records.— (1) In addition to the record retention requirements under s. 560.1105, each licensee under this part must make, keep, and preserve the following books, accounts, records, and documents for 5 years: (a) A daily record of payment instruments sold and of currency, monetary value, payment instruments, or virtual currency transmitted. (b) A general ledger containing all […]
560.212 Financial liability.—A licensee under this part is liable for the payment of all currency, monetary value, payment instruments, or virtual currency transmitted and payment instruments that it sells, in whatever form and whether directly or through an authorized vendor, as the maker, drawer, or principal thereof, regardless of whether such items are negotiable or nonnegotiable. […]
560.213 Payment instrument information.—Each payment instrument sold or issued by a licensee, directly or through an authorized vendor, must bear the name of the licensee, and any other information as may be required by rule, clearly imprinted thereon. History.—s. 2, ch. 94-238; s. 2, ch. 94-354; s. 38, ch. 2008-177.
