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The Florida Senate

2006 Florida Statutes

Section 560.127, Florida Statutes 2006

560.127  Control of a money transmitter.--A person has control over a money transmitter if:

(1)  The individual, partnership, corporation, trust, or other organization possesses the power, directly or indirectly, to direct the management or policies of a company, whether through ownership of securities, by contract, or otherwise. A person is presumed to control a company if, with respect to a particular company, that person:

(a)  Is a director, general partner, or officer exercising executive responsibility or having similar status or functions;

(b)  Directly or indirectly may vote 25 percent or more of a class of a voting security or sell or direct the sale of 25 percent or more of a class of voting securities; or

(c)  In the case of a partnership, may receive upon dissolution or has contributed 25 percent or more of the capital.

(2)  The office determines, after notice and opportunity for hearing, that the person directly or indirectly exercises a controlling influence over the activities of the money transmitter.

History.--s. 1, ch. 94-238; s. 1, ch. 94-354; s. 707, ch. 2003-261; s. 57, ch. 2006-213.