The Florida Senate

A. Section 8, ch. 2025-100, amended s. 560.205 “[e]ffective July 1, 2026, upon legislative ratification of rules of the Financial Services Commission and the Chief Financial Officer as provided in section 17 of [ch. 2025-100].” Section 18(1), ch. 2025-100, provides that “[t]o avoid this act taking effect before the required rules have been adopted and ratified, this act shall stand repealed on June 30, 2026, unless reviewed and saved from repeal through reenactment by the Legislature after ratification of the required rules.” Contingent upon ratification, s. 560.205 will read:

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 any information required to be submitted by each applicant under the relevant subsection to the office.

(1) Any applicant seeking to operate as a payment instrument seller or money transmitter must provide all of the following information to the office:

(a) A sample authorized vendor contract, if applicable.

(b) A sample form of payment instrument, if applicable.

(c) Documents demonstrating that the net worth and bonding requirements specified in s. 560.209 have been fulfilled.

(d) A copy of the applicant’s financial audit report for the most recent fiscal year. If the applicant is a wholly owned subsidiary of another corporation, the financial audit report on the parent corporation’s financial statements satisfies this requirement.

(2) Any applicant seeking to operate as a money transmitter that is a custodian of gold coin or silver coin must also provide all of the following additional information to the office:

(a) All requirements specified in subsection (1).

(b) Evidence of:

1. Insurance against loss for all gold coin or silver coin held in its custody;

2. Custody of the exact quantity and type of asset for all of its customers’ gold coin or silver coin held in its physical custody; and

3. Depository accreditation from an entity approved by the office.

(c) A statement of a business plan providing for the safe and sound operation of custodial services pertaining to the storage, security, insurance, auditing, administration, authorized access, transacting, and transfer of gold coin or silver coin to the satisfaction of the office or in accordance with rules adopted by the commission.

B. Section 17, ch. 2025-100, provides:

“(1) The Chief Financial Officer shall adopt rules to implement s. 280.21, Florida Statutes, as created by this act. The Financial Services Commission shall adopt rules to implement any provisions in chapter 560, Florida Statutes, or chapter 655, Florida Statutes, as created or amended by this act, including, but not limited to, ss. 560.155, 560.214, and 655.97, Florida Statutes. Such rules must be adopted by November 1, 2025, and submitted to the President of the Senate and Speaker of the House of Representatives on or before November 1, 2025, in the report specified in section 16. Such rules may not take effect until they are ratified by the Legislature. The Chief Financial Officer and the Financial Services Commission shall notify the Division of Law Revision upon legislative ratification of such rules.

“(2) This section is effective upon becoming a law solely for the purpose of adopting the rules required under this section, but such rules may not be implemented until such rules are ratified by the Legislature and until such time that the provisions for which the rules are adopted become law.”