CS/HB 729

1	A bill to be entitled
2	An act relating to money services businesses; amending s.
3	560.123, F.S.; requiring that a money services business
4	keep records of certain transactions; amending s. 560.141,
5	F.S.; revising terminology relating to authorized vendors;
6	amending s. 560.143, F.S.; revising terminology relating
7	to license fees for authorized vendors; amending s.
8	560.2085, F.S.; conforming terminology; providing an
9	effective date.
10
11	Be It Enacted by the Legislature of the State of Florida:
12
13	Section 1.  Subsection (3) of section 560.123, Florida
14	Statutes, is amended to read:
15	560.123  Florida Control of Money Laundering in Money
16	Services Business Act.--
17	(3)  A money services business shall must keep a record of
18	each every financial transaction occurring known to it which
19	occurs in this state which it knows to involve; involves
20	currency or other monetary payment instrument, as prescribed by
21	the commission rule, having a value greater than $10,000; to
22	involve and involves the proceeds of specified unlawful
23	activity; or to be is designed to evade the reporting
24	requirements of this section or chapter 896. The money services
25	business must maintain appropriate procedures to ensure
26	compliance with this section and chapter 896.
27	(a)  Multiple financial transactions shall be treated as a
28	single transaction if the money services business has knowledge
29	that they are made by or on behalf of any one person and result
30	in cash in or cash out totaling more than $10,000 during any
31	day.
32	(b)  A money services business may keep a record of any
33	financial transaction occurring in this state, regardless of the
34	value, if it suspects that the transaction involves the proceeds
35	of unlawful activity.
36	(c)  The money services business must file a report with
37	the office of any records required by this subsection, at such
38	time and containing such information as required by rule. The
39	timely filing of the report required by 31 U.S.C. s. 5313 with
40	the appropriate federal agency shall be deemed compliance with
41	the reporting requirements of this subsection unless the reports
42	are not regularly and comprehensively transmitted by the federal
43	agency to the office.
44	(d)  A money services business, or officer, employee, or
45	agent thereof, that files a report in good faith pursuant to
46	this section is not liable to any person for loss or damage
47	caused in whole or in part by the making, filing, or
48	governmental use of the report, or any information contained
49	therein.
50	Section 2.  Paragraph (a) of subsection (1) of section
51	560.141, Florida Statutes, is amended to read:
52	560.141  License application.--
53	(1)  To apply for a license as a money services business
54	under this chapter the applicant must:
55	(a)  Submit an application to the office on forms
56	prescribed by rule which includes the following information:
57	1.  The legal name and address of the applicant, including
58	any fictitious or trade names used by the applicant in the
59	conduct of its business.
60	2.  The date of the applicant's formation and the state in
61	which the applicant was formed, if applicable.
62	3.  The name, social security number, alien identification
63	or taxpayer identification number, business and residence
64	addresses, and employment history for the past 5 years for each
65	officer, director, responsible person, the compliance officer,
66	each controlling shareholder, and any other person who has a
67	controlling interest in the money services business as provided
68	in s. 560.127.
69	4.  A description of the organizational structure of the
70	applicant, including the identity of any parent or subsidiary of
71	the applicant, and the disclosure of whether any parent or
72	subsidiary is publicly traded.
73	5.  The applicant's history of operations in other states
74	if applicable and a description of the money services business
75	or deferred presentment provider activities proposed to be
76	conducted by the applicant in this state.
77	6.  If the applicant or its parent is a publicly traded
78	company, copies of all filings made by the applicant with the
79	United States Securities and Exchange Commission, or with a
80	similar regulator in a country other than the United States,
81	within the preceding year.
82	7.  The location at which the applicant proposes to
83	establish its principal place of business and any other
84	location, including branch offices and authorized vendors
85	operating in this state. For each branch office identified and
86	each location of an authorized vendor appointed, the applicant
87	shall include the nonrefundable fee required by s. 560.143.
88	8.  The name and address of the clearing financial
89	institution or financial institutions through which the
90	applicant's payment instruments are drawn or through which the
91	payment instruments are payable.
92	9.  The history of the applicant's material litigation,
93	criminal convictions, pleas of nolo contendere, and cases of
94	adjudication withheld.
95	10.  The history of material litigation, arrests, criminal
96	convictions, pleas of nolo contendere, and cases of adjudication
97	withheld for each executive officer, director, controlling
98	shareholder, and responsible person.
99	11.  The name of the registered agent in this state for
100	service of process unless the applicant is a sole proprietor.
101	12.  Any other information specified in this chapter or by
102	rule.
103	Section 3.  Paragraph (d) of subsection (1) and paragraph
104	(d) of subsection (2) of section 560.143, Florida Statutes, are
105	amended to read:
106	560.143  Fees.--
107	(1)  LICENSE APPLICATION FEES.--The applicable non-
108	refundable fees must accompany an application for licensure:
109	(d)  For each location appointment of an authorized
110	vendor....$38.
111	(2)  LICENSE RENEWAL FEES.--The applicable non-refundable
112	license renewal fees must accompany a renewal of licensure:
113	(d)  For each location appointment of an authorized
114	vendor....$38.
115	Section 4.  Subsection (1) of section 560.2085, Florida
116	Statutes, is amended to read:
117	560.2085  Authorized vendors.--A licensee under this part
118	shall:
119	(1)  Within 60 days after an authorized vendor commences
120	business, file with the office such information as prescribed by
121	rule together with the nonrefundable location appointment fee as
122	provided by s. 560.143. This requirement applies to vendors who
123	are also terminated within the 60-day period.
124	Section 5.  This act shall take effect upon becoming a law.

CODING: Words stricken are deletions; words underlined are additions.