Florida Senate - 2018 COMMITTEE AMENDMENT Bill No. SB 1126 Ì228994\Î228994 LEGISLATIVE ACTION Senate . House . . . . . ————————————————————————————————————————————————————————————————— ————————————————————————————————————————————————————————————————— The Committee on Banking and Insurance (Brandes) recommended the following: 1 Senate Amendment (with title amendment) 2 3 Delete everything after the enacting clause 4 and insert: 5 Section 1. Section 560.304, Florida Statutes, is amended to 6 read: 7 560.304 Exemption from licensure.— 8 (1) The requirement for licensure under this part does not 9 apply to: 10 (a) A person cashing payment instruments that have an 11 aggregate face value of less than $2,000 per person per day and 12 that are incidental to the retail sale of goods or services, if 13 the person’s
whosecompensation for cashing payment instruments 14 at each site does not exceed 5 percent of the total gross income 15 from the retail sale of goods or services by such person during 16 the last 60 days. 17 (b) A person who is authorized by the office to cash 18 payment instruments that have an aggregate face value of between 19 $2,000 and $7,500 per person per day and that are incidental to 20 the retail sale of goods or services, and whose compensation for 21 cashing payment instruments at each site does not exceed 5 22 percent of the total gross income from the retail sale of goods 23 or services by such business during the last 60 days. The office 24 must authorize such person if the person: 25 1. Submits all data collected in the course of business for 26 checks with a face value exceeding $2,000 on a daily basis to 27 support the detection and prosecution of financial crime and 28 workers’ compensation violations; 29 2. Provides records prescribed by commission rule and 30 requested by the office in the course of a criminal 31 investigation; 32 3. Establishes limits on the aggregate value of cashed 33 instruments over a monthly and yearly timeframe which do not 34 exceed the maximum amount specified in this paragraph, and 35 reports the limits to the office pursuant to commission rule; 36 and 37 4. Does not cash corporate instruments. 38 (2) The commission may adopt rules necessary to administer 39 paragraph (1)(b). 40 Section 2. This act shall take effect July 1, 2018. 41 42 ================= T I T L E A M E N D M E N T ================ 43 And the title is amended as follows: 44 Delete everything before the enacting clause 45 and insert: 46 A bill to be entitled 47 An act relating to the licensure of check cashers; 48 amending s. 560.304, F.S.; providing an exemption from 49 licensure under part III of ch. 560, F.S., for persons 50 authorized by the Office of Financial Regulation to 51 cash, subject to certain limitations, certain payment 52 instruments within a specified aggregate face value 53 range; requiring the office to authorize the person to 54 cash such instruments without such licensure if 55 specified conditions are met; authorizing the 56 Financial Services Commission to adopt rules; 57 providing an effective date.