Florida Senate - 2018                        COMMITTEE AMENDMENT
       Bill No. SB 1126
       
       
       
       
       
       
                                Ì228994\Î228994                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  02/06/2018           .                                
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       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 whose compensation 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.