Florida Senate - 2018 CS for SB 1126 By the Committee on Banking and Insurance; and Senator Brandes 597-02930-18 20181126c1 1 A bill to be entitled 2 An act relating to the licensure of check cashers; 3 amending s. 560.304, F.S.; providing an exemption from 4 licensure under part III of ch. 560, F.S., for persons 5 authorized by the Office of Financial Regulation to 6 cash, subject to certain limitations, certain payment 7 instruments within a specified aggregate face value 8 range; requiring the office to authorize the person to 9 cash such instruments without such licensure if 10 specified conditions are met; authorizing the 11 Financial Services Commission to adopt rules; 12 providing an effective date. 13 14 Be It Enacted by the Legislature of the State of Florida: 15 16 Section 1. Section 560.304, Florida Statutes, is amended to 17 read: 18 560.304 Exemption from licensure.— 19 (1) The requirement for licensure under this part does not 20 apply to: 21 (a) A person cashing payment instruments that have an 22 aggregate face value of less than $2,000 per person per day and 23 that are incidental to the retail sale of goods or services, if 24 the person’s
whosecompensation for cashing payment instruments 25 at each site does not exceed 5 percent of the total gross income 26 from the retail sale of goods or services by such person during 27 the last 60 days. 28 (b) A person who is authorized by the office to cash 29 payment instruments that have an aggregate face value of between 30 $2,000 and $7,500 per person per day and that are incidental to 31 the retail sale of goods or services, and whose compensation for 32 cashing payment instruments at each site does not exceed 5 33 percent of the total gross income from the retail sale of goods 34 or services by such business during the last 60 days. The office 35 must authorize such person if the person: 36 1. Submits all data collected in the course of business for 37 checks with a face value exceeding $2,000 on a daily basis to 38 support the detection and prosecution of financial crime and 39 workers’ compensation violations; 40 2. Provides records prescribed by commission rule and 41 requested by the office in the course of a criminal 42 investigation; 43 3. Establishes limits on the aggregate value of cashed 44 instruments over a monthly and yearly timeframe which do not 45 exceed the maximum amount specified in this paragraph, and 46 reports the limits to the office pursuant to commission rule; 47 and 48 4. Does not cash corporate instruments. 49 (2) The commission may adopt rules necessary to administer 50 paragraph (1)(b). 51 Section 2. This act shall take effect July 1, 2018.