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.
   14  Be It Enacted by the Legislature of the State of Florida:
   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 whose compensation 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.