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CS/SB 486: Money Services Businesses

GENERAL BILL by Appropriations ; Brodeur

Money Services Businesses; Revising exceptions to general laws and rules for licensees during the Financial Technology Sandbox period; defining the term “virtual currency”; revising the purpose of the Florida Control of Money Laundering in Money Services Business Act; revising criminal and civil penalties for certain violations relating to unlicensed activity involving money services businesses and deferred presentment providers; requiring money transmitters that receive virtual currency for specified purposes to hold a certain type and amount of virtual currency until the transmission obligation is completed, etc.

Effective Date: 1/1/2023
Last Action: 3/7/2022 Senate - Laid on Table, refer to CS/HB 273 -SJ 719
Bill Text: Web Page | PDF

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  • Bill History

    Date Chamber Action
    10/13/2021 Senate • Filed
    10/21/2021 Senate • Referred to Banking and Insurance; Appropriations Subcommittee on Agriculture, Environment, and General Government; Appropriations -SJ 28
    1/7/2022 Senate • On Committee agenda-- Banking and Insurance, 01/12/22, 9:30 am, 412 Knott Building
    1/11/2022 Senate • Introduced -SJ 28
    1/12/2022 Senate • Favorable by Banking and Insurance; YEAS 11 NAYS 0 -SJ 114
    • Now in Appropriations Subcommittee on Agriculture, Environment, and General Government
    1/21/2022 Senate • On Committee agenda-- Appropriations Subcommittee on Agriculture, Environment, and General Government, 01/26/22, 3:30 pm, 110 Senate Building
    1/26/2022 Senate • Subcommittee Recommendation: CS by Appropriations Subcommittee on Agriculture, Environment, and General Government; YEAS 10 NAYS 0 -SJ 244
    1/28/2022 Senate • Now in Appropriations
    2/4/2022 Senate • On Committee agenda-- Appropriations, 02/09/22, 9:00 am, 412 Knott Building
    2/9/2022 Senate • CS by- Appropriations; YEAS 17 NAYS 0 -SJ 370
    2/14/2022 Senate • Pending reference review -under Rule 4.7(2) - (Committee Substitute)
    • Placed on Calendar, on 2nd reading
    2/16/2022 Senate • CS by Appropriations read 1st time -SJ 376
    3/1/2022 Senate • Placed on Special Order Calendar, 03/03/22 -SJ 591
    3/3/2022 Senate • Retained on Special Order Calendar
    3/4/2022 Senate • Retained on Special Order Calendar -SJ 689
    3/7/2022 Senate • Read 2nd time -SJ 719
    • Substituted CS/HB 273 -SJ 719
    • Laid on Table, refer to CS/HB 273 -SJ 719

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  • CS/SB 486, Committee Substitute 1 (Current Bill Version) Posted 2/14/2022 at 8:38 AM

    Bill Text:   Web Page | PDF
    Analyses:   None

    Related Bills (1)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    H 273 (er) Money Services Businesses Insurance and Banking Subcommittee Similar Last Action: 5/12/2022 Chapter No. 2022-113

    Citations - Statutes (10)

    Citation Catchline Location in Bill Location In Bill Help
    559.952 Financial Technology Sandbox. Page 2 (pdf)
    560.103 Definitions. Page 4 (pdf)
    560.123 Florida Control of Money Laundering in Money Services Business Act. Page 6 (pdf)
    560.125 Unlicensed activity; penalties. Page 8 (pdf)
    560.204 License required. Page 10 (pdf)
    560.208 Conduct of business. Page 10 (pdf)
    560.2085 Authorized vendors. Page 10 (pdf)
    560.210 Permissible investments. Page 12 (pdf)
    560.211 Required records. Page 12 (pdf)
    560.212 Financial liability. Page 13 (pdf)

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  • SB 486, Original Filed Version Posted 10/13/2021 at 2:40 PM

    Bill Text:   Web Page | PDF
    Analyses:   Banking and Insurance (Pre-Meeting) 1/10/2022 (pdf)
    Banking and Insurance (Post-Meeting) 1/12/2022 (pdf)
    Appropriations Subcommittee on Agriculture, Environment, and General Government (Pre-Meeting) 1/25/2022 (pdf)
    Appropriations Subcommittee on Agriculture, Environment, and General Government (Post-Meeting) 1/28/2022 (pdf)
    Appropriations (Pre-Meeting) 2/8/2022 (pdf)
    Appropriations PCS 975382 (Pre-Meeting) 2/8/2022 (pdf)
    Appropriations (Post-Meeting) 2/11/2022 (pdf)

    Related Bills (1)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    H 273 (c1) Money Services Businesses Insurance and Banking Subcommittee Similar Last Action: 5/12/2022 Chapter No. 2022-113

    Proposed Committee Substitutes (1)

    PCS and Amendments Sponsor Filed Last Committee Action Format
    975382 - Proposed Committee Substitute Appropriations 1/28/2022
    10:10 AM
    Replaced by Committee Substitute
    2/9/2022
    Web Page
    PDF

    Committee Amendments (1)

    Amendment Sponsor Filed Last Committee Action Format
    635244 - Amendment
    Delete lines 135 - 138 and insert:
    Appropriations Subcommittee on Agriculture, Environment, and General Government
    (Brodeur)
    1/25/2022
    3:30 PM
    Replaced by Committee Substitute
    1/26/2022
    Web Page
    PDF

    Committee Votes (2)

    Date Committee Result
    1/12/2022 9:30 AM Banking and Insurance 11 Yeas - 0 Nays
    1/26/2022 3:30 PM Appropriations Subcommittee on Agriculture, Environment, and General Government 10 Yeas - 0 Nays

    Citations - Statutes (10)

    Citation Catchline Location in Bill Location In Bill Help
    559.952 Financial Technology Sandbox. Page 2 (pdf)
    560.103 Definitions. Page 4 (pdf)
    560.123 Florida Control of Money Laundering in Money Services Business Act. Page 6 (pdf)
    560.125 Unlicensed activity; penalties. Page 8 (pdf)
    560.204 License required. Page 9 (pdf)
    560.208 Conduct of business. Page 10 (pdf)
    560.2085 Authorized vendors. Page 10 (pdf)
    560.210 Permissible investments. Page 12 (pdf)
    560.211 Required records. Page 12 (pdf)
    560.212 Financial liability. Page 13 (pdf)

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