Bill Amendment: FL S0410 | 2013 | Regular Session

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: Money Services Businesses

Status: 2013-04-29 - Laid on Table, companion bill(s) passed, see CS/CS/HB 217 (Ch. 2013-139), CS/HB 7135 (Ch. 2013-155) [S0410 Detail]

Download: Florida-2013-S0410-Appropriations_Subcommittee_on_General_Government_Committee_Amendment_Delete_All_329332.html

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       Florida Senate - 2013                        COMMITTEE AMENDMENT
       Bill No. SB 410
       
       
       
       
       
       
                                Barcode 329332                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  04/17/2013           .                                
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       Appropriations Subcommittee on General Government (Bradley)
       recommended the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete everything after the enacting clause
    4  and insert:
    5         Section 1. Section 560.310, Florida Statutes, is amended to
    6  read:
    7         560.310 Records of check cashers and foreign currency
    8  exchangers.—
    9         (1) A licensee engaged in check cashing must maintain for
   10  the period specified in s. 560.1105 a copy of each payment
   11  instrument cashed.
   12         (2) If the payment instrument exceeds $1,000, the following
   13  additional information must be maintained or submitted:
   14         (a) Customer files, as prescribed by rule, on all customers
   15  who cash corporate payment instruments that exceed $1,000.
   16         (b) A copy of the personal identification that bears a
   17  photograph of the customer used as identification and presented
   18  by the customer. Acceptable personal identification is limited
   19  to a valid driver license; a state identification card issued by
   20  any state of the United States or its territories or the
   21  District of Columbia, and showing a photograph and signature; a
   22  United States Government Resident Alien Identification Card; a
   23  passport; or a United States Military identification card.
   24         (c) A thumbprint of the customer taken by the licensee when
   25  the payment instrument is presented for negotiation or payment.
   26         (d) The office shall, at a minimum, require licensees to
   27  submit the following information to the check cashing database
   28  or electronic log, before entering into each check cashing
   29  transaction for each A payment instrument being cashed, in such
   30  format as required log that must be maintained electronically as
   31  prescribed by rule:
   32         1. Transaction date.
   33         2. Payor name as displayed on the payment instrument.
   34         3. Payee name as displayed on the payment instrument.
   35         4. Conductor name, if different from the payee name.
   36         5. Amount of the payment instrument.
   37         6. Amount of currency provided.
   38         7. Type of payment instrument, which may include personal,
   39  payroll, government, corporate, third-party, or another type of
   40  instrument.
   41         8. Amount of the fee charged for cashing of the payment
   42  instrument.
   43         9. Branch or location where the payment instrument was
   44  accepted.
   45         10. The type of identification and identification number
   46  presented by the payee or conductor.
   47         11. Payee’s workers’ compensation insurance policy number
   48  or exemption certificate number, if the payee is a business.
   49         12. Such additional information as required by rule.
   50  
   51  For purposes of this subsection paragraph, multiple payment
   52  instruments accepted from any one person on any given day which
   53  total $1,000 or more must be aggregated and reported in on the
   54  check cashing database or on the log.
   55         (3) A licensee under this part may engage the services of a
   56  third party that is not a depository institution for the
   57  maintenance and storage of records required by this section if
   58  all the requirements of this section are met.
   59         (4) The office shall issue a competitive solicitation as
   60  provided in s. 287.057 for a statewide, real time, online check
   61  cashing database to combat fraudulent check cashing activity.
   62  After completing the competitive solicitation process, but
   63  before executing a contract, the office may request funds in its
   64  2014-2015 fiscal year legislative budget request and submit
   65  necessary draft conforming legislation, if needed, to implement
   66  this act.
   67         (5) The office shall ensure that the check cashing
   68  database:
   69         (a) Provides an interface with the Secretary of State’s
   70  database for purposes of verifying corporate registration and
   71  articles of incorporation pursuant to this section.
   72         (b) Provides an interface with the Department of Financial
   73  Services’ database for purposes of determining proof of coverage
   74  for workers’ compensation.
   75         (6) The commission may adopt rules to administer this
   76  section, require that additional information be submitted to the
   77  check cashing database, and ensure that the database is used by
   78  the licensee in accordance with this section.
   79         Section 2. This act shall take effect July 1, 2013.
   80  
   81  ================= T I T L E  A M E N D M E N T ================
   82         And the title is amended as follows:
   83         Delete everything before the enacting clause
   84  and insert:
   85                        A bill to be entitled                      
   86         An act relating to money services businesses; amending
   87         s. 560.310, F.S.; requiring licensees engaged in check
   88         cashing to submit certain transaction information to
   89         the Office of Financial Regulation related to the
   90         payment instruments cashed; requiring the office to
   91         maintain the transaction information in a centralized
   92         check cashing database; requiring the office to issue
   93         a competitive solicitation for a database to maintain
   94         certain transaction information relating to check
   95         cashing; authorizing the office to request funds and
   96         to submit draft legislation after certain requirements
   97         are met; authorizing the Financial Services Commission
   98         to adopt rules; providing an effective date.