Bill Text: FL S0410 | 2013 | Regular Session | Comm Sub
Bill Title: Money Services Businesses
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 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-Comm_Sub.html
Florida Senate - 2013 CS for SB 410 By the Committee on Appropriations; and Senator Bean 576-04955-13 2013410c1 1 A bill to be entitled 2 An act relating to money services businesses; amending 3 s. 560.310, F.S.; requiring licensees engaged in check 4 cashing to submit certain transaction information to 5 the Office of Financial Regulation related to the 6 payment instruments cashed; requiring the office to 7 maintain the transaction information in a centralized 8 check cashing database; requiring the office to issue 9 a competitive solicitation for a database to maintain 10 certain transaction information relating to check 11 cashing; authorizing the office to request funds and 12 to submit draft legislation after certain requirements 13 are met; authorizing the Financial Services Commission 14 to adopt rules; providing an effective date. 15 16 Be It Enacted by the Legislature of the State of Florida: 17 18 Section 1. Section 560.310, Florida Statutes, is amended to 19 read: 20 560.310 Records of check cashers and foreign currency 21 exchangers.— 22 (1) A licensee engaged in check cashing must maintain for 23 the period specified in s. 560.1105 a copy of each payment 24 instrument cashed. 25 (2) If the payment instrument exceeds $1,000, the following 26 additional information must be maintained or submitted: 27 (a) Customer files, as prescribed by rule, on all customers 28 who cash corporate payment instruments that exceed $1,000. 29 (b) A copy of the personal identification that bears a 30 photograph of the customer used as identification and presented 31 by the customer. Acceptable personal identification is limited 32 to a valid driver license; a state identification card issued by 33 any state of the United States or its territories or the 34 District of Columbia, and showing a photograph and signature; a 35 United States Government Resident Alien Identification Card; a 36 passport; or a United States Military identification card. 37 (c) A thumbprint of the customer taken by the licensee when 38 the payment instrument is presented for negotiation or payment. 39 (d) The office shall, at a minimum, require licensees to 40 submit the following information to the check cashing database 41 or electronic log, before entering into each check cashing 42 transaction for eachApayment instrument being cashed, in such 43 format as requiredlog that must be maintained electronically as44prescribedby rule: 45 1. Transaction date. 46 2. Payor name as displayed on the payment instrument. 47 3. Payee name as displayed on the payment instrument. 48 4. Conductor name, if different from the payee name. 49 5. Amount of the payment instrument. 50 6. Amount of currency provided. 51 7. Type of payment instrument, which may include personal, 52 payroll, government, corporate, third-party, or another type of 53 instrument. 54 8. Amount of the fee charged for cashing of the payment 55 instrument. 56 9. Branch or location where the payment instrument was 57 accepted. 58 10. The type of identification and identification number 59 presented by the payee or conductor. 60 11. Payee’s workers’ compensation insurance policy number 61 or exemption certificate number, if the payee is a business. 62 12. Such additional information as required by rule. 63 64 For purposes of this subsectionparagraph, multiple payment 65 instruments accepted from any one person on any given day which 66 total $1,000 or more must be aggregated and reported inonthe 67 check cashing database or on the log. 68 (3) A licensee under this part may engage the services of a 69 third party that is not a depository institution for the 70 maintenance and storage of records required by this section if 71 all the requirements of this section are met. 72 (4) The office shall issue a competitive solicitation as 73 provided in s. 287.057 for a statewide, real time, online check 74 cashing database to combat fraudulent check cashing activity. 75 After completing the competitive solicitation process, but 76 before executing a contract, the office may request funds in its 77 2014-2015 fiscal year legislative budget request and submit 78 necessary draft conforming legislation, if needed, to implement 79 this act. 80 (5) The office shall ensure that the check cashing 81 database: 82 (a) Provides an interface with the Secretary of State’s 83 database for purposes of verifying corporate registration and 84 articles of incorporation pursuant to this section. 85 (b) Provides an interface with the Department of Financial 86 Services’ database for purposes of determining proof of coverage 87 for workers’ compensation. 88 (6) The commission may adopt rules to administer this 89 section, require that additional information be submitted to the 90 check cashing database, and ensure that the database is used by 91 the licensee in accordance with this section. 92 Section 2. This act shall take effect July 1, 2013.