Bill Text: FL S0590 | 2014 | Regular Session | Enrolled
Bill Title: Money Services Businesses
Spectrum: Slight Partisan Bill (? 2-1)
Status: (Passed) 2014-06-13 - Chapter No. 2014-81 [S0590 Detail]
Download: Florida-2014-S0590-Enrolled.html
ENROLLED 2014 Legislature CS for CS for SB 590 2014590er 1 2 An act relating to money services businesses; amending 3 s. 560.111, F.S.; providing that failing to provide 4 certain information relating to a check cashing 5 transaction is a felony; reenacting and amending s. 6 560.114, F.S.; updating cross-references; authorizing 7 the Office of Financial Regulation to summarily 8 suspend a license if criminal charges are filed 9 against certain persons or such persons are arrested 10 for certain offenses; amending s. 560.1235, F.S.; 11 updating cross-references; amending s. 560.125, F.S.; 12 providing that a deferred presentment transaction 13 conducted by an unauthorized person is void; amending 14 ss. 560.1401, 560.141, and 560.309, F.S.; updating 15 cross-references; providing an effective date. 16 17 Be It Enacted by the Legislature of the State of Florida: 18 19 Section 1. Subsection (6) is added to section 560.111, 20 Florida Statutes, to read: 21 560.111 Prohibited acts.— 22 (6) A person who knowingly and willfully violates s. 23 560.310(2)(d) commits a felony of the third degree, punishable 24 as provided in s. 775.082, s. 775.083, or s.775.084. 25 Section 2. Paragraphs (e) and (y) of subsection (1) and 26 subsection (2) of section 560.114, Florida Statutes, are 27 amended, and paragraph (h) of subsection (1) of that section is 28 reenacted, to read: 29 560.114 Disciplinary actions; penalties.— 30 (1) The following actions by a money services business, 31 authorized vendor, or affiliated party constitute grounds for 32 the issuance of a cease and desist order; the issuance of a 33 removal order; the denial, suspension, or revocation of a 34 license; or taking any other action within the authority of the 35 office pursuant to this chapter: 36 (e) Failure to maintain, preserve, keep available for 37 examination, and produce all books, accounts, files, or other 38 documents required by this chapter or related rules or orders, 39 by 31 C.F.R. ss. 1010.306, 1010.311, 1010.312, 1010.340, 40 1010.410, 1010.415, 1022.210, 1022.320, 1022.380, and 1022.410 41103.20, 103.22, 103.23, 103.27, 103.28, 103.29, 103.33, 103.37,42103.41, and 103.125, or by ananyagreement entered into with 43 the office. 44 (h) Engaging in an act prohibited under s. 560.111. 45 (y) Violations of 31 C.F.R. ss. 1010.306, 1010.311, 46 1010.312, 1010.340, 1010.410, 1010.415, 1022.210, 1022.320, 47 1022.380, and 1022.410103.20, 103.22, 103.23, 103.27, 103.28,48103.29, 103.33, 103.37, 103.41, and 103.125, and United States 49 Treasury Interpretive Release 2004-1. 50 (2) Pursuant to s. 120.60(6), the office may summarily 51 suspend the license of a money services business if the office 52 finds that a licensee poses an immediate, serious danger to the 53 public health, safety, and welfare. A proceeding in which the 54 office seeks the issuance of a final order for the summary 55 suspension of a licensee shall be conducted by the commissioner 56 of the office, or his or her designee, who shall issue such 57 order. The following acts are deemed to constitute an immediate 58 and serious danger to the public health, safety, and welfare, 59 and the office may immediately suspend the license of aany60 money services business ifthe money services business fails to: 61 (a) The money services business fails to provide to the 62 office, upon written request, any of the records required by s. 63 560.123, s. 560.1235, s. 560.211, or s. 560.310 or any rule 64 adopted under those sections. The suspension may be rescinded if 65 the licensee submits the requested records to the office. 66 (b) The money services business fails to maintain a 67 federally insured depository account as required by s. 560.309. 68 (c) A natural person required to be listed on the license 69 application for a money service business pursuant to s. 70 560.141(1)(a)3. is criminally charged with, or arrested for, a 71 crime described in paragraph (1)(o), paragraph (1)(p), or 72 paragraph(1)(q). 73 74For purposes of s. 120.60(6), failure to perform any of the acts75specified in this subsection constitutes immediate and serious76danger to the public health, safety, and welfare.77 Section 3. Section 560.1235, Florida Statutes, is amended 78 to read: 79 560.1235 Anti-money laundering requirements.— 80 (1) A licensee and authorized vendor must comply with all 81 state and federal laws and rules relating to the detection and 82 prevention of money laundering, including, as applicable, s. 83 560.123, and 31 C.F.R. ss. 1010.306, 1010.311, 1010.312, 84 1010.313, 1010.340, 1010.410, 1010.415, 1022.320, 1022.380, and 85 1022.410103.20,103.22, 103.23, 103.27, 103.28, 103.29, 103.33,86103.37, and 103.41. 87 (2) A licensee and authorized vendor must maintain an anti 88 money laundering program in accordance with 31 C.F.R. s. 89 1022.210103.125. The program must be reviewed and updated as 90 necessary to ensure that the program continues to be effective 91 in detecting and deterring money laundering activities. 92 (3) A licensee must comply with United States Treasury 93 Interpretive Release 2004-1. 94 Section 4. Subsection (1) of section 560.125, Florida 95 Statutes, is amended to read: 96 560.125 Unlicensed activity; penalties.— 97 (1) A person may not engage in the business of a money 98 services business or deferred presentment provider in this state 99 unless the person is licensed or exempted from licensure under 100 this chapter. A deferred presentment transaction conducted by a 101 person not authorized to conduct such transaction under this 102 chapter is void, and the unauthorized person has no right to 103 collect, receive, or retain any principal, interest, or charges 104 relating to such transaction. 105 Section 5. Subsections (3) and (4) of section 560.1401, 106 Florida Statutes, are amended to read: 107 560.1401 Licensing standards.—To qualify for licensure as a 108 money services business under this chapter, an applicant must: 109 (3) Be registered as a money services business with the 110 Financial Crimes Enforcement Network as required by 31 C.F.R. s. 111 1022.380103.41, if applicable. 112 (4) Have an anti-money laundering program in place which 113 meets the requirements of 31 C.F.R. s. 1022.210103.125. 114 Section 6. Paragraph (d) of subsection (1) of section 115 560.141, Florida Statutes, is amended to read: 116 560.141 License application.— 117 (1) To apply for a license as a money services business 118 under this chapter, the applicant must submit: 119 (d) A copy of the applicant’s written anti-money laundering 120 program required under 31 C.F.R. s. 1022.210103.125. 121 Section 7. Subsection (5) of section 560.309, Florida 122 Statutes, is amended to read: 123 560.309 Conduct of business.— 124 (5) A licensee must report all suspicious activity to the 125 office in accordance with the criteriaset forthin 31 C.F.R. s. 126 1022.320103.20. In lieu of filing such reports, the commission 127 may prescribe by rule that the licensee may file such reports 128 with an appropriate regulator. 129 Section 8. This act shall take effect July 1, 2014.