16281661, 69V-560.1000 - Florida Administrative Rules, Law, Code, Register

Home

Florida Department of State and Division of Library and Information Services

Notice: 16281661

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

Finance

Chapter:

MONEY TRANSMITTERS

Overview

RULE:

69V-560.1000	Disciplinary Guidelines
69V-560.1012	Adoption of Forms
69V-560.1013	Electronic Filing of Forms and Fees
69V-560.102	Application or Appointment Procedures and Requirements
69V-560.103	Definitions
69V-560.302	Renewal Fees, Deadlines, and Requirements
69V-560.504	Reimbursement Rates for Examinations Conducted by the Office
69V-560.505	Reimbursement Rates for Examinations Conducted by a Third Party
69V-560.602	Quarterly Reports
69V-560.606	Annual Filing of Financial Audit Reports by Part II Licensees
69V-560.608	Currency Transaction Report Filings
69V-560.609	Suspicious Activity Report Filings
69V-560.610	Report of International Transportation of Currency or Monetary Instruments
69V-560.702	Payment Instrument Sellers
69V-560.703	Money Transmitters
69V-560.704	Records to Be Maintained by Check Cashers
69V-560.705	Foreign Currency Exchangers

PURPOSE:

The purpose and effect of the amended rule is to remove the disciplinary guidelines as found in the rule text and to transfer the disciplinary guidelines provisions to a form incorporated into the rule entitled "Office of Financial Regulation, Division of Consumer Finance, Disciplinary Guidelines for Money Services Businesses," to amend the section specifying the mitigating and aggravating factors the Office shall consider in determining  appropriate penalties, to adopt new forms, to readopt old forms and revise names of old forms, to update rule text to clarify the Division’s name and zip code, to delete and amend definition language, to update Florida Department of Law Enforcement’s Livescan website link, to remove provisions allowing for extra calculated time for dates falling on the weekend or legal holidays, to revise and clarify reimbursement rates for examinations, to clarify the records required to be maintained related to inbound and outbound transmissions, to update citations to federal laws and rules, to clarify the documents required to be maintained in customer files, to delete certain definitions found in 69V-560.704, to define the phrase “its own commercial account” as referenced in section 560.309(3), F.S., to clarify termination of electronic log requirements, to specify information required to be submitted into the check cashing database, to update and clarify current statutory citations in rule text, to provide the current rulemaking authority for the rules, and to remove obsolete statutory references in the law implemented section of rule text.

SUMMARY:

The rule amendments will remove the disciplinary guidelines form the body of the rule and incorporate the disciplinary matrix by reference, make updates and technical changes, and revise the examination fees charged to licensees which will result in a cost savings to the industry.

RULEMAKING AUTHORITY:

215.405, 560.105, 560.1091, 560.1092, 560.118, 560.123, 560.126, 560.141, 560.1141, 560.2085, 560.205, 560.209, 560.309, 560.310, 560.403

LAW:

215.405, 560.103, 560.105, 560.109, 560.1091, 560.1092, 560.1105, 560.1105(1), 560.111, 560.114, 560.1141, 560.118, 560.118(2), 560.123, 560.1235, 560.125, 560.126, 560.128, 560.1401, 560.141, 560.142, 560.143, 560.204, 560.205, 560.208, 560.2085, 560.209, 560.210, 560.211, 560.213, 560.303, 560.309, 560.310, 560.403, 560.404, 560.405, 560.406, 943.053

PRINT PUBLISH DATE:

7/29/2015 Vol. 41/146

COMMENTS:

From 7/29/2015 To 8/19/2015 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

Ref-00145 Form OFR-560-08
Ref-01231 Application for Licensure as a Money Services Business, Form OFR-560-01

Under Florida law, E-mail addresses are public records. If you do not want your E-mail address released in response to a public records request, do not send electronic mail to this entity. Instead, contact this office by phone or in writing.