27361777, 69V-560.1000 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 27361777

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

Finance

Chapter:

MONEY TRANSMITTERS

Overview

RULE:

69V-560.1000	Disciplinary Guidelines
69V-560.609	Suspicious Activity Report Filings
69V-560.704	Records to Be Maintained by Check Cashers

PURPOSE:

The purpose and effect is to amend existing rules to conform to and implement Chapter No. 2023-130, Laws of Florida, which was signed into law on May 24, 2023 and went into effect on July 1, 2023. The law prohibits check cashers from cashing corporate checks for payees where the aggregate face amount of all such checks exceeds 200 percent of a payee’s payroll amount as reported in its workers' compensation policy during the policy coverage period. In addition, the rules are being amended to bring language in rule text in parity with the disciplinary guidelines form.

SUMMARY:

The amended rules will provide administrative penalties for persons who violate the 200 percent check cashing limit, will no longer require check cashers to file a suspicious activity report for check cashing transactions exceeding established check cashing limits, will no longer require check cashers to maintain documentation of a payee’s annual volume of check cashing and annual check cashing limits, will require check cashers to maintain documentation indicating the amount of a payee’s payroll amount, will require check cashers to maintain documentation stating under what circumstances a payee is not required to obtain a workers’ compensation policy, and will require check cashers to review active customer files every twelve months. In addition, the amendments will bring language in rule text in parity with the penalties assessed in the disciplinary guidelines.

RULEMAKING AUTHORITY:

560.105, 560.1141, 560.123, 560.309, 560.310

LAW:

560.109, 560.1092, 560.1105, 560.111, 560.1115, 560.113, 560.114, 560.1141, 560.118, 560.123, 560.1235, 560.125, 560.126, 560.128, 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

PRINT PUBLISH DATE:

1/12/2024 Vol. 50/09

COMMENTS:

From 1/12/2024 To 2/2/2024 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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