27410471, 69V-560.7044 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 27410471

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

Finance

Chapter:

MONEY TRANSMITTERS

Overview

RULE:

69V-560.7044

Limit on Cashing Corporate Checks

PURPOSE:

The purpose and effect is to create a new rule 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.

SUMMARY:

The new rule will define the time period during which the 200 percent limitation applies and will specify who is exempt from the 200 percent limitation.

RULEMAKING AUTHORITY:

560.105

LAW:

560.309

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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