347083, 69V-560.303 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 347083

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

Finance

Chapter:

MONEY TRANSMITTERS

Overview

RULE:

69V-560.303

Renewal Application Forms, Procedures and Requirements (Repealed)

PURPOSE:

The purpose of the proposed amendment to Rule 69V-560.303 is to repeal subsection (3) of the rule, which requires part II registrants under chapter 560, Florida Statutes, to file unaudited financial statements in conjunction with applications to renew part II registrations.  Part II of Chapter 560, F.S., relates to Payment Instruments and Funds Transmission under the Money Transmitters’ Code.  The requirement regarding unaudited financial statements, however, is in addition to a compliance requirement that requires these same registrants to file, annually, audited financial statements with the Office within 90-days of the registrants fiscal year end.  Given the significant overlap in the regulatory purpose behind each requirement, the Office proposes to repeal the requirement regarding filing unaudited financial statements during the application renewal process. The repeal will relieve registrants of an unnecessary regulation and the fiscal impact of having to comply with both regulations.  Technical corrections are also made.

SUMMARY:

This rule is being amended to eliminate the requirement that registrants file un-audited financial statements in conjunction with applications to renew registrations under Part II of the Money Transmitters’ Code, Chapter 560, Florida Statutes, which relates to Payment Instruments and Funds Transmission.

RULEMAKING AUTHORITY:

560.105 FS.

LAW:

560.114(1), 560.205(2), (3), 560.207, 560.305, 560.308 FS.

PRINT PUBLISH DATE:

5/19/2006 Vol. 32/20

COMMENTS:

From 5/19/2006 To 6/9/2006 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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