6134782, 69V-560.101 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 6134782

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

Finance

Chapter:

MONEY TRANSMITTERS

Overview

RULE:

69V-560.101	Scope (Repealed)
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-560.104	Application Fees
69V-560.105	Regulatory Standards for Evaluating Applications (Repealed)
69V-560.107	Application for Branch Office and Appointment of Authorized Vendors
69V-560.108	Declaration of Intent to Engage in Deferred Presentment Transactions
69V-560.201	Amendments, Change of Name, Change of Entity and Change in Control or Ownership
69V-560.302	Renewal Fees, Deadlines, and Requirements
69V-560.401	Scope (Repealed)
69V-560.402	Bond
69V-560.403	Net Worth (Repealed)
69V-560.501	Scope (Repealed)
69V-560.504	Reimbursement Rates for Examinations Conducted by the Office
69V-560.505	Reimbursement Rates for Examinations Conducted by a Third Party
69V-560.601	Definitions (Repealed)
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69V-560.701	General (Repealed)
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
69V-560.706	Records to be Maintained by Authorized Vendors
69V-560.707	Records to be Maintained by Deferred Presentment Providers
69V-560.801	Verification Fee
69V-560.802	Minimum Disclosure
69V-560.804	Payment Method
69V-560.805	Gross Income Test
69V-560.901	Scope (Repealed)
69V-560.902	Definitions
69V-560.903	Deferred Presentment Transactions
69V-560.904	Deferred Presentment Transaction Agreement Disclosures and Requirements
69V-560.905	Deferred Presentment Transaction Fees
69V-560.906	Consumer Credit Counseling Services
69V-560.907	Deferred Presentment Database Access
69V-560.908	Deferred Presentment Database Transaction Requirements
69V-560.909	Deferred Presentment Database Availability
69V-560.910	Deferred Presentment Database Transaction Fees
69V-560.911	Deferred Presentment Database Dispute Resolution for Customers
69V-560.912	Deferred Presentment Database Confidentiality
69V-560.913	Termination of Deferred Presentment Activity and Transaction Maintenance

PURPOSE:

During the regular 2008 legislative session, the Florida Legislature passed Senate Bill 2158, relating to money services businesses. The bill was signed into law on June 17, 2008, and will take effect on January 1, 2009. This law makes significant changes to Chapter 560, Florida Statutes. The new law imposes additional regulatory requirements on money services businesses including money transmitters, payment instrument sellers, foreign currency exchangers, check cashers, and deferred presentment providers. The proposed rules reflect and implement the statutory changes.

SUMMARY:

The proposed rules impose additional recordkeeping requirements on money services businesses; require compliance with federal anti-money laundering regulations; require compliance with the protection of personal information provisions of the Gramm-Leach-Bliley Act; revise bonding requirements for money transmitters and payment instrument sellers; prescribe procedures for collecting the cost of state or third party conducted examinations from licensees; prescribe reimbursement rates for examinations conducted by third parties and state examiners; reflect statutory changes to license fees, renewal fees, and other fees required to be submitted to the Office pursuant to Chapter 560, Florida Statutes; require electronic submission of fees and state forms to the Office; require money services businesses to file currency transaction reports, suspicious activity reports and reports of international transportation of currency or monetary instrument with FinCEN; and revise licensing requirements.

RULEMAKING AUTHORITY:

215.405, 560.105, 560.1091, 560.1092, 560.110, 560.1141, 560.118, 560.123, 560.126, 560.128, 560.141, 560.142, 560.2085, 560.209, 560.210, 560.211, 560.213, 560.309, 560.310, 560.403, 560.404 FS.

LAW:

215.405, 560.103, 560.105, 560.109, 560.1091, 560.1092, 560.110, 560.111, 560.114, 560.1141, 560.118, 560.123, 560.1235, 560.126, 560.127, 560.128, 560.129, 560.140, 560.141, 560.142, 560.204, 560.205, 560.208, 560.2085, 560.209, 560.210, 560.211, 560.213, 560.303, 560.304, 560.309, 560.310, 560.402, 560.403, 560.404, 943.053 FS.

PRINT PUBLISH DATE:

9/26/2008 Vol. 34/39

COMMENTS:

From 9/26/2008 To 10/17/2008 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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