255321, 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: 255321

Notice of Development of Rulemaking

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Renewal Application Forms, Procedures and Requirements (Repealed)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.

SUBJECT:

Renewal process for persons registered under Part II (Payment Instruments and Funds Transmission) of Chapter 560, F.S., (Money Transmitters’ Code).

RULEMAKING AUTHORITY:

560.105 FS.

LAW:

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

PRINT PUBLISH DATE:

4/14/2006 Vol. 32/15

RELATED STATUTES
AND LAWS:

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

OVERSIGHT COMMITTEE:

Joint Administrative Procedures Committee
Florida Administrative Law Central Online Network (F.A.L.C.O.N.)

RELATED COURT CASES:

Division of Administrative Hearings

FEDERAL eRULEMAKING
WEB PORTAL:

Regulations.gov

HOW TO LINK TO
THIS NOTICE:

http://www.flrules.org/gateway/ruleno.asp?id=69V-560.303&PDate=4/14/2006&Section=1

REFERENCE MATERIALS:

No reference(s).

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