27410568, 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: 27410568

Notice of Development of Rulemaking

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. The new rule will define the time period during which the 200 percent limitation applies, will specify who is/is not subject to the 200 percent limitation, will provide for the implementation of changes to the check cashing database, and will establish a specific method for examining the check cashing limit.

SUBJECT:

Consumer Finance

RULEMAKING AUTHORITY:

560.105

LAW:

560.309

PRINT PUBLISH DATE:

8/9/2023 Vol. 49/154

RELATED STATUTES
AND LAWS:

560.105, 560.309

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-560.7044&PDate=8/9/2023&Section=1

REFERENCE MATERIALS:

No reference(s).

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