5785291, 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: 5785291

Notice of Development of Rulemaking

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

Finance

Chapter:

MONEY TRANSMITTERS

Overview

RULE:

69V-560.101	Scope (Repealed)
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69V-560.105	Regulatory Standards for Evaluating Applications (Repealed)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69V-560.401	Scope (Repealed)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69V-560.403	Net Worth (Repealed)
69V-560.501	Scope (Repealed)
69V-560.601	Definitions (Repealed)
69V-560.602	Quarterly Reports
69V-560.606	Annual Filing of Financial Audit Reports by Part II Licensees
69V-560.701	General (Repealed)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69V-560.901	Scope (Repealed)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

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 Office of Financial Regulation will be holding rule workshops in Tallahassee (July 21, 2008), Orlando (July 23, 2008), and Ft. Lauderdale (July 25, 2008) to develop rules to implement the new law. In addition to the existing rules under Rule Chapter 69V-560, F.A.C., that will be amended to reflect the new law, additional rules will be developed to implement disciplinary action guidelines, requirements relating to third-party contractors for examinations, etc.

SUBJECT:

Money Services Businesses.

RULEMAKING AUTHORITY:

215.405, 560.105, 560.1091, 560.1092, 560.110, 560.1141, 560.118, 560.123, 560.126, 560.128, 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 FS.

PRINT PUBLISH DATE:

6/27/2008 Vol. 34/26

RELATED STATUTES
AND LAWS:

215.405, 560.105, 560.1091, 560.1092, 560.110, 560.1141, 560.118, 560.123, 560.126, 560.128, 560.142, 560.2085, 560.209, 560.210, 560.211, 560.213, 560.309, 560.310, 560.403, 560.404 FS., 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 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-560.101&PDate=6/27/2008&Section=1

REFERENCE MATERIALS:

No reference(s).

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