6511336, 69V-560.1021 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 6511336

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

Finance

Chapter:

MONEY TRANSMITTERS

Overview

RULE:

69V-560.1021

Effect of Law Enforcement Records on Applications for Money Services Business Licensure

PURPOSE:

The rules set forth the policies of the Office of Financial Regulation with respect to processing license applications for persons who have been found guilty of, or who have pled guilty or nolo contendere to, certain crimes. The policies will address applications for licensure as money services businesses, which include money transmitters, payment instrument sellers, foreign currency exchangers, check cashers, and deferred presentment providers.

SUMMARY:

The rules forth the policies of the Office of Financial Regulation with respect to processing license applications for persons who have been found guilty of, or who have pled guilty or nolo contendere to, certain crimes. The policies address applications for licensure as money services businesses. An applicant is not eligible for licensure until 15 years have elapsed, if a “relevant person” of the applicant has been found guilty of, or has pled guilty or nolo contendere to, a Class “A” crime. Class A crimes under the rule include felonies involving financially related or white collar crime, or crimes involving violence. The Office finds that such crimes involve an act of fraud, dishonest dealing, moral turpitude, misappropriation, conversion, or unlawful withholding of moneys belong to others (e.g. fraud, perjury, money laundering, armed robbery, extortion, murder, rape, etc.) An applicant is not eligible for licensure until 7 years have elapsed, if a “relevant person” of the applicant has been found guilty of, or has pled guilty or nolo contendere to, a Class “B” crime. Class B crimes include all felonies that involve any other act of fraud, dishonest dealing, moral turpitude, misappropriation, conversion, or unlawful withholding of moneys belonging to others, regardless of adjudication, and are not Class “A” crimes. An applicant is not eligible for licensure until 5 years have elapsed, if a “relevant person” of the applicant has been found guilty of, or has pled guilty or nolo contendere to, a Class “C” crime. Class “C” Crimes include any misdemeanor that involves misappropriation, conversion, or unlawful withholding or moneys belonging to others, regardless of adjudication. "Relevant persons" means each officer, director, responsible person, compliance officer, or controlling shareholder of the money services business applicant, and any other person who has a controlling interest in the money services business applicant. If the applicant is a natural person, he or she is the relevant person under the rule. The rule provides for factors that may lengthen or shorten the time periods discussed above, but in no event shall any mitigation result in less than a seven (7) disqualifying period where the underlying crime committed was a felony.

RULEMAKING AUTHORITY:

560.105 FS.

LAW:

112.011, 560.114, 560.140, 560.141 FS.

PRINT PUBLISH DATE:

12/19/2008 Vol. 34/51

COMMENTS:

From 12/19/2008 To 1/9/2009 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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