TransferWise, Inc.; On July 18, 2017, the Florida Office of Financial Regulation (Consumer Finance) received a Petition for declaratory statement from Transferwise Inc. The petition sought a declaratory statement from the Office on whether Chapter ...

 

DEPARTMENT OF FINANCIAL SERVICES

Finance

NOTICE IS HEREBY GIVEN that The Florida Office of Financial Regulation has issued an order disposing of the petition for declaratory statement filed by TransferWise, Inc. on October 9, 2017. The following is a summary of the agency's disposition of the petition:

On July 18, 2017, the Florida Office of Financial Regulation (Consumer Finance) received a Petition for declaratory statement from Transferwise Inc. The petition sought a declaratory statement from the Office on whether Chapter 560, Florida Statutes allow ACH receivables to be included in the calculation of Permissible Investments under Chapter 560.210, Florida Statutes. On October 9, 2017, the Office issued a Final Order on the Petition for Declaratory Statement. The Office determined that Petitioner's proposed activities place TransferWise, Inc squarely within the definition of a money service business. TransferWise’s ACH receivables do not fall within one of the enumerated permissible investments included within section 560.210, Florida Statutes, or any rule thereof.

A copy of the Order Disposing of the Petition for Declaratory Statement may be obtained by contacting: Agency Clerk, Office of Financial Regulation, P.O. Box 8050, Tallahassee, Florida 32314-8050, [phone], [e-mail] or online at:

https://real.flofr.com/ConsumerServices/SearchLegalDocuments/LDSearch.aspx#/searchLegalDocuments.

Please refer all comments to: Agency Clerk, Office of Financial Regulation, P.O. Box 8050, Tallahassee, Florida 32314-8050, [phone], [e-mail].