TouchPay Holdings, LLC; On 9/11/2018, the Florida Office of Financial Regulation (Consumer Finance) received a Petition for Declaratory Statement from TouchPay Holdings, LLC. The petition sought a declaratory statement from the Office regarding ...

 

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 TouchPay Holdings, LLC on September 11, 2018. The following is a summary of the agency's disposition of the petition: On 9/11/2018, the Florida Office of Financial Regulation (Consumer Finance) received a Petition for Declaratory Statement from TouchPay Holdings, LLC. The petition sought a declaratory statement from the Office regarding permissible investments for purposes of subsection 560. 210, Florida Statutes. **** On December 6, 2018, the Florida Office of Financial Regulation issued a Final Order on Petition for Declaratory Statement. filed by TouchPay Holdings, LLC. The Office DECLARED THAT: The cash-in-transit, cash-in-kiosks, credit card receivables, and surety bonds, as described in the Petition, are not permissible investments as authorized by subsection 560.210(1), Florida Statutes, or any administrative rule thereof. For purposes of subsection 560.210(3), Florida Statutes, Petitioner may not use the collective total of surety bonds posted in other states in calculating the bond amount. THEREFORE, Petitioner may not augment its permissible investments funding sources with cash-in-transit, cash-in-kiosks, credit card receivables, or surety bonds, or use the collective total of surety bonds posted in other states to cover its outstanding transmission liability in Florida.

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].

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