Grupo Regalii, Inc.; The petition sought the Office’s interpretation on the following: whether Petitioner's proposed business model (of offering an application program interface that connects service providers who provide periodic bills to consumers,...

 

DEPARTMENT OF FINANCIAL SERVICES

Finance

NOTICE IS HEREBY GIVEN that The Office of Financial Regulation has issued an order disposing of the petition for declaratory statement filed by Grupo Regalii, Inc. on December 1, 2016. The following is a summary of the agency’s disposition of the petition:

The petition sought the Office’s interpretation on the following: whether Petitioner's proposed business model (of offering an application program interface that connects service providers who provide periodic bills to consumers, such as utility and telecom businesses (“Billers”), to licensed money transmitters who accept payments from consumers. Grupo Regalii’s software provides the path by which licensed money transmitters can offer real-time bill payment to consumers, even when the consumer’s bills are with providers in another country) falls within the Florida Money Transmitter Statute, Chapter 560, Florida Statutes. On February 23, 2017, the Office issued a Final Order. Petitioner is a substantially affected person. The answer to Petitioner’s request is that by engaging in Petitioner’s proposed activity as described, Petitioner would be considered a Money Transmitter as defined by Section 560.103(23 ), Florida Statutes. Petitioner is not exempt from licensure as a mere software conduit or because money transmission is merely ancillary to Petitioner’s main business. Florida law (which defines “money transmitter” more narrowly than does federal law) provides no similar exemptions. The Office has insufficient information to determine whether Petitioner may be an authorized vendor of a licensed money transmitter, therefore, the Office is unable to make that determination based upon the facts contained in the Petition.

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].