Lodestar Financial Group, LLC on February 24, 2016.; Petitioner intends to conduct business in Florida by allowing its qualified Florida customers to have the ability to deposit payment instruments in the form of personal or corporate checks via a ...

 

DEPARTMENT OF FINANCIAL SERVICES

Finance

NOTICE IS HEREBY GIVEN that the Office of Financial Regulation has received a petition for declaratory statement from Lodestar Financial Group, LLC on February 24, 2016. The petition seeks the agency’s opinion as to the applicability of Chapter 560, Florida Statutes, as it applies to the petitioner.

Petitioner intends to conduct business in Florida by allowing its qualified Florida customers to have the ability to deposit payment instruments in the form of personal or corporate checks via a consumer mobile application (“app”) into their respective authorized bank or other accounts, as directed by the customer. Petitioner will provide this service for a fee. In order to properly provide this service, Petitioner will establish a relationship with an FDIC-insured banking institution (“bank”) which will allow Petitioner to process customer checks from Petitioner’s app through the bank and into its Florida customers’ accounts. Petitioner contends that entities, like Petitioner, that intend to perform the limited services outlined must only apply for and secure a license as a “money transmitter” under Part II of Chapter 560, Florida Statutes, as more fully described in the statute. Petitioner maintains, based upon the business model described, Petitioner is not required to obtain licensure as a “check casher” subject to the additional requirements of Part III of Chapter 560 and, as such, Petitioner seeks a declaration from OFR that additional licensure as a “check casher” is not required at this time.

A copy 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].

Please refer all comments to: Agency Clerk, Office of Financial Regulation, P.O. Box 8050, Tallahassee, Florida 32314-8050, [phone], by March 14, 2016.