The purpose of the proposed amendment to Rule 69V-560.303 is to repeal subsection (3) of the rule, which requires part II registrants under chapter 560, Florida Statutes, to file unaudited financial statements in conjunction with applications to ...

DEPARTMENT OF FINANCIAL SERVICES
Finance

RULE NO: RULE TITLE
69V-560.303: Renewal Application Forms, Procedures and Requirements
PURPOSE AND EFFECT: The purpose of the proposed amendment to Rule 69V-560.303 is to repeal subsection (3) of the rule, which requires part II registrants under chapter 560, Florida Statutes, to file unaudited financial statements in conjunction with applications to renew part II registrations. Part II of Chapter 560, F.S., relates to Payment Instruments and Funds Transmission under the Money Transmitters’ Code. The requirement regarding unaudited financial statements, however, is in addition to a compliance requirement that requires these same registrants to file, annually, audited financial statements with the Office within 90-days of the registrants fiscal year end. Given the significant overlap in the regulatory purpose behind each requirement, the Office proposes to repeal the requirement regarding filing unaudited financial statements during the application renewal process. The repeal will relieve registrants of an unnecessary regulation and the fiscal impact of having to comply with both regulations. Technical corrections are also made.
SUBJECT AREA TO BE ADDRESSED: Renewal process for persons registered under Part II (Payment Instruments and Funds Transmission) of Chapter 560, F.S., (Money Transmitters’ Code).
SPECIFIC AUTHORITY: 560.105 FS.
LAW IMPLEMENTED: 560.114(1) FS. 560.205(2), 560.205(3) FS., 560.207 FS. 560.305 FS. 560.308 FS
IF REQUESTED IN WRITING AND NOT DEEMED UNNECESSARY BY THE AGENCY HEAD, A RULE DEVELOPMENT WORKSHOP WILL BE NOTICED IN THE NEXT AVAILABLE FLORIDA ADMINISTRATIVE WEEKLY.
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT, IF AVAILABLE, IS: Gregory C. Oaks, Financial Administrator, 200 East Gaines Street, 6th Floor, The Fletcher Building, Tallahassee, Florida 32399-0375, [phone].

THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS:

69V-560.303 Renewal Application Forms, Procedures and Requirements.

(1) Applicants for renewal of registration must complete Form OFR-MT-6-01, Application to Renew Registration as a Money Transmitter, effective 10/01, which is hereby incorporated by reference. Copies of such forms can be obtained by request from the Office of Financial Regulation at the address specified in subsection (4)(5) below.

(2) The renewal application shall include any substantial changes that have occurred to registrant since its last application to the Office of Financial Regulation. These substantial changes include, but shall not be limited to, a change or an addition to an executive officer, director, principal, member, controlling shareholders, or responsible person/manager. A completed Biographical Form OFR-MT-7-01, shall be submitted for each new individual, and, in the case of a non-U.S. citizen, Addendum (1) to Form OFR-MT-7-01, shall be attached to the renewal application. The fingerprint cards required by subsection 69V-560.102(5), F.A.C., and the Biographical Form (Form OFR-MT-7-01) shall be submitted only for those person(s) who have not previously submitted such documents in connection with the registrant. Other changes, such as any new businesses acquired, change in address, change in name, material litigation, criminal convictions, etc., shall be reported, as required on the renewal form.

(3) Part II applicants shall file unaudited financial statements with their renewal application. A registrant may file its required annual audited financial statements together with the registrant’s renewal application in lieu of the unaudited statements so long as the date of the audited financial statements is not more than 90 days prior to the submission date of the renewal application.

(3)(4) If, as a result of subsection (1) above, a Biographical Form is required on any individual, the individual shall review and attest to the accuracy of the form.

(4)(5) (a) An original of all parts of the application shall be filed, together with the appropriate filing fee as specified in Rule 69V-560.304 69V-560.303, F.A.C., at the following address: Division of Securities and Finance, Office of Financial Regulation of Banking and Finance, 200 101 East Gaines Street, Tallahassee, Florida 32399-0376 32399-0350.

(b) In lieu of filing the required forms, a registrant may renew its registration, locations, authorized vendors, and “Declaration of Intent to Engage in Deferred Presentment Transactions” electronically at the time of renewal by following the applicable instructions on the Office of Financial Regulation’s website (www.flofr.com/licensing) (www.dbf.state.fl.us) on the Internet.

(5)(6) Processing. Applications to renew registration as a money transmitter shall be processed, where applicable, pursuant to the provisions of Rules 69V-560.101 through 69V-560.108, F.A.C.

Specific Authority 560.105(3) FS. Law Implemented 560.114(1) FS., 560.205(2), (3) FS., 560.207 FS., 560.305 FS., 560.308 FS. History–New 9-24-97, Amended 11-4-01, Formerly 3C-560.303 Amended________.