Lodestar Financial Group, LLC,; The petition sought a declaratory statement from the Office on whether Petitioner's proposed business activities (of conducting business in Florida by allowing its qualified Florida customers to have the ability to ...

 

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 Lodestar Financial Group, LLC, on February 24, 2016. The following is a summary of the agency’s disposition of the petition:

The petition sought a declaratory statement from the Office on whether Petitioner’s proposed business activities (of conducting 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) fall within Florida’s money transmitting licensing statute Chapter 560, Florida Statutes. 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. 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. The Office issued a Final Order on May 11, 2016. The Office determined that Petitioner is required to obtain licensure as a “money transmitter,” under Part II, Chapter 560, Florida Statutes, in order to utilize its App, as described in the Petition; and that Petitioner is not required to obtain licensure as a “check casher,” under Part III, Chapter 560, Florida Statutes, in order to utilize its App, as described 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.