Square, Inc; On April 10, 2017 - Office of Financial Regulation (Consumer Finance) received a Petition for declaratory statement from Square, Inc. Petitioner is a licensed money transmitter under Chapter 560, Part II, Florida Statutes. Petitioner ...

 

DEPARTMENT OF FINANCIAL SERVICES

Finance

NOTICE IS HEREBY GIVEN that the Office of Financial Regulation has declined to rule on the petition for declaratory statement filed by Square, Inc. on May 5, 2017. The following is a summary of the agency’s declination of the petition:

On April 10, 2017, Office of Financial Regulation (Consumer Finance) received a Petition for declaratory statement from Square, Inc. Petitioner is a licensed money transmitter under Chapter 560, Part II, Florida Statutes. Petitioner facilitates processing of tax and wage payments by U.S. businesses for their U.S. employees. Petitioner’s money transfer services are accessible solely via its Internet website and mobile device application. Petitioner does not provide money transfer services through physical locations or authorized vendor locations. The petition seeks a declaratory statement from the Office on whether requirements under Rule 69V-560.703(2)(c), Florida Administrative Code apply to the Petitioner. On May 5, 2017, the Office issued a Final Order. the Office finds Petitioner is seeking a determination regarding its past or present and recurring activities. In the instant matter the Office cannot render a declaratory statement to Petitioner because Petitioner is seeking a determination as to acts which have already occurred, or which are now occurring. Any further analysis is unnecessary; and the Office therefore, makes no determination regarding the merits of Petitioner's arguments.

A copy of the Order Declining 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].