The purpose and effect is to amend existing rules to conform to and implement Chapter No. 2023-28, Laws of Florida, which was signed into law on May 2, 2023. The legislation will require applicants and licensees, beginning ....

 

DEPARTMENT OF FINANCIAL SERVICES

Finance

RULE NOS.:RULE TITLES:

69V-560.1000Disciplinary Guidelines

69V-560.1012Adoption of Forms

69V-560.1013Electronic Filing of Forms and Fees

69V-560.102Application or Appointment Procedures and Requirements

69V-560.302Renewal Fees, Deadlines, and Requirements

PURPOSE AND EFFECT: The purpose and effect is to amend existing rules to conform to and implement Chapter No. 2023-28, Laws of Florida, which was signed into law on May 2, 2023. The legislation will require applicants and licensees, beginning July 1, 2023, and upon application and license for renewal, to attest, under penalty of perjury whether the applicant or licensee is acting in compliance with newly enacted subsections 560.1115(1) and (2), Florida Statutes. In addition, the amendments will correct grammatical errors.

SUMMARY: The amended rules will incorporate a new form, which will serve as the attestation of compliance with the newly enacted subsections; will require applicants and licensees to submit the attestation of compliance form to the Office, which may be provided electronically; and will provide sanctions for persons who violate the newly enacted subsections. In addition, the amendments will correct grammatical errors.

SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS AND LEGISLATIVE RATIFICATION:

The Agency has determined that this will not have an adverse impact on small business or likely increase directly or indirectly regulatory costs in excess of $200,000 in the aggregate within one year after the implementation of the rule. A SERC has not been prepared by the Agency.

The Agency has determined that the proposed rule is not expected to require legislative ratification based on the statement of estimated regulatory costs or if no SERC is required, the information expressly relied upon and described herein: The Agency expressly relies on an analysis of potential impact conducted by persons with subject matter knowledge of this rule.

Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.

RULEMAKING AUTHORITY: 215.405, 560.105, 560.1115, 560.1141, 560.118, 560.126, 560.141, 560.142, 560.143, 560.2085, 560.209, 560.403

LAW IMPLEMENTED: 560.105, 560.109, 560.1092, 560.1105, 560.111, 560.1115, 560.113, 560.114, 560.1141, 560.118, 560.123, 560.1235, 560.125, 560.126, 560.128, 560.1401, 560.141, 560.142, 516.143, 560.204, 560.205, 560.208, 560.2085, 560.209, 560.210, 560.211, 560.213, 560.303, 560.309, 560.310, 560.403, 560.404, 560.405, 560.406, 943.053

IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN THE FAR.

Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this workshop/meeting is asked to advise the agency at least 5 days before the workshop/meeting by contacting: Sheila Harley, Office of General Counsel, [phone], [e-mail]. If you are hearing or speech impaired, please contact the agency using the Florida Relay Service, 1(800)955-8771 (TDD) or 1(800)955-8770 (Voice).

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Sheila Harley, Office of General Counsel, [phone], [e-mail]

 

THE FULL TEXT OF THE PROPOSED RULE IS:

69V-560.1000 Disciplinary Guidelines.

(1) Pursuant to Section 560.1141, F.S., disciplinary guidelines applicable to each ground for disciplinary action that may be imposed by the Office against a person for a violation of Chapter 560 F.S., are hereby adopted. The disciplinary guidelines are contained in “Office of Financial Regulation, Division of Consumer Finance, Form OFR-560-09, Disciplinary Guidelines for Money Services Businesses, which is hereby incorporated by reference, effective XX-XXXX 02-2023.  A copy of the disciplinary guidelines is available on the Office’s website at www.flofr.gov and http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXX http://www.flrules.org/Gate way/reference.asp?No=Ref=15140. For the purpose of this rule and the disciplinary guidelines, the term “citation” means: a notice of non-compliance; written agreement; or final order docketed by the agency that specifies a violation of Chapter 560, F.S., or any rule promulgated under that chapter.

(2) through (6) No change

Rulemaking Authority 560.105, 560.1141 FS. Law Implemented 560.109, 560.1092, 560.1105, 560.111, 560.1115, 560.113, 560.114, 560.1141, 560.118, 560.123, 560.1235, 560.125, 560.126, 560.128, 560.208, 560.2085, 560.209, 560.210, 560.211, 560.213, 560.303, 560.309, 560.310, 560.403, 560.404, 560.405, 560.406 FS. History–New 6-7-09, Amended 11-28-19, 2-16-23, ____________.

69V-560.1012 Adoption of Forms.

(1) The following forms are incorporated by reference and readopted by this rule for the purposes of Rules 69V-560.102-.913, F.A.C.:

(a) through (h) No change

(i)  Money Services Business Attestation Form, Form OFR-560-10, effective XX-XXXX, and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXX.

(j)(i) Currency Transaction Report, FinCEN Form 112, effective February 15, 2018.

(k)(j) Suspicious Activity Report by Money Services Business, FinCEN Form 111, effective June 22, 2018.

(l)(k) Report of International Transportation of Currency or Monetary Instruments, FinCEN Form 105, effective July 2017.

(2) No change

Rulemaking Authority 215.405, 560.105, 560.1115, 560.118, 560.126, 560.141, 560.2085, 560.209, 560.403 FS. Law Implemented 560.1115, 560.118, 560.126, 560.141, 560.205, 560.2085, 560.209, 560.403, 943.053 FS. History–New 1-13-09, Amended 10-18-09, 3-16-11, 5-29-12, 1-2-14, 11-28-19, 2-16-23, _________.

69V-560.1013 Electronic Filing of Forms and Fees.

(1) No change

(2) All forms adopted under paragraphs 69V-560.1012(1)(a) through (1)(d), and (1)(g), and (1)(i), F.A.C., must be filed electronically with the Office through the REAL system.

(3) through (4) No change

Rulemaking Authority 560.105 FS. Law Implemented 560.105, 560.1115, 561.118, 560.141, 560.1401, 560.142, 560.143, 560.208, 560.2085, 560.205, 560.209 FS. History–New 1-13-09, Amended 3-16-11, 11-28-19,___________.

69V-560.102 Application or Appointment Procedures and Requirements.

(1) Applications for money services business licenses must be made in accordance with the provisions of Sections 560.1401, 560.141, and 560.143, and 560.1115, F.S. Further, application for a money services business license involving payment instrument sales or money transmission must also comply with Section 560.205, F.S. The application form for applying hereunder is Application for Licensure as a Money Services Business, Form OFR-560-01, which is incorporated by reference in Rule 69V-560.1012, F.A.C. The form required under Section 560.1115(3), F.S., is Money Services Business Attestation Form, Form OFR-560-10, which is incorporated by reference in Rule 69V-560.1012, F.A.C.

(2) Except for applicants that are publicly traded, each person listed in question 5G of the Application for Licensure as a Money Services Business, Form OFR-560-01, must submit fingerprints through a live-scan vendor approved by the Florida Department of Law Enforcement. A list of approved vendors is published on the Florida Department of Law Enforcement’s website at http://www.fdle.state.fl.us/Criminal-History-Records/Registered-LiveScan-Submitters. Such fingerprints will be submitted to the Florida Department of Law Enforcement for a state criminal background check and the Federal Bureau of Investigation for a Federal criminal background check. The cost of the fingerprinting process shall be borne by the applicant and paid directly to the live-scan vendor.

(3) through (5) No change

Rulemaking Authority 560.105, 560.1115, 560.118, 560.209, 560.403 FS. Law Implemented 560.1115, 560.1401, 560.141, 560.143, 560.1235, 560.204, 560.205, 560.209, 560.303, 560.403, 943.053 FS. History–New 9-24-97, Amended 11-4-01, 12-11-03, Formerly 3C-560.102, Amended 7-15-07, 6-17-08, 12-25-08, 1-13-09, 1-2-14, 11-28-19, 2-16-23, _________.

69V-560.302 Renewal Fees, Deadlines, and Requirements.

(1) Chapter 560, F.S., licenses must be renewed in accordance with the provisions of Sections 560.142 and 560.1115, F.S.

(2) If the Office does not receive the renewal fees required in Section 560.143(2), F.S., and Money Services Business Attestation Form, Form OFR-560-10, on or before the license expiration date, the license shall revert from active to inactive status. The inactive license may be reinstated within sixty (60) days after becoming inactive upon submission of the required renewal fees including late renewal fees required in Section 560.143(3), F.S., and Money Services Business Attestation Form, Form OFR-560-10. A license that is not reinstated within sixty (60) days after becoming inactive automatically expires and a new application must be filed with the Office pursuant to Chapter 560, F.S. For purposes of this rule, the fingerprint retention fees required in Section 560.143(2)(g), F.S, are $12.00 for each person currently listed in the records of the Office in question 5G of the Application for Licensure as a Money Services Business, Form OFR-560-01, which is incorporated by reference in Rule 69V-560.1012, F.A.C.

(3) All fees required to be filed under this rule shall be filed electronically through the Office’s REAL System at www.flofr.gov. Any person may request an exemption from the electronic filing requirements of this rule due to a technological or financial hardship by submitting Form OFR-560-08, Request for Exemption from Electronic Filing Requirements, to: Office of Financial Regulation, Division of Consumer Finance, Bureau of Registration, 200 East Gaines Street, Tallahassee, FL 32399-0376. The Office will provide any person granted an exemption from the electronic filing requirement with instructions on how to file the renewal fees in paper format. Form OFR-560-08 is incorporated by reference in Rule 69V-560.1012, F.A.C. F.S.

(4) No change

(5) Form OFR-560-10 is incorporated by reference in Rule 69V-560.1012, F.A.C.

Rulemaking Authority 560.105, 560.1115, 560.142, 560.143 FS. Law Implemented 560.1115, 560.142, 560.403, 560.141, 560.143 FS. History–New 9-24-97, Amended 12-30-98, 11-4-01, Formerly 3C-560.302, Amended 7-15-07, 1-13-09, 1-2-14, 11-28-19, ________.

 

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Gregory C. Oaks

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Financial Services Commission

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: May 23, 2023

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: May 10, 2023