PayQwick, Inc.; On June 5, 2017, the Office of Financial Regulation (Consumer Finance) received a Petition for Declaratory Statement from PayQwick, Inc. The petition seeks a declaratory statement from the Office on whether Petitioner's proposed ...

 

DEPARTMENT OF FINANCIAL SERVICES

Finance

NOTICE IS HEREBY GIVEN that the Florida Office of Financial Regulation has received the petition for declaratory statement from PayQwick, Inc.The petition seeks the agency's opinion as to the applicability of Chapter 560, Florida Statutes, as it applies to the petitioner.

On June 5, 2017, the Office of Financial Regulation (Consumer Finance) received a Petition for Declaratory Statement from PayQwick, Inc. The petition seeks a declaratory statement from the Office on whether Petitioner's proposed business activities (of operating a compliance based electronic payment hub that enables state-legal commerce to transact throughout the entire marijuana supply chain. Petitioner’s electronic payment hub eliminates cash transactions and reduces the risk of violent crime, money laundering and noncompliance with state marijuana laws. Petitioner’s electronic payment hub allows users to submit and receive payments through allocations made by Petitioner’s software, such that it never transmits money from one person to another. The funds Petitioner will receive from a Florida client will remain in Petitioner’s Florida Settlement Account until the client transfers them to his or her bank or credit union account; at no point does Petitioner transfer the client’s funds. Further, Petitioner does not receive funds with knowledge of their ultimate recipient) falls within Florida’s money transmitting licensing statute Chapter 560, Florida Statutes.

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], [e-mail]

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