to specify who will operate and maintain the check cashing database, to specify who may access the check cashing database, to specify termination of access to check cashing database, to specify check cashing database transaction requirements, and to ...

 

DEPARTMENT OF FINANCIAL SERVICES

Finance

RULE NOS.:RULE TITLES:

69V-560.7041Check Cashing Database Access

69V-560.7042Check Cashing Database Access Transaction Requirements

69V-560.7043Check Cashing Database Availability

PURPOSE AND EFFECT: To specify who will operate and maintain the check cashing database, to specify who may access the check cashing database, to specify termination of access to check cashing database, to specify check cashing database transaction requirements, and to specify check cashing database availability.

SUMMARY: Implement specifications related to check cashing database.

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: 1) No requirement for a SERC was triggered under Section 120.541(1), F.S.; and 2) The new rules will not exceed any one of the economic analysis criteria in a SERC, as set forth in Section 120.541(2)(a), F.S.

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: 560.105, 560.310 FS.

LAW IMPLEMENTED: 560.310 FS.

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

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

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69V-560.7041 Check Cashing Database Access.

(1) The database vendor shall operate and maintain a website with the URL and domain name www.FLCCDB.com on behalf of the Office of Financial Regulation, which shall be the means by which real-time access to the database is made available through an internet connection for check cashers to comply with Chapter 560, F.S. The database vendor shall operate and maintain the database and shall give check cashers access to the database on the following terms and conditions:

(a) Only check cashers licensed under Chapter 560 may access the database.

(b) A check casher shall designate to the database vendor at least one administrator to create and manage other administrators’, supervisors’, and users’ identification and passwords  for personnel authorized by the check casher to submit transactions to the database; to maintain transactional information on the website and database; and to ensure the accuracy of database transaction information, including that the user identification and password for the employee are associated with the appropriate location from which the transaction is conducted. Only one security administrator identification and password will be administered by the database vendor. The check casher’s administrators will be responsible for all other personnel user identification numbers and passwords within the check casher’s organization;

(2) A check casher’s access to the database, including all locations of such check casher, will be terminated by the database vendor at such time as the Office of Financial Regulation provides notice to the database vendor via the nightly license information update or electronic mail that the check casher’s:

(a) Check casher license is revoked, expired, or terminated; or

(3) A check cashers access to the database, including all users and locations of such check cashers, will be restricted by the database vendor at such time as the Office of Financial Regulation provides notice to the database vendor via the nightly license information update or electronic mail that the check casher’s license becomes inactive or suspended. For purposes of the paragraph the term “restricted” means that the check casher cannot access the database, but its adminstrator and user accounts are not permanantly disabled. The licensees status will be reinstated if the license is reinstated to active status.

(6) The Office of Financial Regulation will provide the database vendor with nightly updates Monday through Friday of each week. Any addition or change of  access to the database shall be effective the next business day.

Rulemaking Authority 560.105, 560.310, FS. Law Implemented 560.310 FS. History–New__________.

 

69V-560.7042 Check Cashing Database Transaction Requirements.

(1) Each check cashing transaction for which the payment instrument cashed is in excess of $1000 shall be submitted to the database and receive a transaction confirmation number evidencing the transaction as recorded in the database prior to a check casher giving currency (or a payment instrument if a Part II licensees).

(2) Each check casher must also submit to the database multiple payment instruments accepted from any one person on any given day which when aggregated total in excess of $1000. Payment instruments cashed pursuant to the paragraph must be entered into the database within two (2) business days of the date on which the aggregate transactions occurred.

(3) The check casher may void or cancel a check cashing transaction within one calendar year from the date of the transaction.

(4) The check casher may amend a check cashing transaction within (45) forty five calendar days from the date of the transaction.

Rulemaking Authority 560.105, 560.310, FS. Law Implemented 560.310 FS. History–New__________.

 

69V-560.7043 Check Cashing Database Availability.

(1) The database shall be accessible 24 hours a day every day of the year except for routine scheduled system maintenance and upgrades performed by the database vendor. During times of scheduled maintenance or system upgrades, check cashers will be given no less than 24 hours notice in the form of electronic mail to the designated administrator for each check casher or a broadcast message on the database website.

(2) In the event the database is unavailable, check cashers shall adhere to the following procedures:

(a) The check casher shall be authorized to conduct transactions during the specific period of unavailability,

(b) The check casher shall confirm that the database remains unavailable by attempting to access the database with every person seeking a check cashing transaction unless they have been notified via electronic mail by the database vendor of an expected period of time necessary to correct whatever problem is causing the database to remain unavailable;

(c) Transactions conducted during a period of unavailability must be submitted to the database within 24 hours of notification by the database vendor, that the database is available; provided, however, that if the database is unavailable for more than 24 hours, then the period for submission shall be extended by 24 hours for each additional 24-hour period of unavailability.

Rulemaking Authority 560.105, 560.310, FS. Law Implemented 560.310 FS. History–New__________.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Gregory Oaks

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

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: June 23, 2015

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: July 28, 2015