South Exchange, Inc.; On 5/30/2018, the Florida Office of Financial Regulation (Consumer Finance) received a Petition for Declaratory Statement from South Exchange, Inc. The petition sought a declaratory statement from the Office on whether ( (...

 

DEPARTMENT OF FINANCIAL SERVICES

Finance

NOTICE IS HEREBY GIVEN that the Florida Office of Financial Regulation has issued an order disposing of the petition for declaratory statement filed by South Exchange, Inc. on May 30, 2018. The following is a summary of the agency’s disposition of the petition:

On 5/30/2018, the Florida Office of Financial Regulation (Consumer Finance) received a Petition for Declaratory Statement from South Exchange, Inc. The petition sought a declaratory statement from the Office on whether ( (Issue 1) - an authorized vendor may provide check cashing services on behalf of a licensed money transmitter; and (Issue 2) - an entity may serve as an authorized vendor on behalf of multiple money transmitters at the same location; and (Issue 3) - an authorized vendor serving multiple licensed money transmitters at the same location may accept and cash a payment instrument endorsed with the customer's name only, provided that the authorized vendor subsequently endorses the instrument to the appropriate money transmitter and deposits the instrument into the money transmitter's commercial bank account) under the Florida Money Transmitter Statute, Chapter 560, Florida Statutes. *** On 8/28/2018, the Florida Office of Financial Regulation issued a Final Order on Petition for Declaratory Statement. The Petition filed by South Exchange, Inc. is answered in part and denied in part. Issue I is hereby answered as follows: An authorized vendor may not provide check cashing services on behalf of a licensed money transmitter. Issue II is hereby denied because the facts provided in the Petition are not clearly identified or delineated. Issue III is hereby denied as the agency determined in Issue I that an authorized vendor may not provide check cashing services on behalf of a money transmitter; any further analysis regarding Issue III is unnecessary and the Office therefore makes no determination regarding the merits of Petitioner's arguments.

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].

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