The purpose and effect is to amend existing rules to conform to and implement Chapter No. 2023-130, Laws of Florida, which was signed into law on May 24, 2023 and went into effect on July 1, 2023. The law prohibits check ....

 

DEPARTMENT OF FINANCIAL SERVICES

Finance

RULE NOS.:RULE TITLES:

69V-560.1000Disciplinary Guidelines

69V-560.609Suspicious Activity Report Filings

69V-560.704Records to Be Maintained by Check Cashers

PURPOSE AND EFFECT: The purpose and effect is to amend existing rules to conform to and implement Chapter No. 2023-130, Laws of Florida, which was signed into law on May 24, 2023 and went into effect on July 1, 2023. The law prohibits check cashers from cashing corporate checks for payees where the aggregate face amount of all such checks exceeds 200 percent of a payee’s payroll amount as reported in its workers' compensation policy during the policy coverage period. The amended rules will provide administrative penalties for persons who violate the 200 percent check cashing limit, will no longer require check cashers to file a suspicious activity report for check cashing transactions exceeding established check cashing limits, will no longer require check cashers to maintain documentation of a payee’s annual volume of check cashing and annual check cashing limits, will require check cashers to maintain documentation indicating the amount of a payee’s payroll amount, will require check cashers to maintain documentation stating under what circumstances a payee is not required to obtain a workers’ compensation policy, and will require check cashers to review active customer files every twelve months. In addition, the amendments will bring language in rule text in parity with the penalties assessed in the disciplinary guidelines.

SUBJECT AREA TO BE ADDRESSED: Consumer Finance

RULEMAKING AUTHORITY: 560.105, 560.1141, 560.123, 560.309, 560.310

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

IF REQUESTED IN WRITING AND NOT DEEMED UNNECESSARY BY THE AGENCY HEAD, A RULE DEVELOPMENT WORKSHOP WILL BE NOTICED IN THE NEXT AVAILABLE FLORIDA ADMINISTRATIVE REGISTER.

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT, IF AVAILABLE, IS: Sheila Harley, Office of General Counsel, [phone], [e-mail].

THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS AVAILABLE AT NO CHARGE FROM THE CONTACT PERSON LISTED ABOVE.