Grupo Regalii, Inc.; On June 20, 2017 the Office of Financial Regulation (Consumer Finance) received a Petition for declaratory statement from Grupo Regalii, Inc. (a software company that specializes in bill pay solutions). The petition sought a ...

 

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 Grupo Regalii, Inc. on June 20, 2017. The following is a summary of the agency’s disposition of the petition:

On June 20, 2017, the Office of Financial Regulation (Consumer Finance) received a Petition for declaratory statement from Grupo Regalii, Inc. (a software company that specializes in bill pay solutions). The petition sought a declaratory statement from the Office on whether Petitioner’s proposed business model (of offering an application program interface that connects service providers who provide periodic bills to consumers, such as utility and telecom businesses (“Billers”), to licensed money transmitters who accept payments from consumers. Regalii’s software provides the path by which licensed money transmitters can offer real-time bill payment to consumers, even when the consumer’s bills are with providers in another country) falls within the Florida Money Transmitter Statute, Chapter 560, Florida Statutes. On September 15, 2017, the Office of Financial Regulation issued a Final Order and determined that the Petitioner is an entity that receives currency, monetary value, or payment instruments from licensed money transmitters for the purpose of transmitting the same to other businesses, that is, Billers, and thereby receives or facilitates the transfer of currency, monetary value or payment instruments. Section 560.103(23), Florida Statutes. Petitioner therefore meets the definition of a “money transmitter” under Florida law. Accordingly, based on the facts contained in the Petition, the Office declares that Grupo Regalii is not exempt from the licensing requirement of chapter 560, Florida Statutes, as a money transmitter.

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], or online at:

https://real.flofr.com/ConsumerServices/SearchLegalDocuments/LDSearch.aspx#/searchLegalDocuments.

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