December 10, 2019
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The Florida Statutes

The 2001 Florida Statutes

Title XXXIII
Regulation Of Trade, Commerce, Investments, And Solicitations
Chapter 560
Money Transmitters' Code
View Entire Chapter
Section 560.102, Florida Statutes 2001

560.102  Purpose; application.--The purposes of the code are to:

(1)  Provide general regulatory powers to be exercised by the Department of Banking and Finance in relation to the regulation of the money transmitter industry. The code applies to all money transmitters transacting business in this state and to the enforcement of all laws relating to the money transmitter industry.

(2)  Provide for and promote, subject to the provisions of the code:

(a)  The safe and sound conduct of the business of money transmitters who are subject to the code.

(b)  The maintenance of public confidence in the money transmitter industry.

(c)  The protection of the interests of the public in the money transmitter system.

(d)  The deterrence of the use of money transmitters as a vehicle for money laundering.

(e)  The opportunity for money transmitters to be and remain competitive with each other and with other business organizations existing under the statutes of this state, and with other money transmitters and organizations organized under the laws of other states, the United States, or foreign countries.

(f)  The opportunity for money transmitters to effectively serve the convenience and needs of their customers and the public and to participate in and promote the economic progress and welfare of this state and the United States.

(g)  The opportunity for the management of money transmitter businesses to exercise its business judgment within the framework of the code.

(h)  Only such rulemaking power and administrative discretion to the department as is necessary, in order that the supervision and regulation of money transmitters may be flexible and readily responsive to changes in economic conditions, in technology, and in money transmitter practices.

History.--s. 1, ch. 94-238; s. 1, ch. 94-354.

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