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The Florida Statutes

The 2001 Florida Statutes

Regulation Of Trade, Commerce, Investments, And Solicitations
Chapter 560
Money Transmitters' Code
View Entire Chapter
Section 560.103, Florida Statutes 2001

560.103  Definitions.--As used in the code, unless the context otherwise requires:

(1)  "Appropriate regulator" means any state or federal agency, including the department, which has been granted state or federal statutory authority with regard to the money transmission function.

(2)  "Authorized vendor" means a person designated by a registrant to engage in the business of a money transmitter on behalf of the registrant at locations in this state pursuant to a written contract with the registrant.

(3)  "Check casher" means a person who, for compensation, sells currency in exchange for payment instruments received, except travelers checks and foreign-drawn payment instruments.

(4)  "Code" means the "Money Transmitters' Code," consisting of:

(a)  Part I of this chapter, relating to money transmitters generally.

(b)  Part II of this chapter, relating to payment instruments and funds transmission.

(c)  Part III of this chapter, relating to check cashing and foreign currency exchange.

(d)  Part IV of this chapter, relating to deferred presentments.

(5)  "Consideration" means and includes any premium charged for the sale of goods, or services provided in connection with the sale of the goods, which is in excess of the cash price of such goods.

(6)  "Currency" means the coin and paper money of the United States or of any other country which is designated as legal tender and which circulates and is customarily used and accepted as a medium of exchange in the country of issuance. Currency includes United States silver certificates, United States notes, and Federal Reserve notes. Currency also includes official foreign bank notes that are customarily used and accepted as a medium of exchange in a foreign country.

(7)  "Department" means the Florida Department of Banking and Finance.

(8)  "Foreign currency exchanger" means a person who exchanges, for compensation, currency of the United States or a foreign government to currency of another government.

(9)  "Funds transmitter" means a person who engages in the receipt of currency or payment instruments for the purpose of transmission by any means, including transmissions within this country or to or from locations outside this country, by wire, facsimile, electronic transfer, courier, or otherwise.

(10)  "Money transmitter" means any person located in or doing business in this state who acts as a payment instrument seller, foreign currency exchanger, check casher, funds transmitter, or deferred presentment provider.

(11)  "Money transmitter-affiliated party" means any director, officer, responsible person, employee, authorized vendor, independent contractor of a money transmitter, or a person who has filed, is required to file, or is found to control a money transmitter pursuant to s. 560.127, or any person engaged in any jurisdiction, at any time, in the business of money transmission as a controlling shareholder, director, officer, or responsible person who becomes involved in a similar capacity with a money transmitter registered in this state.

(12)  "Officer" means an individual, whether or not the individual has an official title or receives a salary or other compensation, who participates or has authority to participate, other than in the capacity of a director, in major policymaking functions of the money transmitter business.

(13)  "Outstanding payment instruments" means unpaid payment instruments whose sale has been reported to a registrant.

(14)  "Payment instrument" means a check, draft, warrant, money order, travelers check or other instrument or payment of money, whether or not negotiable. Payment instrument does not include an instrument that is redeemable by the issuer in merchandise or service, a credit card voucher, or a letter of credit.

(15)  "Payment instrument seller" means a person who sells a payment instrument.

(16)  "Person" means any individual, partnership, association, trust, corporation, or other group, however organized, but does not include the governments of the United States or this state or any department, agency, or instrumentality thereof.

(17)  "Registrant" means a person registered by the department pursuant to the code.

(18)  "Responsible person" means a person who is employed by or affiliated with a money transmitter and who has principal active management authority over the business decisions, actions, and activities of the money transmitter in this state.

(19)  "Sell" means to sell, issue, provide, or deliver.

(20)  "Unsafe or unsound practice" means any practice or conduct found by the department to be contrary to generally accepted standards applicable to the specific money transmitter, or a violation of any prior order of an appropriate regulatory agency, which practice, conduct, or violation creates the likelihood of material loss, insolvency, or dissipation of assets of the money transmitter or otherwise materially prejudices the interests of its customers. In making this determination, the department must consider the size and condition of the money transmitter, the magnitude of the loss, the gravity of the violation, and the prior conduct of the person or business involved.

History.--s. 1, ch. 94-238; s. 1, ch. 94-354; s. 1, ch. 97-59; s. 2, ch. 2000-360; s. 1, ch. 2001-119.

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