Florida Statutes 560.1401 – Licensing standards
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Terms Used In Florida Statutes 560.1401
- Deferred presentment provider: means a person who is licensed under part II or part III of this chapter and has filed a declaration of intent with the office to engage in deferred presentment transactions as provided under part IV of this chapter. See Florida Statutes 560.103
- Money services business: means any person located in or doing business in this state, from this state, or into this state from locations outside this state or country who acts as a payment instrument seller, foreign currency exchanger, check casher, or money transmitter. See Florida Statutes 560.103
- Office: means the Office of Financial Regulation of the commission. See Florida Statutes 560.103
To qualify for licensure as a money services business under this chapter, an applicant must:
(1) Demonstrate to the office the character and general fitness necessary to command the confidence of the public and warrant the belief that the money services business or deferred presentment provider shall be operated lawfully and fairly.
(2) Be legally authorized to do business in this state.
(3) Be registered as a money services business with the Financial Crimes Enforcement Network as required by 31 C.F.R. 1022.380, if applicable.
(4) Have an anti-money laundering program in place which meets the requirements of 31 C.F.R. 1022.210.
(5) Provide the office with all the information required under this chapter and related rules.