A person has a controlling interest in a money services business if the person:

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

   (1) Possesses the power, directly or indirectly, to direct the management or policies of the money services business, whether through ownership, by contract, or otherwise;

   (2) Directly or indirectly may vote 25 percent or more of a class of a voting security or sell or direct the sale of 25 percent or more of a class of voting securities; or

   (3) In the case of a partnership, may receive upon dissolution or has contributed 25 percent or more of the capital.

s. 1, ch. 94-238; s. 1, ch. 94-354; s. 707, ch. 2003-261