Florida Statutes 560.111 – Prohibited acts
Current as of: 2024 | Check for updates
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(1) A money services business, authorized vendor, or affiliated party may not:
For details, see Fla. Stat. § 775.082(3)(e)
(a) Receive or possess any property except in payment of a just demand, and, with intent to deceive or defraud, to omit to make or to cause to be made a full and true entry thereof in its books and accounts, or to concur in omitting to make any material entry thereof.
Attorney's Note
Under the Florida Statutes, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| Felony of the third degree | up to 5 years | up to $5,000 |
Terms Used In Florida Statutes 560.111
- Affiliated party: means a control person, employee, or foreign affiliate of a money services business, or a person who has a controlling interest in a money services business as provided in…. See Florida Statutes 560.103
- Appropriate regulator: means a state, federal, or foreign agency that has been granted authority to enforce state, federal, or foreign laws related to a money services business or deferred presentment provider. See Florida Statutes 560.103
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Authorized vendor: means a person designated by a money services business licensed under part II of this chapter to act on behalf of the licensee at locations in this state pursuant to a written contract with the licensee. See Florida Statutes 560.103
- Cashing: means providing currency for payment instruments except for travelers checks. See Florida Statutes 560.103
- Conductor: means a natural person who presents himself or herself to a licensee for purposes of cashing a payment instrument. See Florida Statutes 560.103
- 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
- Fraudulent identification paraphernalia: means all equipment, products, or materials of any kind that are used, intended for use, or designed for use in the misrepresentation of a customer's identity. See Florida Statutes 560.103
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Licensee: means a person licensed under 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
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Office: means the Office of Financial Regulation of the commission. See Florida Statutes 560.103
- Payment instrument: means a check, draft, warrant, money order, travelers check, electronic instrument, or other instrument used for the transmission, exchange, or payment of currency or monetary value, regardless of whether it is negotiable. See Florida Statutes 560.103
- Person: means an individual, partnership, association, trust, corporation, limited liability company, or other group, however organized, but does not include a public agency or instrumentality thereof. See Florida Statutes 560.103
- Personal identification information: means a customer's name that, alone or together with any of the following information, may be used to identify that specific customer:(a) Customer's signature. See Florida Statutes 560.103
- Usury: Charging an illegally high interest rate on a loan. Source: OCC
(b) Embezzle, abstract, or misapply any money, property, or thing of value belonging to the money services business, an authorized vendor, or customer with intent to deceive or defraud.(c) Make any false entry in its books, accounts, reports, files, or documents with intent to deceive or defraud another person, or with intent to deceive the office, any appropriate regulator, or any authorized third party appointed by the office to examine or investigate the affairs of the money services business or authorized vendor.(d) Engage in an act that violates 18 U.S.C. § 1956, 18 U.S.C. § 1957, 18 U.S.C. § 1960, 31 U.S.C. § 5324, or any other law, rule, or regulation of another state or the United States relating to a money services business, deferred presentment provider, or usury which may cause the denial or revocation of a money services business or deferred presentment provider license or the equivalent in that jurisdiction.(e) File with the office, sign as a duly authorized representative, or deliver or disclose, by any means, to the office or any of its employees any examination report, report of condition, report of income and dividends, audit, account, statement, file, or document known by it to be fraudulent or false as to any material matter.(f) Place among the assets of a money services business or authorized vendor any note, obligation, or security that the money services business or authorized vendor does not own or is known to be fraudulent or otherwise worthless, or to represent to the office that any note, obligation, or security is the property of the money services business or authorized vendor and is genuine if it is known to be fraudulent or otherwise worthless.(g) Knowingly possess any fraudulent identification paraphernalia. This paragraph does not prohibit the maintenance and retention of any records required by this chapter.
(2) A person may not knowingly execute, or attempt to execute, a scheme or artifice to defraud a money services business or authorized vendor, or obtain the moneys, funds, credits, assets, securities, or other property owned by, or under the custody or control of, a money services business or authorized vendor, by means of false or fraudulent pretenses, representations, or promises.
(3) A person other than the conductor of a payment instrument may not provide a licensee engaged in cashing the payment instrument with the customer’s personal identification information.
(4) Any person who violates any provision of this section commits a felony of the third degree, punishable as provided in s. 775.082, s. 775.083, or s. 775.084.