Florida Statutes 560.310 – Records of check cashers and foreign currency exchangers
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(1) A licensee engaged in check cashing must maintain for the period specified in s. 560.1105 a copy of each payment instrument cashed.
(2) If the payment instrument exceeds $1,000, the following additional information must be maintained or submitted:
(a) Customer files, as prescribed by rule, on all customers who cash corporate payment instruments that exceed $1,000.
Terms Used In Florida Statutes 560.310
- Cashing: means providing currency for payment instruments except for travelers checks. See Florida Statutes 560.103
- Commission: means the Financial Services Commission. 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
- Contract: A legal written agreement that becomes binding when signed.
- 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. See Florida Statutes 560.103
- Department: means the Department of Financial Services. See Florida Statutes 560.103
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Licensee: means a person licensed under this chapter. See Florida Statutes 560.103
- Location: means a branch office, mobile location, or location of an authorized vendor whose business activity is regulated under this chapter. See Florida Statutes 560.103
- 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
(b) A copy of the personal identification that bears a photograph of the customer used as identification and presented by the customer. Acceptable personal identification is limited to a valid driver license; a state identification card issued by any state of the United States or its territories or the District of Columbia, and showing a photograph and signature; a United States Government Resident Alien Identification Card; a passport; or a United States Military identification card.
(c) A thumbprint of the customer taken by the licensee when the payment instrument is presented for negotiation or payment.
(d) The office shall, at a minimum, require licensees to submit the following information to the check cashing database or electronic log, before entering into each check cashing transaction for each payment instrument being cashed, in such format as required by rule:
1. Transaction date.
2. Payor name as displayed on the payment instrument.
3. Payee name as displayed on the payment instrument.
4. Conductor name, if different from the payee name.
5. Amount of the payment instrument.
6. Amount of currency provided.
7. Type of payment instrument, which may include personal, payroll, government, corporate, third-party, or another type of instrument.
8. Amount of the fee charged for cashing of the payment instrument.
9. Branch or location where the payment instrument was accepted.
10. The type of identification and identification number presented by the payee or conductor.
11. Payee’s workers’ compensation insurance policy number or exemption certificate number, if the payee is a business.
12. Such additional information as required by rule.
For purposes of this subsection, multiple payment instruments accepted from any one person on any given day which total $1,000 or more must be aggregated and reported in the check cashing database or on the log.
(3) A licensee under this part may engage the services of a third party that is not a depository institution for the maintenance and storage of records required by this section if all the requirements of this section are met.
(4) The office shall issue a competitive solicitation as provided in s. 287.057 for a statewide, real time, online check cashing database to combat fraudulent check cashing activity. After completing the competitive solicitation process, but before executing a contract, the office may request funds in its 2014-2015 fiscal year legislative budget request and submit necessary draft conforming legislation, if needed, to implement this act.
(5) The office shall ensure that the check cashing database:
(a) Provides an interface with the Secretary of State’s database for purposes of verifying corporate registration and articles of incorporation pursuant to this section.
(b) Provides an interface with the Department of Financial Services’ database for purposes of determining proof of coverage for workers’ compensation.
(6) The commission may adopt rules to administer this section, require that additional information be submitted to the check cashing database, and ensure that the database is used by the licensee in accordance with this section.