§ 560.2085 — Authorized vendors

Florida § 560.2085

• Jurisdiction: Florida
• Title: XXXIII
• Ch. 560: MONEY SERVICES BUSINESSES

Text

A licensee under this part shall:

(1) Within 60 days after an authorized vendor commences business, file with the office such information as prescribed by rule together with the nonrefundable location fee as provided by s. 560.143. This requirement applies to vendors who are also terminated within the 60-day period.

(2) Enter into a written contract, signed by the licensee and the authorized vendor, which: (a) Sets forth the nature and scope of the relationship between the licensee and the authorized vendor, including the respective rights and responsibilities of the parties; and (b) Includes contract provisions that require the authorized vendor to: 1. Report to the licensee, immediately upon discovery, the theft or loss of currency, monetary value, a payment instrument, or virtual currency received for a transmission or for a payment instrument sold; 2. Display a notice to the public, in such form as prescribed by rule, that the vendor is the authorized vendor of the licensee; 3. Remit all amounts owed to the licensee for all transmissions accepted and all payment instruments sold in accordance with the contract between the licensee and the authorized vendor; 4. Hold in trust all currency, monetary value, payment instruments, or virtual currency received for transmissions or for the purchase of payment instruments from the time of receipt by the licensee or authorized vendor until the time the transmission obligation is completed; 5. Not commingle the currency, monetary value, payment instruments, or virtual currency received for transmissions accepted or payment instruments sold on behalf of the licensee with the assets or property of the authorized vendor, except for making change in the ordinary course of the vendor’s business; 6. Ensure that the currency, monetary value, payment instruments, or virtual currency received for transmissions accepted or payment instruments sold is accounted for at the end of the business day; 7. Consent to examination or investigation by the office; 8. Adhere to the applicable state and federal laws and rules pertaining to a money services business; and 9. Provide such other information or disclosure as may be required by rule.

(3) Develop and implement written policies and procedures to monitor compliance with applicable state and federal law by its authorized vendors.

Legislative History

s. 33, ch. 2008-177; s. 4, ch. 2009-185; s. 7, ch. 2022-113.