Bill Text: FL S0532 | 2023 | Regular Session | Comm Sub

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Bill Title: Money Services Businesses

Spectrum: Slight Partisan Bill (? 2-1)

Status: (Introduced - Dead) 2023-04-26 - Laid on Table, companion bill(s) passed, see CS/HB 607 (Ch. 2023-125) [S0532 Detail]

Download: Florida-2023-S0532-Comm_Sub.html

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       Florida Senate - 2023                       CS for CS for SB 532
       
       
        
       By the Committees on Rules; and Banking and Insurance; and
       Senator Burton
       
       
       
       
       595-03701-23                                           2023532c2
    1                        A bill to be entitled                      
    2         An act relating to money services businesses; amending
    3         s. 560.103, F.S.; revising the definition of the term
    4         “control person” for purposes of ch. 560, F.S.;
    5         defining terms; providing an effective date.
    6          
    7  Be It Enacted by the Legislature of the State of Florida:
    8  
    9         Section 1. Subsection (10) of section 560.103, Florida
   10  Statutes, is amended to read:
   11         560.103 Definitions.—As used in this chapter, the term:
   12         (10) “Control person” means, with respect to a money
   13  services business, any of the following:
   14         (a) A person who holds the title of president, treasurer,
   15  chief executive officer, chief financial officer, chief
   16  operations officer, chief legal officer, or compliance officer
   17  for a money services business.
   18         (b) A person who holds any of the officer, general partner,
   19  manager, or managing member positions named in the money
   20  services business’s governing documents. As used in this
   21  paragraph, the term “governing documents” includes bylaws,
   22  articles of incorporation or organization, partnership
   23  agreements, shareholder agreements, and management or operating
   24  agreements.
   25         (c) A person who holds any position named by the money
   26  services business’s liability insurance coverage for directors
   27  and officers, if the business has such coverage.
   28         (d) A director of the money services business’s board of
   29  directors.
   30         (e) A person who directs the affairs of a money services
   31  business or who participates in, or has authority to participate
   32  in, the major policymaking functions of a money services
   33  business, regardless of whether the person has an official title
   34  or receives a salary or other compensation.
   35         (d)(f) A shareholder whose name shares are registered in
   36  the records of a corporation for profit, whether incorporated
   37  under the laws of this state or organized under the laws of any
   38  other jurisdiction and existing in that legal form, who owns 25
   39  percent or more of a class of the company’s equity securities
   40  For a money services business that is a corporation, all
   41  shareholders that, directly or indirectly, own 25 percent or
   42  more or that have the power to vote 25 percent or more of a
   43  class of voting securities.
   44         (e)(g) A general partner or a limited partner, as those
   45  terms are defined in s. 620.1102, who has a 25 percent or more
   46  transferable interest, as defined in s. 620.1102, of a limited
   47  partnership, limited liability limited partnership, foreign
   48  limited partnership, or foreign limited liability limited
   49  partnership, as those terms are defined in s. 620.1102 For a
   50  money services business that is a partnership, all general
   51  partners, and those limited or special partners that have
   52  contributed 25 percent or more or that have the right to receive
   53  upon dissolution 25 percent or more of the partnership’s
   54  capital.
   55         (f)(h) A member, who is a person that owns a membership
   56  interest in a limited liability company or a foreign limited
   57  liability company, as those terms are defined in s. 605.0102(36)
   58  and (26), respectively, that holds a 25 percent or more
   59  membership interest in such companies. As used in this
   60  subsection, the term “membership interest” means a member’s
   61  right to receive distributions or other rights, such as voting
   62  rights or management rights, under the articles of organization
   63  For a money services business that is a limited liability
   64  company, all managers, and those members that have contributed
   65  25 percent or more or that have the right to receive upon
   66  dissolution 25 percent or more of the limited liability
   67  company’s capital.
   68         (g) A natural person who indirectly owns 25 percent or more
   69  of the shares or stock interest, transferable interest as
   70  defined in s. 620.1102, or membership interest as defined in
   71  paragraph (f), of any legal entities referred to in paragraphs
   72  (d)-(f).
   73         Section 2. This act shall take effect July 1, 2023.