Bill Text: FL S0532 | 2023 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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-Introduced.html

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       Florida Senate - 2023                                     SB 532
       
       
        
       By Senator Burton
       
       
       
       
       
       12-00963-23                                            2023532__
    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 the term “governing documents”; providing an
    6         effective date.
    7          
    8  Be It Enacted by the Legislature of the State of Florida:
    9  
   10         Section 1. Subsection (10) of section 560.103, Florida
   11  Statutes, is amended to read:
   12         560.103 Definitions.—As used in this chapter, the term:
   13         (10) “Control person” means any of the following:
   14         (a) A person who holds the title of president, chief
   15  executive officer, chief financial officer, chief operations
   16  officer, chief legal officer, or compliance officer for a money
   17  services business.
   18         (b) A person who holds any of the officer, manager, or
   19  managing member positions named in the money services business’s
   20  governing documents. As used in this paragraph, the term
   21  “governing documents” includes bylaws, articles of incorporation
   22  or organization, partnership agreements, shareholder agreements,
   23  and management or operating agreements.
   24         (c) A person who holds any position named by the money
   25  services business’s liability insurance coverage for directors
   26  and officers, if the business has such coverage.
   27         (d) A director of the money services business’s board of
   28  directors.
   29         (e) A person who directs the affairs of a money services
   30  business or who participates in, or has authority to participate
   31  in, the major policymaking functions of a money services
   32  business, regardless of whether the person has an official title
   33  or receives a salary or other compensation.
   34         (d)(f) For a money services business that is a corporation
   35  or a foreign corporation, as those terms are defined in s.
   36  607.01401, each person who is a 25 percent or greater interest
   37  holder as that term is defined in s. 607.01401(44)(a), all
   38  shareholders that, directly or indirectly, own 25 percent or
   39  more or that have the power to vote 25 percent or more of a
   40  class of voting securities.
   41         (e)(g) For a money services business that is a limited
   42  partnership, limited liability limited partnership, foreign
   43  limited partnership, or foreign limited liability limited
   44  partnership as those terms are defined in s. 620.1102, each
   45  person who has a 25 percent or greater transferable interest as
   46  that term is defined in s. 620.1102 all general partners, and
   47  those limited or special partners that have contributed 25
   48  percent or more or that have the right to receive upon
   49  dissolution 25 percent or more of the partnership’s capital.
   50         (f)(h) For a money services business that is a limited
   51  liability company or a foreign limited liability company, as
   52  those terms are defined in s. 605.0102, each person who is a 25
   53  percent or greater interest holder as that term is defined in s.
   54  605.0102(31)(f), all managers, and those members that have
   55  contributed 25 percent or more or that have the right to receive
   56  upon dissolution 25 percent or more of the limited liability
   57  company’s capital.
   58         Section 2. This act shall take effect July 1, 2023.