Florida Statutes 560.208 – Conduct of business
Current as of: 2023 | Check for updates
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Terms Used In Florida Statutes 560.208
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- Licensee: means a person licensed under this chapter. See Florida Statutes 560.103
- Monetary value: means a medium of exchange, other than virtual currency, regardless of whether it is redeemable in currency. See Florida Statutes 560.103
- Money transmitter: means a corporation, limited liability company, limited liability partnership, or foreign entity qualified to do business in this state which receives currency, monetary value, a payment instrument, or virtual currency for the purpose of acting as an intermediary to transmit currency, monetary value, a payment instrument, or virtual currency from one person to another location or person by any means, including transmission by wire, facsimile, electronic transfer, courier, the Internet, or through bill payment services or other businesses that facilitate such transfer within this country, or to or from this country. 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
- Virtual currency: means a medium of exchange in electronic or digital format that is not currency. See Florida Statutes 560.103
In addition to the requirements specified in s. 560.1401, a licensee under this part:
(1) May conduct its business at one or more locations within this state through branches or by means of authorized vendors, as designated by the licensee, including the conduct of business through electronic transfer, such as by the telephone or the Internet.
(2) Notwithstanding and without violating s. 501.0117, may charge a different price for a money transmitter service based on the mode of transmission used in the transaction as long as the price charged for a service paid for with a credit card is not more than the price charged when the service is paid for with currency or other similar means accepted within the same mode of transmission.
(3) Is responsible for the acts of its authorized vendors in accordance with the terms of its written contract with the vendor.
(4) Shall place assets that are the property of a customer in a segregated account in a federally insured financial institution and shall maintain separate accounts for operating capital and the clearing of customer funds.
(5) Shall, in the normal course of business, ensure that currency, monetary value, payment instruments, or virtual currency transmitted is available to the designated recipient within 10 business days after receipt.
(6) Shall immediately upon receipt of currency, monetary value, a payment instrument, or virtual currency provide a confirmation or sequence number to the customer verbally, by paper, or electronically.