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

Terms Used In Florida Statutes 560.2085

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Authorized vendor: means a person designated by a money services business licensed under part II of this chapter to act on behalf of the licensee at locations in this state pursuant to a written contract with the licensee. 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
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • 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
  • 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 services business: means any person located in or doing business in this state, from this state, or into this state from locations outside this state or country who acts as a payment instrument seller, foreign currency exchanger, check casher, or money transmitter. See Florida Statutes 560.103
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • 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
  • Virtual currency: means a medium of exchange in electronic or digital format that is not currency. See Florida Statutes 560.103
(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.
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