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Can you summarize FLCL Chapter 560, Part II?
MONEY SERVICES BUSINESSES > PAYMENT INSTRUMENTS AND FUNDS TRANSMISSION (ss. 560.203-560.213)
Short Summary
This legal document, part of the Florida Statutes, regulates payment instruments and funds transmission by money services businesses. It applies to licensees under this part and authorized vendors. The document outlines various requirements for licensees and authorized vendors, including filing information with the office, entering into a written contract, reporting theft or loss, displaying a notice to the public, remitting amounts owed, holding funds in trust, not commingling funds, accounting for funds, consenting to examination or investigation, adhering to applicable laws and rules, and providing necessary information or disclosure. Licensees are also required to develop and implement policies and procedures to monitor compliance with state and federal laws by their authorized vendors. The document does not specify any penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Licensees under this part and authorized vendors
What does it govern?
Payment instruments and funds transmission by money services businesses
What are exemptions?
Authorized vendors of a licensee acting within the scope of authority conferred by the licensee are exempt from licensure but are otherwise subject to the provisions of this chapter.
What are the Penalties?
No penalties are specified in the document.
Jurisdiction
Florida