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Can you summarize FLCL Chapter 560?
REGULATION OF TRADE, COMMERCE, INVESTMENTS, AND SOLICITATIONS > MONEY SERVICES BUSINESSES
Short Summary
The provided legal document content consists of multiple documents within the Florida Statutes that regulate various aspects of money services businesses, payment instrument sellers, foreign currency exchangers, check cashers, money transmitters, and deferred presentment transactions in the state of Florida. The documents outline the responsibilities, requirements, and authority of the office responsible for supervising these businesses and transactions. They provide definitions for key terms, specify records retention requirements, prohibited acts, enforcement actions, and disciplinary actions that can be imposed on money services businesses, authorized vendors, and deferred presentment providers. The documents also cover topics such as licensing, reporting, security measures, fees, collection procedures, and consumer protection. Certain entities, such as banks and government agencies, are exempt from some of the provisions. However, specific penalties for non-compliance or violation of the documents’ provisions are not mentioned. Overall, the documents aim to regulate and protect the interests of money services businesses, payment instrument sellers, foreign currency exchangers, check cashers, money transmitters, and participants in deferred presentment transactions in Florida.
Whom does it apply to?
Persons located in or doing business in Florida who act as payment instrument sellers, foreign currency exchangers, check cashers, money transmitters, deferred presentment providers, their affiliates, and drawers
What does it govern?
Money services businesses, payment instrument sellers, foreign currency exchangers, check cashers, money transmitters, deferred presentment transactions
What are exemptions?
Banks and government agencies are exempt from the provisions of the money services businesses document; the requirement for licensure under the check cashing and foreign currency exchange document does not apply to a person cashing payment instruments that have an aggregate face value of less than $2,000 per person per day and that are incidental to the retail sale of goods or services whose compensation for cashing payment instruments at each site does not exceed 5 percent of the total gross income from the retail sale of goods or services by such person during the last 60 days
What are the Penalties?
Specific penalties for non-compliance or violation of the provisions are not mentioned in the documents.
Jurisdiction
Florida