FL S1586

Removes advance notice requirement for Office of Financial Regulation examinations of money services businesses, allowing surprise inspections without the previous 15-day notice period.

Prohibits money services businesses and affiliated parties from knowingly possessing fraudulent identification paraphernalia used to misrepresent a customer's identity, with criminal penalties for violations.

Requires check cashers to maintain their own federally insured depository accounts and deposit payment instruments into those accounts within 5 business days of acceptance.

Establishes a centralized database for payment instruments exceeding $1,000, requiring licensees to submit transaction information including payor, payee, conductor, and amount details, with a transaction fee capped at $3 per submission.

Limits fees for direct verification costs to $5 and restricts check cashers from accepting multiple payment instruments from persons who are not the original payee, with exceptions for authorized corporate officers.