FL H0217

Requires check cashing licensees to submit transaction information to the Office of Financial Regulation for payment instruments exceeding $1,000, including transaction date, payor and payee names, amount, fee charged, and identification type.

Mandates the Office of Financial Regulation maintain a centralized, real-time, online check cashing database to combat fraudulent check cashing activity.

Requires the office to issue a competitive solicitation for database services and may request funding in the 2014-2015 fiscal year budget and submit conforming legislation if needed.

Establishes database must interface with the Secretary of State's database to verify corporate registration and with the Department of Financial Services' database to verify workers' compensation coverage.

Authorizes the Financial Services Commission to adopt rules to administer the requirements and require additional information submission to the database.

Effective date: July 1, 2013.