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FL H0607
Bill
Status
Passed
5/25/2023
Primary Sponsor
Commerce Committee
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AI Summary
- Amends the definition of "control person" in section 560.103, Florida Statutes, to streamline and clarify who qualifies as a control person for money services businesses regulated under Chapter 560
- Removes the catch-all provision that classified anyone who directs affairs or participates in major policymaking functions as a control person, and removes persons named on directors and officers liability insurance coverage from the definition
- Redefines the shareholder control person category to apply to any registered shareholder owning 25% or more of a class of equity securities, replacing the prior language focused on direct or indirect ownership of voting securities
- Defines "governing documents" (bylaws, articles of incorporation/organization, partnership agreements, shareholder agreements, and management/operating agreements) and "membership interest" (a member's right to receive distributions, voting rights, or management rights) as new terms within the statute
- Adds a new category capturing any natural person who indirectly owns 25% or more of the shares, stock interest, transferable interest, or membership interest in corporations, partnerships, or LLCs that are money services businesses
- Effective date of July 1, 2023
Legislative Description
Money Services Businesses
Last Action
Chapter No. 2023-125
5/25/2023
Committee Referrals
Commerce Committee3/21/2023
State Administration & Technology Appropriations Subcommittee3/9/2023
Insurance And Banking Subcommittee2/14/2023
Full Bill Text
No bill text available