FL S0532

Revises the definition of "control person" for money services businesses under Florida Statutes Chapter 560, adding titles such as treasurer, general partner, manager, and managing member to the list of qualifying positions

Defines "governing documents" to include bylaws, articles of incorporation or organization, partnership agreements, shareholder agreements, and management or operating agreements

Removes the prior provision that classified persons named on a company's directors and officers liability insurance as control persons, and removes the broad catch-all for anyone who "directs the affairs" or "participates in major policymaking functions" regardless of title

Restructures ownership thresholds for control person status by specifying 25 percent or more ownership criteria separately for corporations, limited partnerships, and limited liability companies, with explicit cross-references to relevant Florida statutory definitions

Adds a new category designating any natural person who indirectly owns 25 percent or more of shares, transferable interest, or membership interest in covered entities as a control person; effective date of July 1, 2023