Florida § 560.205 - Additional license application requirements.

§ 560.205. Additional license application requirements.

In addition to the license application requirements under part I of this chapter, an applicant seeking a license under this part must also submit any information required to be submitted by each applicant under the relevant subsection to the office. (1) Any applicant seeking to operate as a payment instrument seller or money transmitter must provide all of the following information to the office: (a) A sample authorized vendor contract, if applicable. (b) A sample form of payment instrument, if applicable. (c) Documents demonstrating that the net worth and bonding requirements specified in s. 560.209 have been fulfilled. (d) A copy of the applicant’s financial audit report for the most recent fiscal year. If the applicant is a wholly owned subsidiary of another corporation, the financial audit report on the parent corporation’s financial statements satisfies this requirement. (2) Any applicant seeking to operate as a money transmitter that is a custodian of gold coin or silver coin must also provide all of the following additional information to the office: (a) All requirements specified in subsection (1). (b) Evidence of: 1. Insurance against loss for all gold coin or silver coin held in its custody; 2. Custody of the exact quantity and type of asset for all of its customers’ gold coin or silver coin held in its physical custody; and 3. Depository accreditation from an entity approved by the office. (c) A statement of a business plan providing for the safe and sound operation of custodial services pertaining to the storage, security, insurance, auditing, administration, authorized access, transacting, and transfer of gold coin or silver coin to the satisfaction of the office or in accordance with rules adopted by the commission.