Florida Statute 560.309 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XXXIII
REGULATION OF TRADE, COMMERCE, INVESTMENTS, AND SOLICITATIONS

Chapter 560
MONEY SERVICES BUSINESSES

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F.S. 560.309

560.309 Conduct of business.—

(1) A licensee may transact business under this part only under the legal name under which the person is licensed. The use of a fictitious name is allowed if the fictitious name has been registered with the Department of State and disclosed to the office as part of an initial license application, or subsequent amendment to the application, prior to its use.

(2) At the time a licensee accepts a payment instrument that is cashed by the licensee, the payment instrument must be endorsed using the legal name under which the licensee is licensed.

(3) A licensee under this part must maintain and deposit payment instruments into its own commercial account at a federally insured financial institution. If a licensee ceases to maintain such a depository account, the licensee must not engage in check cashing until the licensee reestablishes such an account and notifies the office of the account as required by s. 560.126(4).

(4) A licensee may not accept or cash a payment instrument from a person who is not the original payee; however, this subsection does not prohibit a licensee from accepting or cashing a corporate payment instrument from a conductor who is an authorized officer of the corporate payee named on the instrument’s face.

(5) A licensee must report all suspicious activity to the office in accordance with the criteria in 31 C.F.R. s. 1022.320. In lieu of filing such reports, the commission may prescribe by rule that the licensee may file such reports with an appropriate regulator.

(6) Each location of a licensee where checks are cashed must be equipped with a security camera system that is capable of recording and retrieving an image in order to assist in identifying and apprehending an offender. The licensee does not have to install a security camera system if the licensee has installed a bulletproof or bullet-resistant partition or enclosure in the area where checks are cashed.

(7) The commission may by rule require a check casher to display its license and post a notice listing its charges for cashing payment instruments.

(8) Exclusive of the direct costs of verification, which shall be established by rule not to exceed $5, a check casher may not:

(a) Charge fees, except as otherwise provided by this part, in excess of 5 percent of the face amount of the payment instrument, or $5, whichever is greater;

(b) Charge fees in excess of 3 percent of the face amount of the payment instrument, or $5, whichever is greater, if such payment instrument is the payment of any kind of state public assistance or federal social security benefit payable to the bearer of the payment instrument; or

(c) Charge fees for personal checks or money orders in excess of 10 percent of the face amount of those payment instruments, or $5, whichever is greater.

(9) A licensee cashing payment instruments may not assess the cost of collections, other than fees for insufficient funds as provided by law, without a judgment from a court of competent jurisdiction.

(10) If a check is returned to a licensee from a payor financial institution due to lack of funds, a closed account, or a stop-payment order, the licensee may seek collection pursuant to s. 68.065. In seeking collection, the licensee must comply with the prohibitions against harassment or abuse, false or misleading representations, and unfair practices in the Fair Debt Collections Practices Act, 15 U.S.C. ss. 1692d, 1692e, and 1692f. A violation of this subsection is a deceptive and unfair trade practice and constitutes a violation of the Deceptive and Unfair Trade Practices Act under part II of chapter 501. In addition, a licensee must comply with the applicable provisions of the Consumer Collection Practices Act under part VI of chapter 559, including s. 559.77.

(11) A licensee may not cash corporate checks where the aggregate face amount of all corporate checks cashed for each payee exceeds 200 percent of the payee’s workers’ compensation policy payroll amount during the same dates as the workers’ compensation policy coverage period.

History.—s. 3, ch. 94-238; s. 3, ch. 94-354; s. 723, ch. 2003-261; s. 41, ch. 2008-177; s. 6, ch. 2012-85; s. 7, ch. 2014-81; s. 6, ch. 2023-130.

F.S. 560.309 on Google Scholar

F.S. 560.309 on Casetext

Amendments to 560.309

Arrestable Offenses / Crimes under Fla. Stat. 560.309

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 560.309.

Annotations, Discussions, Cases:

Cases Citing Statute 560.309

Total Results: 7

McKenzie Check Advance of Florida v. Betts

Court: Fla. | Date Filed: 2006-04-27T00:53:00-07:00

Citation: 928 So. 2d 1204

Snippet: check, subject to the fees established in Section 560.309(4), F.S." Fla. Admin. Code R. 3C-560.803 (…check, subject to the fees established in Section 560.309(4), F.S." This rule only permitted postdated

Betts v. McKenzie Check Advance of Florida, LLC

Court: Fla. Dist. Ct. App. | Date Filed: 2004-08-11T00:00:00-07:00

Citation: 879 So. 2d 667

Snippet: fees a check casher may charge. See §§ 560.303, 560.309, 560.310, Fla. Stat. (Supp.1994). The 1994 version…specifically within the fee caps contained within section 560.309(4), Florida Statutes." See id. at 297. The

Betts v. Ace Cash Express, Inc.

Court: Fla. Dist. Ct. App. | Date Filed: 2004-01-02T00:00:00-08:00

Citation: 863 So. 2d 1252, 2004 Fla. App. LEXIS 12, 2004 WL 19505

Snippet: violated Florida’s usury laws as well as section 560.309(4)(c), Florida Statutes. It appears that Ace Cash

FastFunding the Co., Inc. v. Betts

Court: Fla. Dist. Ct. App. | Date Filed: 2003-08-15T00:53:00-07:00

Citation: 852 So. 2d 353

Snippet: a check cashing activity authorized by section 560.309(4)(c), Florida Statutes, and that the transactions

Any Kind Checks Cashed, Inc. v. Talcott

Court: Fla. Dist. Ct. App. | Date Filed: 2002-10-09T00:53:00-07:00

Citation: 830 So. 2d 160

Snippet: security, or public assistance check. Section 560.309(4)(b) contemplates that such checks will be presented…types of "verification" of a check. § 560.309. Rule 3C 560.801 of the Florida Administrative

Betts v. Ace Cash Express, Inc.

Court: Fla. Dist. Ct. App. | Date Filed: 2002-08-30T00:53:00-07:00

Citation: 827 So. 2d 294

Snippet: as check cashing activity authorized by section 560.309(4)(c), Florida Statutes, and that these same transactions… support for Defendants' position. Section 560.309(4)(a)-(c), Florida Statutes (2000) provides: (4…capping the verification fee mentioned in section 560.309(4). Rule 3C-560.801(i), Florida Administrative …In addition to the fees established in Section 560.309(4), F.S., a check casher may collect the direct…specifically within the fee caps contained within Section 560.309(4), Florida Statutes. We also note that deferred

Ago

Court: Fla. Att'y Gen. | Date Filed: 2000-05-01T00:53:00-07:00

Snippet: in addition to the fees established in section 560.309(4), Florida Statutes, a check casher may collect…check, subject to the fees established in section 560.309(4), Florida Statutes. Accordingly, Chapter 560,