1. (1) Section 560.155, F.S., requires money services businesses to make disclosures available to a customer at the inception of the relationship for providing products or services relating to gold coin or silver coin before a customer initially purchases or uses a money services business product or service related to such coin. Form OFR-560-11, Gold Coin and Silver Coin Money Services Business Disclosure Form, which is incorporated by reference in Rule 69V-560.1012, F.A.C., must be used by the money services business to satisfy this requirement. Form OFR-560-11 may be presented to a customer in electronic or paper form and must be presented in a clearly legible and prominently displayed format. A money services business must obtain a signature, which can be electronic, of the customer along with the date the disclosure was received.

2. (2) Section 560.214, F.S., requires custodians of gold coin or silver coin that have a direct contractual relationship with an owner of gold coin or silver coin, to furnish to each owner, at the inception of the relationship for providing products or services relating to gold coin or silver coin and on at least an annual basis, a clear, written disclosure of the terms and conditions of the custodial arrangement and the associated risks of such arrangement. The disclosures may be presented to an owner in electronic or paper form, must be presented in a clearly legible and prominently displayed format, and must at a minimum, include the following language:

   1. (a) Gold coin and silver coin is not insured by the Federal Deposit Insurance Corporation (FDIC), National Credit Union Association (NCUA), or Securities Investor Protection Corporation (SIPC).
   2. (b) Gold coin and silver coin is privately insured by a custodian covering 100 percent of the full replacement value of the gold coin or silver coin under an all-risk policy insurance policy for loss, theft, damage, and employee dishonesty by an authorized insurer, as that term is defined in s. 624.09(1), F.S., or eligible surplus lines insurer as that term is defined in s. 626.914(2), F.S.
   3. (c) The value of gold coin or silver coin will likely fluctuate, and my purchase or use of gold coin or silver coin may result in a loss of value as compared to United States dollars or other currency.
   4. (d) The value of gold coin or silver coin will likely fluctuate, and my purchase or use of gold coin or silver coin may result in a gain of value as compared to United States dollars or other currency, and such gains may be subject to taxation, including federal capital gains taxation.
   5. (e) An owner should seek professional advice about whether or not transacting in gold coin or silver coin may incur a federal capital gains tax.
   6. (f) An owner is entitled to receive, on at least an annual basis, a clear written disclosure of the terms and conditions of the custodial arrangement and the associated risks of such arrangement.
   7. (g) An owner is entitled to receive quarterly account statements that itemizes the owner’s gold coin and silver coin in custody, as well as an updated statement upon the owner’s request.
   8. (h) An owner is entitled to a physical return or delivery of the owner’s gold coin and silver coin under certain terms and conditions as specified in s. 560.214(2)(c), F.S.
   9. (i) Upon an owner’s request, an owner is entitled to receive certain audit reports completed within the most recent two-year period
   10. (j) An owner’s account information is private and may not be disclosed without the owner’s consent or as authorized or required by law.
   11. (k) A custodian of gold coin or silver coin that holds gold coin or silver coin for owners is required to be licensed with the Office of Financial Regulation, pursuant to chapter 560, F.S.
   12. (l) To verify licensure of a custodian, an owner may visit the Office of Financial Regulation at www.flofr.gov. for verification.
   13. (m) If an owner believes a custodian has transacted in gold coin or silver coin in violation of chapter 560, F.S., or Chapter 69V-560, F.A.C., an owner may file a complaint by visiting the Office of Financial Regulation at www.flofr.gov. for instructions.
3. (3) A custodian of gold coin or silver coin that is required to provide written disclosures to owners of gold coin or silver coin, must obtain an owner’s signature on the disclosure form, which can be electronic, along with the date the disclosure was received.

Rulemaking Authority 560.105, 560.155, 560.214 FS. Law Implemented 560.155, 560.214 FS. History–New 7-1-26.