1. (1) For purposes of this rule the term:

   1. (a) “Dormant customer” shall include any customer who has not transacted business with the licensee within the past one hundred eighty (180) days.
   2. (b) The phrase “its own commercial account” as referenced in Section 560.309(3), F.S., means a depository account in a federally insured financial institution listing the licensee as the exclusive owner of the account. The authorized signatories must be a control person as defined in Section 560.103(10), F.S. A licensee may not grant, through power of attorney, written agreement, or any other means, another person access to its own commercial account to withdraw, withhold, or deposit money.

2. (2) Every check casher shall maintain legible records of all payment instruments cashed. The records shall include the following information with respect to each payment instrument accepted by the licensee:

   1. (a) A copy of all payment instruments accepted and endorsed by the licensee to include the face and reverse (front and back) of the payment instrument. Copies shall be made after each payment instrument has been endorsed with the legal name of the licensee.
   2. (b) The fee charged to cash the payment instrument;
   3. (c) The verification fee, if any, imposed on the customer.

3. (3) The following additional information shall be maintained:

   1. (a) Records relating to all returned payment instruments that shall include the following:

      1. A copy, face and reverse (front and back), of all returned payment instruments;

      2. The date of deposit by the licensee;

      3. The date the payment instrument was returned to the licensee;

      4. Documentation of all fees and charges paid by the customer in the collection of the returned item; and,

      5. The date on which collection is made from the customer or charged-off by the licensee.

   2. (b) A daily summary of the business activities including the following documents:

      1. Bank deposit receipts,

      2. Copies of checks or withdrawal receipts evidencing withdrawal of funds from accounts maintained by the licensee; and,

      3. A daily cash reconciliation summarizing each day’s activities and reconciling cash on hand at the close of business. The daily cash reconciliation shall be sufficiently detailed to provide an audit trail of each day’s business activity. Where the licensee provides multiple business services through the same legal entity the daily cash reconciliation shall be maintained in such manner as to separate business activities such as check cashing.

   3. (c) Bank statements of the licensee received and maintained no less often than monthly for all accounts from which the licensee operates.

4. (4) In addition to the records required in subsections (2) and (3), for payment instruments exceeding $1,000.00, the check casher shall:

   1. (a) Affix an original thumbprint of the conductor to the original of each payment instrument accepted which is taken at the time of acceptance;
   2. (b) Secure and maintain a copy of the original payment instrument, including the thumbprint of the conductor;
   3. (c) Secure and maintain a legible copy of the personal identification, as defined by Section 560.310(2)(b), F.S., presented by conductor at the time of acceptance;

   4. (d) Create and maintain a customer file for each entity listed as the payee on corporate payment instruments accepted by the licensee. Each customer file must include, at a minimum, the following information:

      1. Documentation from the Secretary of State verifying registration as a corporation or fictitious entity showing the listed officers and FEID registration number. If a sole proprietor uses a fictitious name or is a natural person, then the customer file shall include the social security number of the business owner and documentation of the fictitious name filing with the Secretary of State.

      2. Articles of Incorporation or other such documentation which establishes a legal entity in whatever form authorized by law. For purposes of this rule a sole proprietor operating under a fictitious name registered with the Secretary of State shall not have to present such documentation.

      3. Documentation of the business license/occupational license, business tax receipt, or its equivalent from the county where the entity is located.

      4. A copy of the search results screen page from Compliance Proof of Coverage Query Page webpage from the Florida Department of Financial Services – Division of Workers’ Compensation website (https://dwcdataportal.fldfs.com/ProofOfCoverage.aspx).

      5. If the entity has an active workers’ compensation policy, the licensee must also maintain a copy of the policy declaration page or other document provided by the insurer indicating the payroll amount. For purposes of this rule, payroll may also be identified in the workers’ compensation policy as “annual remuneration.”

      6. Documentation of individuals authorized to negotiate payment instruments on the corporation or fictitious entity’s behalf including corporate resolutions. Payment instruments for insurance claims where there are multiple payees shall be exempt from this provision provided that the maker of the check is an insurance company and the licensee has obtained and retained documentation as to the identity of the natural person listed as a payee on such payment instrument. For purposes of this rule, the term “individuals authorized” is limited to an officer of the corporate payee named on the instrument’s face.

      7. A written corporate customer profile which includes: the full legal name of each beneficial owner, as defined in 31 C.F.R. s. 1010.230(d), effective July 1, 2018, is hereby incorporated by reference and available at HYPERLINK "http://www.flrules.org/Gateway/reference.asp?No=Ref-11464" http://www.flrules.org/Gateway/reference.asp?No=Ref-11464, of the corporate customer; an explanation of the customer’s business model; type(s) of services offered, and a written statement signed by the authorized officer of the corporate customer stating under what circumstances the corporate customer is not required or is exempt from obtaining a workers’ compensation policy, if there is no active workers’ compensation policy.

   5. (e) All check cashers shall review and update all active customer files at least every twelve months. The required review and update shall be attested to by the compliance officer or their designee, and such documentation shall be maintained within each customer’s file. For purposes of this rule it shall not be necessary to update dormant customer files. Should a customer previously identified as being dormant, resume transacting business with the licensee, the customer file information shall be updated before accepting any payment instrument.

5. (5) Check Cashing Database: A check casher must in accordance with Section 560.310(2)(d), F.S., submit the following information into the check cashing database prior to the check casher providing currency (or payment instrument if a Part II licensee):

   1. (a) Transaction date;
   2. (b) Payor name as displayed on the payment instrument;
   3. (c) Payee name as displayed on the payment instrument;
   4. (d) Conductor name, if different from the payee name;
   5. (e) Amount of the payment instrument;
   6. (f) Amount of currency provided;
   7. (g) Type of payment instrument;
   8. (h) Amount of the fee charged for cashing of the payment instrument;
   9. (i) Branch or location where the payment instrument was accepted;
   10. (j) The type of identification and identification number presented by the payee or conductor;
   11. (k) Payee’s workers’ compensation insurance policy number or exemption certificate number, if a corporate payment instrument and an active policy exists;
   12. (l) Payee Corporate Document Number as issued by the Secretary of State, if a corporate payment instrument; and
   13. (m) Payee Federal Employer Identification Number, if a corporate payment instrument.

Rulemaking Authority 560.105, 560.310 FS. Law Implemented 560.1105, 560.310 FS. History–New 9-24-97, Amended 11-4-01, Formerly 3C-560.704, Amended 1-13-09, 10-12-15, 1-6-20, 2-16-23, 3-7-24.