Bill > S0314

Introduced Session

An act relating to payment stablecoin; amending s. 560.103, F.S.; revising the definition of the term “money services business”; defining terms; amending s. 560.123, F.S.; revising the Florida Control of Money Laundering in Money Services Business Act to include payment stablecoins; requiring certain payment stablecoin issuers to comply with certain regulations; requiring qualified payment stablecoin issuers to submit a specified certification to the Office of Financial Regulation annually; requiring the office to make such certifications available to the Secretary of the Treasury upon request; authorizing the office to revoke the license of qualified payment stablecoin issuers under certain circumstances; providing criminal penalties; amending s. 560.125, F.S.; revising the circumstances relating to violations of certain provisions; revising penalties; creating part V of ch. 560, F.S., entitled “Payment Stablecoin Issuers”; creating s. 560.501, F.S.; defining terms; prohibiting persons from engaging in the activity of a qualified payment stablecoin issuer without being licensed or exempted from licensure; requiring the office to give a specified written notice under certain circumstances; providing applicability; requiring out-of-state state-qualified payment stablecoin issuers to provide a specified written notice to the office within a specified timeframe; specifying that certain transactions are not regulated under certain provisions; specifying that certain stablecoin is not a security and not subject to certain provisions; requiring certain qualified payment stablecoin issuers to comply with certain requirements under certain circumstances; requiring certain qualified payment stablecoin issuers to provide a specified notice to the office; specifying that qualified payment stablecoin issuers are subject to certain provisions under certain circumstances; specifying that the office remains solely responsible for supervising qualified payment stablecoin issuers or is jointly responsible with the United States Office of the Comptroller of the Currency for such supervision under certain circumstances; authorizing the office to enter into an specified agreement; creating s. 560.502, F.S.; requiring applicants seeking to be a qualified payment stablecoin issuer to submit a specified application to the office; specifying requirements of such application; requiring the office to comply with certain requirements; authorizing certain information to be incorporated into other licensing application forms; creating s. 560.503, F.S.; specifying that licensed qualified payment stablecoin issuers may only engage in certain activities; creating s. 560.504, F.S.; requiring qualified payment stablecoin issuers to comply with certain requirements; providing criminal penalties; prohibiting qualified payment stablecoin issuers from engaging in certain conduct; creating s. 560.505, F.S.; requiring the office to submit initial certification to a specified committee on a specified form in accordance with a specified timeline; requiring the office to submit a specified additional certification no later than a specified date; requiring the office to comply with certain requirements; creating s. 560.506, F.S.; requiring the Financial Services Commission to adopt specified rules; amending s. 655.50, F.S.; revising the definition of the term “monetary instruments”; requiring qualified payment stablecoin issuers to comply with certain provisions; requiring qualified payment stablecoin issuers to submit to the office a specified certification no later than a specified date; requiring the office to make such certification available to the Secretary of the Treasury upon request; authorizing the office to revoke the license of qualified payment stablecoin issuers under certain circumstances; providing criminal penalties; amending s. 658.19, F.S.; revising the application requirements for the application for authority to organize a bank or trust company; creating s. 658.997, F.S.; defining terms; prohibiting a trust company from engaging in the activity of a qualified payment stablecoin issuer unless the trust company obtains a certificate of approval or is exempted from such certificate; requiring a trust company to request a specified certificate in conjunction with a specified application to obtain such certificate or apply for the certificate; specifying application requirements; requiring the office to comply with certain requirements; requiring that the application be deemed approved under certain circumstances; providing that denial of an application does not prohibit an applicant from filing a subsequent application; specifying that failure to comply with certain provisions is considered good cause for revocation of a certificate of approval; requiring the office to give a specified notice to a qualified payment stablecoin issuer within a specified timeframe; providing applicability; requiring out-of-state state qualified payment stablecoin issuers to provide a specified written notice to the office within a specified timeframe; specifying that certain transactions are not regulated under certain provisions; specifying that certain stablecoin is not a security and not subject to certain provisions; requiring certain qualified payment stablecoin issuers to comply with certain requirements under certain circumstances; requiring certain qualified payment stablecoin issuers to provide a specified notice to the office; specifying that qualified payment stablecoin issuers are subject to certain provisions under certain circumstances; specifying that the office remains solely responsible for supervising qualified payment stablecoin issuers or is jointly responsible with the United States Office of the Comptroller of the Currency for such supervision under certain circumstances; authorizing the office to enter into an specified agreement; authorizing qualified payment stablecoin issuers to engage in certain activities; requiring qualified payment stablecoin issuers to comply with certain requirements; prohibiting qualified payment stablecoin issuers from engaging in certain conduct; requiring that the office’s initial and annual recertification include certain information; providing for certain rule adoption by the commission; providing effective dates.

AI Summary

Committee Categories

Colleen Burton (R)*, 

Other Sponsors (2)

Laid on Table, refer to CS/CS/HB 175 (on 03/05/2026)

Official Document