Florida SB 314: Mortgage Brokering

Bill Text

314 
Payment Stablecoin 
2026-02-26T07:53:42Z 
Revising the Florida Control of Money Laundering in Money Services Business Act to include payment stablecoins; prohibiting persons from engaging in the activity of a qualified payment stablecoin issuer without being licensed or exempted from licensure; requiring applicants seeking to be a qualified payment stablecoin issuer to submit a specified application to the office; specifying that licensed qualified payment stablecoin issuers may only engage in certain activities, etc. 
Committee Substitute 2 
2026 
S 
GB 
General Bill 
c2 

 Florida Senate - 2026 CS for CS for SB 314 

 By the Committees on Rules; and Banking and Insurance; and 
 Senator Burton 

 595-03180-26 2026314c2 
 1 A bill to be entitled 
 2 An act relating to payment stablecoin; amending s. 
 3 560.103, F.S.; revising the definition of the term 
 4 “money services business”; defining terms; amending s. 
 5 560.123, F.S.; revising the Florida Control of Money 
 6 Laundering in Money Services Business Act to include 
 7 payment stablecoins; requiring certain payment 
 8 stablecoin issuers to comply with certain regulations; 
 9 requiring qualified payment stablecoin issuers to 
 10 submit a specified certification to the Office of 
 11 Financial Regulation annually; requiring the office to 
 12 make such certifications available to the Secretary of 
 13 the Treasury upon request; authorizing the office to 
 14 revoke the license of qualified payment stablecoin 
 15 issuers under certain circumstances; providing 
 16 criminal penalties; amending s. 560.125, F.S.; 
 17 revising the circumstances relating to violations of 
 18 certain provisions; revising penalties; creating part 
 19 V of ch. 560, F.S., entitled “Payment Stablecoin 
 20 Issuers”; creating s. 560.501, F.S.; defining terms; 
 21 prohibiting persons from engaging in the activity of a 
 22 qualified payment stablecoin issuer without being 
 23 licensed or exempted from licensure; requiring the 
 24 office to give a specified written notice under 
 25 certain circumstances; providing applicability; 
 26 requiring out-of-state state-qualified payment 
 27 stablecoin issuers to provide a specified written 
 28 notice to the office within a specified timeframe; 
 29 specifying that certain transactions are not regulated 
 30 under certain provisions; specifying that certain 
 31 stablecoin is not a security and not subject to 
 32 certain provisions; requiring certain qualified 
 33 payment stablecoin issuers to comply with certain 
 34 requirements under certain circumstances; requiring 
 35 certain qualified payment stablecoin issuers to 
 36 provide a specified notice to the office; specifying 
 37 that qualified payment stablecoin issuers are subject 
 38 to certain provisions under certain circumstances; 
 39 specifying that the office remains solely responsible 
 40 for supervising qualified payment stablecoin issuers 
 41 or is jointly responsible with the United States 
 42 Office of the Comptroller of the Currency for such 
 43 supervision under certain circumstances; authorizing 
 44 the office to enter into an specified agreement; 
 45 creating s. 560.502, F.S.; requiring applicants 
 46 seeking to be a qualified payment stablecoin issuer to 
 47 submit a specified application to the office; 
 48 specifying requirements of such application; requiring 
 49 the office to comply with certain requirements; 
 50 authorizing certain information to be incorporated 
 51 into other licensing application forms; creating s. 
 52 560.503, F.S.; specifying that licensed qualified 
 53 payment stablecoin issuers may only engage in certain 
 54 activities; creating s. 560.504, F.S.; requiring 
 55 qualified payment stablecoin issuers to comply with 
 56 certain requirements; providing criminal penalties; 
 57 prohibiting qualified payment stablecoin issuers from 
 58 engaging in certain conduct; creating s. 560.505, 
 59 F.S.; requiring the office to submit initial 
 60 certification to a specified committee on a specified 
 61 form in accordance with a specified timeline; 
 62 requiring the office to submit a specified additional 
 63 certification no later than a specified date; 
 64 requiring the office to comply with certain 
 65 requirements; creating s. 560.506, F.S.; requiring the 
 66 Financial Services Commission to adopt specified 
 67 rules; amending s. 655.50, F.S.; revising the 
 68 definition of the term “monetary instruments”; 
 69 requiring qualified payment stablecoin issuers to 
 70 comply with certain provisions; requiring qualified 
 71 payment stablecoin issuers to submit to the office a 
 72 specified certification no later than a specified 
 73 date; requiring the office to make such certification 
 74 available to the Secretary of the Treasury upon 
 75 request; authorizing the office to revoke the license 
 76 of qualified payment stablecoin issuers under certain 
 77 circumstances; providing criminal penalties; amend