Florida 2022 Regular Session Status: In Committee 1 R cosponsors

SB 1536 — Money Services Businesses

Last action — Laid on Table, companion bill(s) passed, see CS/CS/HB 389 (Ch. 2022-135)

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2022 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Money Services Businesses; Providing that a rule may require certain reports to the Office of Financial Regulation to contain declarations by control persons, rather than officers or other responsible persons; providing that control persons, rather than officers, are not liable for loss or damages under certain circumstances; requiring licensees to report changes in control persons, rather than certain other entities or persons; repealing a provision relating to control of a money services business, etc.

Bill Text

What changed in the latest version

501 added · 550 removed

501 line(s) added, 550 removed.

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Florida Senate - 2022 CS for CS for SB 1536 By the Committees on Commerce and Tourism;
Florida Senate - 2022 CS for SB 1536 By the Committee on Banking and Insurance;
and Banking and Insurance;
and Senator Boyd 597-02091-22 20221536c1 A bill to be entitled An act relating to money services businesses;
and Senator Boyd 577-02517-22 20221536c2 A bill to be entitled An act relating to money services businesses;
providing that a rule may require certain reports to the Office of Financial Regulation to contain declarations by control persons, rather than officers or other responsible persons;
providing that a rule may require reports to contain declarations by control persons, rather than officers or other responsible persons;
deleting a requirement for the Financial Services Commission to adopt rules;
deleting a requirement for the commission to adopt rules;
deleting the definition of the term “publicly traded”;
deleting obsolete language;
removing a limitation on specified license application fees under certain circumstances;
revising a limitation for certain fees to apply to a change in control, rather than in a controlling interest;
Page 1 of 18 CODING:
559.952(4)(a), F.S., relating to the Financial Technology Sandbox, to incorporate the amendments made to ss.
560.118 and 560.141, F.S., Page 1 of 16 CODING:
Florida Senate - 2022 CS for CS for SB 1536 577-02517-22 20221536c2 559.952(4)(a), F.S., relating to the Financial Technology Sandbox, to incorporate the amendments made to ss.
Florida Senate - 2022 CS for SB 1536 597-02091-22 20221536c1 in references thereto;
560.118 and 560.141, F.S., in references thereto;
560.114(2)(c), F.S., relating to disciplinary actions and penalties, to incorporate the amendment made to s.
560.114(2)(c), F.S., relating to license applications for money services businesses, to incorporate the amendments made to s.
(5) “Cashing” means providing currency for payment Page 2 of 18 CODING:
(5) “Cashing” means providing currency for payment instruments except for travelers checks.
(6) “Check casher” means a person who sells currency in Page 2 of 16 CODING:
Florida Senate - 2022 CS for CS for SB 1536 577-02517-22 20221536c2 instruments except for travelers checks.
Florida Senate - 2022 CS for SB 1536 597-02091-22 20221536c1 exchange for payment instruments received, except travelers checks.
(6) “Check casher” means a person who sells currency in exchange for payment instruments received, except travelers checks.
The president, chief executive officer, chief financial officer, chief operations officer, chief legal officer, and compliance officer.
The president, chief executive officer, chief financial officer, chief operations officer, chief legal officer, and chief compliance officer.
A person holding any of the officer positions named in the money services business’s governing documents.
A person holding any of the officer positions named by the money services business’s governing documents.
A person holding any position named by the money services business’s liability insurance coverage for directors and officers, if the business has such coverage.
A person holding any position named by the money services business’s directors and officers liability insurance coverage, if the business has such coverage;
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and 4.
A director of the money services business’s board of directors.
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Florida Senate - 2022 CS for CS for SB 1536 577-02517-22 20221536c2 4.
Florida Senate - 2022 CS for SB 1536 597-02091-22 20221536c1 (b) For a corporation not publicly traded, each shareholder that, directly or indirectly, owns 25 percent or more or that has the power to vote 25 percent or more of a class of voting securities.
A director of the money services business’s board of directors.
For purposes of this paragraph, the term “publicly traded” means a stock currently traded on a national securities exchange registered with the Securities and Exchange Commission or traded on an exchange in a country other than the United States regulated by a regulator equivalent to the Securities and Exchange Commission and the disclosure and reporting requirements of such regulator are substantially similar to those of the commission.
(b) For a corporation that is not publicly traded, all shareholders that, directly or indirectly, own 25 percent or more or that have the power to vote 25 percent or more of a class of voting securities.
(c) For a partnership, all general partners and limited or special partners that have contributed 25 percent or more or that have the right to receive, upon dissolution, 25 percent or more of the partnership’s capital.
(c) For a partnership, all general partners and those limited or special partners that have contributed 25 percent or more or that have the right to receive upon dissolution 25 percent or more of the partnership’s capital.
(d) For a trust, each trustee.
(d) For a trust, all trustees.
(e) For a limited liability company, all managers and those members that have contributed 25 percent or more or that have the right to receive, upon dissolution, 25 percent or more of the limited liability company’s capital account.
(e) For a limited liability company, all managers and those members that have contributed 25 percent or more or that have the right to receive upon dissolution 25 percent or more of the limited liability company’s capital.
Currency also includes official foreign bank notes that are customarily used and accepted as a medium of exchange in a foreign country.
Currency also includes Page 4 of 16 CODING:
(13)(12) “Deferred presentment provider” means a person who is licensed under part II or part III of this chapter and has filed a declaration of intent with the office to engage in Page 4 of 18 CODING:
Florida Senate - 2022 CS for CS for SB 1536 577-02517-22 20221536c2 deferred presentment transactions as provided under part IV of this chapter.
Florida Senate - 2022 CS for SB 1536 597-02091-22 20221536c1 official foreign bank notes that are customarily used and accepted as a medium of exchange in a foreign country.
(13)(12) “Deferred presentment provider” means a person who is licensed under part II or part III of this chapter and has filed a declaration of intent with the office to engage in deferred presentment transactions as provided under part IV of this chapter.
(b) An expression of opinion regarding whether the financial statements are presented in conformity with accounting principles generally accepted in the United States, or an assertion to the effect that such an opinion cannot be expressed and the reasons.
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Florida Senate - 2022 CS for CS for SB 1536 577-02517-22 20221536c2 (17)(16) “Foreign affiliate” means a person located outside this state who has been designated by a licensee to make payments on behalf of the licensee to persons who reside outside this state.
Florida Senate - 2022 CS for SB 1536 597-02091-22 20221536c1 (b) An expression of opinion regarding whether the financial statements are presented in conformity with accounting principles generally accepted in the United States, or an assertion to the effect that such an opinion cannot be expressed and the reasons.
(17)(16) “Foreign affiliate” means a person located outside this state who has been designated by a licensee to make payments on behalf of the licensee to persons who reside outside this state.
560.310(2)(b) which would in context lead a reasonably prudent person to believe that such instrument is an authentic original of such personal identification.
560.310(2)(b) which would in context lead a reasonably prudent person to believe that such instrument is an authentic Page 6 of 16 CODING:
(d) Counterfeit, fictitious, or fabricated information in the similitude of a customer’s personal identification information that, although not authentic, would in context lead a reasonably prudent person to credit its authenticity.
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Florida Senate - 2022 CS for CS for SB 1536 577-02517-22 20221536c2 (20)(19) “Licensee” means a person licensed under this chapter.
Florida Senate - 2022 CS for SB 1536 597-02091-22 20221536c1 original of such personal identification.
(d) Counterfeit, fictitious, or fabricated information in the similitude of a customer’s personal identification information that, although not authentic, would in context lead a reasonably prudent person to credit its authenticity.
(20)(19) “Licensee” means a person licensed under this chapter.
(26)(25) “Office” means the Office of Financial Regulation of the commission.
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(26) “Officer” means an individual, other than a director, who participates in, or has authority to participate in, the major policymaking functions of a money services business, Page 7 of 18 CODING:
Florida Senate - 2022 CS for CS for SB 1536 577-02517-22 20221536c2 regardless of whether the individual has an official title or receives a salary or other compensation.
Florida Senate - 2022 CS for SB 1536 597-02091-22 20221536c1 (26)(25) “Office” means the Office of Financial Regulation of the commission.
(26) “Officer” means an individual, other than a director, who participates in, or has authority to participate in, the major policymaking functions of a money services business, regardless of whether the individual has an official title or receives a salary or other compensation.
(32) “Personal identification information” means a customer’s name that, alone or together with any of the following information, may be used to identify that specific customer:
(32) “Personal identification information” means a customer’s name that, alone or together with any of the following information, may be used to identify that specific Page 8 of 16 CODING:
(a) Customer’s signature.
(b) Photograph, digital image, or other likeness of the customer.
(c) Unique biometric data, such as the customer’s Page 8 of 18 CODING:
Florida Senate - 2022 CS for CS for SB 1536 577-02517-22 20221536c2 thumbprint or fingerprint, voice print, retina or iris image, or other unique physical representation of the customer.
Florida Senate - 2022 CS for SB 1536 597-02091-22 20221536c1 customer:
(33) “Publicly traded” means a stock is currently traded on a national securities exchange registered with the Securities and Exchange Commission, or traded on an exchange in a country other than the United States regulated by a regulator equivalent to the Securities and Exchange Commission and the disclosure and reporting requirements of such regulator are substantially similar to those of the Securities and Exchange Commission “Responsible person” means an individual who is employed by or affiliated with a money services business and who has principal active management authority over the business decisions, actions, and activities of the money services business in this state.
(a) Customer’s signature.
(34) “Sells” means to sell, issue, provide, or deliver.
(b) Photograph, digital image, or other likeness of the customer.
(35) “Stored value” means funds or monetary value represented in digital electronic format, whether or not specially encrypted, and stored or capable of storage on electronic media in such a way as to be retrievable and transferred electronically.
(c) Unique biometric data, such as the customer’s thumbprint or fingerprint, voice print, retina or iris image, or other unique physical representation of the customer.
(33) “Responsible person” means an individual who is employed by or affiliated with a money services business and who has principal active management authority over the business decisions, actions, and activities of the money services business in this state.
(33)(34) “Sells” means to sell, issue, provide, or deliver.
(34)(35) “Stored value” means funds or monetary value represented in digital electronic format, whether or not specially encrypted, and stored or capable of storage on electronic media in such a way as to be retrievable and transferred electronically.
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Section 3.
Paragraph (d) of subsection (3) of section 560.123, Florida Statutes, is amended to read:
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Florida Senate - 2022 CS for CS for SB 1536 577-02517-22 20221536c2 Section 3.
Florida Senate - 2022 CS for SB 1536 597-02091-22 20221536c1 560.123 Florida Control of Money Laundering in Money Services Business Act.— (3) A money services business shall keep a record of each financial transaction occurring in this state which it knows to involve currency or other payment instrument, as prescribed by the commission, having a value greater than $10,000;
Paragraph (d) of subsection (3) of section 560.123, Florida Statutes, is amended to read:
560.123 Florida Control of Money Laundering in Money Services Business Act.— (3) A money services business shall keep a record of each financial transaction occurring in this state which it knows to involve currency or other payment instrument, as prescribed by the commission, having a value greater than $10,000;
(a) If any person, directly or indirectly or acting by or through one or more persons, proposes to purchase or acquire a Page 10 of 18 CODING:
(a) If any person, directly or indirectly or acting by or through one or more persons, proposes to purchase or acquire a controlling interest in a licensee, such person or group must submit an application for licensure as a money services business Page 10 of 16 CODING:
Florida Senate - 2022 CS for CS for SB 1536 577-02517-22 20221536c2 controlling interest in a licensee, such person or group must submit an application for licensure as a money services business or deferred presentment provider before such purchase or acquisition at such time and in such form as prescribed by rule.
Florida Senate - 2022 CS for SB 1536 597-02091-22 20221536c1 or deferred presentment provider before such purchase or acquisition at such time and in such form as prescribed by rule.
Paragraphs (a) and (c) of subsection (1) of section 560.141, Florida Statutes, are amended to read:
Paragraph (a) of subsection (1) of section 560.141, Florida Statutes, is amended to read:
(a) An application to the office on forms prescribed by Page 11 of 18 CODING:
(a) An application to the office on forms prescribed by rule which includes the following information:
1.
The legal name and address of the applicant, including Page 11 of 16 CODING:
Florida Senate - 2022 CS for CS for SB 1536 577-02517-22 20221536c2 rule which includes the following information:
Florida Senate - 2022 CS for SB 1536 597-02091-22 20221536c1 any fictitious or trade names used by the applicant in the conduct of its business.
1.
The legal name and address of the applicant, including any fictitious or trade names used by the applicant in the conduct of its business.
The location at which the applicant proposes to establish its principal place of business and any other location, including branch offices and authorized vendors Page 12 of 18 CODING:
The location at which the applicant proposes to establish its principal place of business and any other location, including branch offices and authorized vendors operating in this state.
For each branch office and each location of an authorized vendor, the applicant shall include Page 12 of 16 CODING:
Florida Senate - 2022 CS for CS for SB 1536 577-02517-22 20221536c2 operating in this state.
Florida Senate - 2022 CS for SB 1536 597-02091-22 20221536c1 the nonrefundable fee required by s.
For each branch office and each location of an authorized vendor, the applicant shall include the nonrefundable fee required by s.
(c) Fingerprints for each person listed in subparagraph (a)3.
Section 7.
for live-scan processing in accordance with rules adopted by the commission.
1.
The fingerprints may be submitted through a third-party vendor authorized by the Department of Law Enforcement to provide live-scan fingerprinting.
2.
The Department of Law Enforcement must conduct the state criminal history background check, and a federal criminal history background check must be conducted through the Federal Bureau of Investigation.
3.
All fingerprints submitted to the Department of Law Page 13 of 18 CODING:
Words stricken are deletions;
words underlined are additions.
Florida Senate - 2022 CS for CS for SB 1536 577-02517-22 20221536c2 Enforcement must be submitted electronically and entered into the statewide automated fingerprint identification system established in s.
943.05(2)(b) and available for use in accordance with s.
943.05(2)(g) and (h).
The office shall pay an annual fee to the Department of Law Enforcement to participate in the system and shall inform the Department of Law Enforcement of any person whose fingerprints no longer must be retained.
4.
The costs of fingerprint processing, including the cost of retaining the fingerprints, shall be borne by the person subject to the background check.
5.
The office shall review the results of the state and federal criminal history background checks and determine whether the applicant meets licensure requirements.
6.
For purposes of this paragraph, fingerprints are not required to be submitted if the applicant is a publicly traded corporation or is exempted from this chapter under s.
560.104(1).
The term “publicly traded” means a stock is currently traded on a national securities exchange registered with the federal Securities and Exchange Commission or traded on an exchange in a country other than the United States regulated by a regulator equivalent to the Securities and Exchange Commission and the disclosure and reporting requirements of such regulator are substantially similar to those of the commission.
7.
Licensees initially approved before October 1, 2013, who are seeking renewal must submit fingerprints for each person listed in subparagraph (a)3.
for live-scan processing pursuant to this paragraph.
Such fingerprints must be submitted before renewing a license that is scheduled to expire between April 30, 2014, and December 31, 2015.
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Words stricken are deletions;
words underlined are additions.
Florida Senate - 2022 CS for CS for SB 1536 577-02517-22 20221536c2 Section 7.
(g) License application fees for branch offices and authorized vendors are limited to $20,000 when such fees are assessed as a result of a change in controlling interest as defined in s.
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Words stricken are deletions;
words underlined are additions.
Florida Senate - 2022 CS for SB 1536 597-02091-22 20221536c1 (g) License application fees for branch offices and authorized vendors are limited to $20,000 when such fees are assessed as a result of a change in control controlling interest as defined in s.
For the purpose of incorporating the amendments made by this act to sections 560.118 and 560.141, Florida Statutes, in references thereto, paragraph (a) of subsection (4) of section 559.952, Florida Statutes, is reenacted to read:
For the purpose of incorporating the amendment made by this act to sections 560.118 and 560.141, Florida Statutes, in references thereto, paragraph (a) of subsection (4) of section 559.952, Florida Statutes, is reenacted to read:
Section 516.03(1), except for the application fee, the Page 15 of 18 CODING:
Section 516.03(1), except for the application fee, the investigation fee, the requirement to provide the social security numbers of control persons, evidence of liquid assets of at least $25,000, and the office’s authority to investigate the applicant’s background.
Words stricken are deletions;
words underlined are additions.
Florida Senate - 2022 CS for CS for SB 1536 577-02517-22 20221536c2 investigation fee, the requirement to provide the social security numbers of control persons, evidence of liquid assets of at least $25,000, and the office’s authority to investigate the applicant’s background.
Section 560.125(1), only to the extent that the subsection would prohibit a licensee from engaging in the business of a money transmitter or payment instrument seller during the sandbox period.
Section 560.125(1), only to the extent that the subsection would prohibit a licensee from engaging in the Page 14 of 16 CODING:
Words stricken are deletions;
words underlined are additions.
Florida Senate - 2022 CS for SB 1536 597-02091-22 20221536c1 business of a money transmitter or payment instrument seller during the sandbox period.
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11.
Words stricken are deletions;
words underlined are additions.
Florida Senate - 2022 CS for CS for SB 1536 577-02517-22 20221536c2 11.
The modified amounts must be in such lower amounts that the office determines to be commensurate with the factors under paragraph (5)(c) and the maximum number of consumers authorized to receive the financial product or service under this section.
The modified amounts must be in such lower amounts that the office determines to be commensurate with the factors under paragraph (5)(c) and the maximum number of consumers authorized Page 15 of 16 CODING:
Words stricken are deletions;
words underlined are additions.
Florida Senate - 2022 CS for SB 1536 597-02091-22 20221536c1 to receive the financial product or service under this section.
For the purpose of incorporating the amendment made by this act to section 560.141, Florida Statutes, in a reference thereto, paragraph (c) of subsection (2) of section 560.114, Florida Statutes, is reenacted to read:
For the purpose of incorporating the amendment made by this act to section 560.141, Florida Statutes, in a reference thereto, paragraph (c) of subsection (2) of section 560.114, Florida Statutes, is reenacted, to read:
The following acts are deemed to constitute an immediate and serious danger to the public health, safety, and welfare, and the office may immediately suspend the license of a money Page 17 of 18 CODING:
The following acts are deemed to constitute an immediate and serious danger to the public health, safety, and welfare, and the office may immediately suspend the license of a money services business if:
Words stricken are deletions;
words underlined are additions.
Florida Senate - 2022 CS for CS for SB 1536 577-02517-22 20221536c2 services business if:
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Action History

  1. Laid on Table, companion bill(s) passed, see CS/CS/HB 389 (Ch. 2022-135)

  2. Substituted CS/CS/HB 389

  3. Read 2nd time

  4. Placed on Special Order Calendar, 03/04/22

  5. Retained on Calendar

  6. Placed on Special Order Calendar, 02/17/22

  7. Placed on Calendar, on 2nd reading

  8. Favorable by- Rules; YEAS 16 NAYS 0

  9. On Committee agenda-- Rules, 02/10/22, 11:00 am, 412 Knott Building

  10. CS/CS by Commerce and Tourism read 1st time

  11. Now in Rules

  12. Pending reference review under Rule 4.7(2) - (Committee Substitute)

  13. CS/CS by Commerce and Tourism; YEAS 10 NAYS 0

  14. On Committee agenda-- Commerce and Tourism, 01/31/22, 3:00 pm, 110 Senate Building

  15. Now in Commerce and Tourism

  16. CS by Banking and Insurance read 1st time

  17. Pending reference review under Rule 4.7(2) - (Committee Substitute)

  18. CS by Banking and Insurance; YEAS 9 NAYS 0

  19. Introduced

  20. On Committee agenda-- Banking and Insurance, 01/18/22, 3:30 pm, 412 Knott Building

  21. Referred to Banking and Insurance; Commerce and Tourism; Rules

  22. Filed

Sponsors

  • Commerce and Tourism · Primary
  • Banking and Insurance · Primary
  • Jim Boyd · Primary

Sponsorship breakdown

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3 sponsors · 0 co-sponsors · 161 not signed on

Sponsors (3)

  • Commerce and Tourism
  • Banking and Insurance
  • Boyd, Jim Republican

Co-sponsors (0)

None.

Not signed on (161)

161 members have not signed on to this bill.

Show all 161 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Favorable

Passed 16 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Republican 6000
Unaffiliated 10001
Total 16001
% of votes cast 94%0%0%6%
How each member voted (17)
Member Party Vote
Baxley — Yea
Bean — Yea
Book — Yea
Bracy — Yea
Brandes — Yea
Diaz — Yea
Farmer — Yea
Gibson — Yea
Hutson — Yea
Stargel — Yea
Powell — Not Voting
Albritton, Ben Republican Yea
Boyd, Jim Republican Yea
Garcia, Ileana Republican Yea
Gruters, Joe Republican Yea
Mayfield, Debbie Republican Yea
Passidomo, Kathleen Republican Yea

Official roll call →

Favorable with Committee Substitute

Passed 10 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 5000
Republican 4000
No Party Affiliation 1000
Total 10000
% of votes cast 100%0%0%0%
How each member voted (10)
Member Party Vote
Diaz — Yea
Hutson — Yea
Powell — Yea
Taddeo — Yea
Torres — Yea
Pizzo, Jason W. B. No Party Affiliation Yea
Garcia, Ileana Republican Yea
Gruters, Joe Republican Yea
Hooper, Ed Republican Yea
Wright, Tom A. Republican Yea

Official roll call →

Favorable with Committee Substitute

Passed 9 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Unaffiliated 6000
Republican 3001
Democrat 0001
Total 9002
% of votes cast 82%0%0%18%
How each member voted (11)
Member Party Vote
Brandes — Yea
Rodrigues — Yea
Stargel — Yea
Stewart — Yea
Taddeo — Yea
Broxson — Yea
Rouson, Darryl Ervin Democrat Not Voting
Boyd, Jim Republican Not Voting
Burgess, Danny Republican Yea
Gruters, Joe Republican Yea
Passidomo, Kathleen Republican Yea

Official roll call →

Subjects

finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 1536 do?
Money Services Businesses; Providing that a rule may require certain reports to the Office of Financial Regulation to contain declarations by control persons, rather than officers or other responsible persons; providing that control persons, rather than officers, are not liable for loss or damages under certain circumstances; requiring licensees to report changes in control persons, rather than certain other entities or persons; repealing a provision relating to control of a money services business, etc.
Who sponsors SB 1536?
SB 1536 is sponsored by Commerce and Tourism, Banking and Insurance, and Boyd, Jim (Republican).
What is the current status of SB 1536?
This bill died with 2022 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 1536?
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