The Office of Financial Regulation (OFR) today announced that it issued warning letters, subpoenas and/or document requests to more than a dozen unlicensed check-cashing entities that advertised check-cashing services at their locations, including check cashing through the use of purported “self-service check-cashing machines.” A warning letter was also issued to an unlicensed, out-of-state entity for supplying, maintaining and sharing fees derived from the unlawful operation of these machines. Further, the OFR began formal investigations of three related companies for potentially more serious violations of Florida law.
Today’s actions are part of a statewide sweep, Operation CheckBox, conducted by the OFR, of convenience store retailers who have been operating, allowing others to operate, and/or advertising the operation of so-called “self-service” check-cashing machines on their premises.
Commissioner Russell C. Weigel, III, said, “The Office of Financial Regulation is committed to ensuring the integrity of the financial marketplace so Floridians can utilize financial services businesses with confidence. Thank you to OFR’s investigative and legal team members for their diligent efforts with Operation CheckBox to keep Floridians protected.”
The warning letters advise the recipients that their advertisements and check-cashing activities may violate Florida law, urge them to review their acts and practices for compliance with Chapter 560, Florida Statutes, and demand that they cease and desist from any and all activities that violate Florida law, including engaging in unlicensed check-cashing activities without being properly licensed with the OFR or having a proper exemption from such licensure.
Read an example of the warning letter.
Chapter 560, Florida Statutes, generally provides that a person may not engage in, or in any manner advertise engagement in, the business of cashing checks or other payment instruments without being properly licensed with the OFR. Individuals or entities the OFR finds to have violated these provisions are subject to enforcement actions.
The opening of an investigation is not an accusation of wrongdoing. The OFR’s authority to investigate possible administrative violations requires the agency to make fair and reasonable inquiries to obtain the relevant facts necessary to determine whether the subject of the investigation should be charged or exonerated.
