Industry Alert: Changes in Check Cashing Laws

Tallahassee, Fla. - Today, the Office of Financial Regulation (OFR) notified all licensed check cashers of statutory changes to chapter 560, Florida Statutes, related to cashing corporate checks. 

House Bill 1185 was signed into law on May 24, 2023, and becomes effective July 1, 2023. The bill makes the following changes to chapter 560, Florida Statutes:

Creates subsection 560.309(11), Florida Statutes, which prohibits a licensed check casher from cashing “corporate checks where the aggregate face amount of all corporate checks cashed for each payee exceeds 200 percent of the payee’s workers’ compensation policy payroll amount during the same dates as the worker’s compensation policy coverage period.”

Amends section 560.111 making it a prohibited act to knowingly and willfully violate the new subsection 560.309(11), Florida Statutes. A person who knowingly and willfully violates this new law commits a felony of the third degree, punishable as provided in sections 775.082, 775.083, or 775.084, Florida Statutes.

The Office of Financial Regulation maintains a list of compliance tips located on its website at OFR Division of Consumer Finance (flofr.gov) which provides information to help licensees comply with all laws. Licensees are encouraged to maintain full knowledge and awareness of statutory laws and rules applicable to their business operations.

Visit  www.flofr.gov or call (850) 487-9687 for additional questions not covered in the compliance tips.