Final Order on Petition for Declaratory Statement — Greencard Payments, Inc.

Index: OFR 2026-405

STATE OF FLORIDA
OFFICE OF FINANCIAL REGULATION

In Re:
GREENCARD PAYMENTS, INC.,
Petitioner.

Case Number: 138418

FINAL ORDER ON PETITION FOR DECLARATORY STATEMENT

THIS CAUSE came on for consideration upon the Petition for Declaratory Statement ("Petition") filed by GREENCARD PAYMENTS, INC. ("Petitioner") and received by the Office of Financial Regulation ("Office") on May 13, 2026. Having considered the Petition and relevant statutes and rules, the Office issues this Final Order.

FINDINGS OF FACT

1. The Petition, attached hereto as Exhibit A, describes Petitioner as "a financial technology company incorporated and operating in the state of Florida" and requests that the Office issue a Declaratory Statement because Petitioner "is currently operating its payment platform and intends to expand its merchant network within the state of Florida."

2. Specifically, the Petition requests a Declaratory Statement confirming the following:

• That Greencard Payments, Inc.'s activities, as described in [the] Petition, do not constitute "money transmission" as defined in section 560.103(24), Florida Statutes;

• That Greencard is not required to obtain a Money Services Business license under chapter 560, Florida Statutes, based on its current business model as described herein; and

• That Greencard's role as a technology service provider to its sponsoring [Originating Depository Financial Institution] does not independently trigger licensure obligations under the Florida Money Transmitters' Code.

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3. The Office considered all information Petitioner provided and, pursuant to Rule 28-105.003, Florida Administrative Code, has taken such information as fact for the purpose of this Final Order. The facts set forth in the Petition are hereby adopted and incorporated herein by reference as the findings of fact of the Office.

4. Pursuant to, and in compliance with, section 120.565(3), Florida Statutes, the Office published notice of the Petition. The notice appeared in the Florida Administrative Register at Volume 52, Number 95, published May 15, 2026. The Office received no comments regarding the matter.

5. The Office's conclusions are based upon the assertions of fact contained in the Petition. Any modification of the assertions of fact could alter the Office's conclusions. If any facts asserted by Petitioner are untrue or materially incomplete, the Office's conclusions provided herein would not apply.

CONCLUSIONS OF LAW

6. Pursuant to chapters 120 and 560, Florida Statutes, the Office has jurisdiction over this matter.

7. Pursuant to section 120.565(1), Florida Statutes, any substantially affected person may seek a declaratory statement regarding an agency's opinion as to the applicability of a statute as it applies to the petitioner's particular set of circumstances.

8. Pursuant to section 560.105, Florida Statutes, the Office is responsible for the administration and enforcement of chapter 560, Florida Statutes.

9. It is well established that the purpose of a declaratory statement is to afford a petitioner the opportunity to seek an agency's position regarding the applicability of the agency's statutory provisions, orders, or rules to the petitioner's particular circumstances. Adventist Health System/Sunbelt, Inc. v. Agency for Health Care Admin., 955 So.2d 1173, 1176 (Fla. 1st DCA 2007) (citing Chiles v. Div. of Elections, 711 So.2d 151, 154 (Fla. 1st DCA 1998)).

10. A declaratory statement can be used to avoid costly administrative litigation by informing the petitioner in advance as to the agency's views regarding the petitioner's contemplated conduct. Adventist Health, 955 So.2d at 1176; Chiles, 711 So.2d at 154; and Nat'l Ass'n of Optometrists & Opticians v. Fla. Dep't of Health, 922 So.2d 1060, 1062 (Fla. 1st DCA 2006).

11. A declaratory statement is prospective and must therefore be sought from an agency in advance of taking a particular course of action. Adventist Health, 955 So.2d at 1176 (citing Novick v. Dep't of Health, Bd. Of Med., 816 So.2d 1237, 1240 (Fla. 5th DCA 2002)). A petition for declaratory statement which seeks a determination regarding acts which have already occurred, or are now occurring, is properly denied. Novick, 816 So.2d at 1240.

12. A declaratory statement is not available to Petitioner because the Petition seeks an opinion from the Office which involves acts that occurred in the past, or are now occurring. Any further analysis is therefore unnecessary, and the Office makes no determination regarding the merits of the Petition.

Based on the foregoing Findings of Fact and Conclusions of Law, it is hereby ORDERED THAT:

I. The Office has jurisdiction over the subject matter and the parties pursuant to chapters 120 and 560, Florida Statutes; and

II. Greencard Payments, Inc.'s Petition for Declaratory Statement is DENIED.

DONE and ORDERED this 10th day of August, 2026, in Tallahassee, Leon County, Florida.

Russell C. Weigel, III
Commissioner

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NOTICE OF RIGHTS

A PARTY WHO IS ADVERSELY AFFECTED BY THIS FINAL ORDER IS ENTITLED TO JUDICIAL REVIEW PURSUANT TO SECTION 120.68, FLORIDA STATUTES. REVIEW PROCEEDINGS ARE GOVERNED BY THE FLORIDA RULES OF APPELLATE PROCEDURE. SUCH PROCEEDINGS ARE COMMENCED BY FILING THE ORIGINAL NOTICE OF APPEAL WITH THE AGENCY CLERK FOR THE OFFICE OF FINANCIAL REGULATION AS FOLLOWS:

By Mail, Facsimile or E-mail	OR	By Hand Delivery
Agency Clerk		Agency Clerk
Office of Financial Regulation		Office of Financial Regulation
Office of General Counsel		Office of General Counsel
P.O. Box 8050		The Fletcher Building
Tallahassee, FL 32314-8050		101 East Gaines Street
Phone: (850) 410-9889		Tallahassee, FL 32399-8050
Fax: (850) 410-9663		Phone: (850) 410-9889
E-mail: Agency.Clerk@flofr.gov

A COPY OF THE NOTICE OF APPEAL, ACCOMPANIED BY THE FILING FEES AS REQUIRED BYLAW, MUST ALSO BE FILED WITH THE DISTRICT COURT OF APPEAL, FIRST DISTRICT, 2000 DRAYTON DRIVE, TALLAHASSEE, FLORIDA 32399-0950, OR WITH THE DISTRICT COURT OF APPEAL IN THE APPELLATE DISTRICT WHERE THE PARTY RESIDES. THE NOTICE OF APPEAL MUST BE FILED WITH BOTH THE AGENCY CLERK FOR THE OFFICE OF FINANCIAL REGULATION AND THE DISTRICT COURT OF APPEAL WITHIN 30 DAYS OF THE RENDITION OF THE ORDER TO BE REVIEWED.

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CERTIFICATE OF SERVICE

I HEREBY CERTIFY that a true and correct copy of the foregoing Final Order was furnished to Greencard Payments, Inc. by U.S. Mail to 26391 Crown Valley Parkway, Ste. 240, Mission Viejo, CA 92691, and by electronic mail to luke@paygreencard.com and michelle.kast@shfinancial.org on this 10th day of August, 2026.

Agency Clerk
Office of Financial Regulation
Post Office Box 8050
Tallahassee, FL 32314-8050
Email: Agency.Clerk@flofr.gov
Tel: (850) 410-9889

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Exhibit A

PETITION FOR DECLARATORY STATEMENT
BEFORE THE
FLORIDA OFFICE OF FINANCIAL REGULATION
DIVISION OF CONSUMER FINANCE

In the Matter of the Petition of
GREENCARD PAYMENTS, INC. for a Declaratory Statement Pursuant to
Section 120.565, Florida Statutes, and
Rule 28-105.002, Florida Administrative Code

I. PETITIONER

1. Petitioner Greencard Payments, Inc. ("Greencard" or "Petitioner") is a financial technology company incorporated and operating in the State of Florida. Greencard's principal place of business is located in California.

Contact Information for Petitioner:
Greencard Payments, Inc.
26391 Crown Valley Parkway STE 240
Mission Viejo, CA 92691
Telephone: 949-637-7873
Email: luke@paygreencard.com

2. Petitioner's legal counsel, if any, will be identified by amendment or cover letter upon retention.

II. STATUTORY AND REGULATORY BASIS FOR PETITION

3. This Petition is filed pursuant to Section 120.565, Florida Statutes, which authorizes any substantially affected person to seek a declaratory statement regarding a state agency's opinion as to the applicability of a statutory provision, rule, or order as it applies to the petitioner's particular set of circumstances.

4. This Petition is also filed in accordance with Rule 28-105.002, Florida Administrative Code, which sets forth the required format and contents of a petition for declaratory statement.

5. Petitioner seeks a declaratory statement from the Office of Financial Regulation ("OFR" or "Office") as to whether Greencard's business activities constitute "money transmission" requiring licensure as a Money Services Business ("MSB") under Chapter 560, Florida Statutes (the "Florida Money Transmitters' Code"), or whether Greencard's activities fall outside the scope of that chapter.

III. STATEMENT OF RELEVANT FACTS

6. Greencard is a financial technology company that provides an ACH-based digital payment solution enabling consumers to pay participating merchants directly from their bank accounts.

7. Greencard's platform consists of: (a) a consumer-facing mobile and web application that initiates bank-authorized ACH debit transactions; (b) a merchant dashboard for transaction visibility and reconciliation; and (c) integrations with third-party point-of-sale ("POS") and e-commerce systems.

8. Greencard's role in every transaction is limited to technology facilitation — specifically, payment initiation, data routing, and reporting. Greencard does not receive, hold, transmit, pool, or otherwise take custody or control of consumer or merchant funds at any point.

9. The transaction flow for each Greencard payment is as follows:

• Step 1: A consumer authorizes an ACH debit from their bank account via the Greencard mobile or web application.
• Step 2: Greencard records the transaction details and transmits the transaction data to its sponsoring bank, Partner Colorado Credit Union (PCCU), which is the Originating Depository Financial Institution ("ODFI") — a federally regulated bank.
• Step 3: The ODFI debits the consumer's bank account in the full transaction amount (e.g., $100.00).
• Step 4: The ODFI credits the merchant's bank account in the net transaction amount (e.g., $98.00).
• Step 5: The ODFI separately credits Greencard's bank account in the amount of the disclosed platform fee (e.g., $2.00).

10. At no point in this transaction flow does Greencard receive, accept, hold, or transmit consumer funds. All fund movement — origination, ACH settlement, and final credit — is performed exclusively by the ODFI, a federally regulated financial institution.

11. Greencard does not issue payment instruments, store value, pool funds, or maintain any outstanding monetary obligation to consumers or merchants. Greencard's platform fee is paid directly to Greencard's own bank account by the ODFI as a technology service fee — it does not pass through Greencard's hands from any consumer or merchant.

12. Greencard operates as a technology service provider to its sponsoring ODFI. The ODFI is solely responsible for ACH origination, compliance with NACHA Operating Rules, and all fund transmission activity.

13. Greencard's revenue model consists of a fixed, disclosed technology and platform fee per transaction or per merchant account. These fees are not contingent on holding, pooling, or redistributing funds.

14. Greencard does not store consumer bank account credentials beyond what is necessary to initiate the ACH authorization, and all such data is handled in compliance with applicable federal security standards.

IV. STATUTORY AND REGULATORY PROVISIONS AT ISSUE

15. This Petition asks the OFR to apply and interpret the following provisions to Greencard's particular set of circumstances:

• Section 560.103(24), Florida Statutes — Definition of "money transmitter": "[A] corporation, limited liability company, limited liability partnership, or foreign entity qualified to do business in this state which receives currency, monetary value, a payment instrument, or virtual currency for the purpose of acting as an intermediary to transmit currency, monetary value, a payment instrument, or virtual currency from one person to another location or person by any means... The term includes only an intermediary that has the ability to unilaterally execute or indefinitely prevent a transaction."
• Section 560.103(23), Florida Statutes — Definition of "money services business": "[A]ny person located in or doing business in this state... who acts as a payment instrument seller, foreign currency exchanger, check casher, or money transmitter."
• Section 560.103(29), Florida Statutes — Definition of "payment instrument."
• Section 560.104, Florida Statutes — Exemptions from Chapter 560, including exemptions for "banks, credit card banks, credit unions, trust companies, associations... or other financial depository institutions organized under the laws of any state or the United States."
• Section 560.125, Florida Statutes — Prohibition on engaging in money services business activities without a license.

V. BASIS FOR DECLARATORY STATEMENT — LEGAL ARGUMENT

A. Greencard Does Not "Receive" Funds for Transmission

16. The threshold requirement for classification as a "money transmitter" under Section 560.103(24) is that the entity must "receive" currency, monetary value, or a payment instrument "for the purpose of acting as an intermediary to transmit" such value to another person.

17. Greencard does not receive any currency, monetary value, or payment instruments from consumers or merchants. When a consumer initiates a payment through the Greencard application, the funds are debited directly from the consumer's bank account by the ODFI and credited directly to the merchant's bank account by the ODFI — all without Greencard ever taking title to, custody of, or control over those funds.

18. Greencard's platform fee is not received "from" a consumer or merchant for transmission. It is paid directly to Greencard's bank account by the ODFI as compensation for technology services rendered. This is analogous to a payment processor being compensated by its banking partner, not by the end parties to the transaction.

B. Greencard Cannot "Unilaterally Execute or Indefinitely Prevent" a Transaction

19. Section 560.103(24) further limits the definition of "money transmitter" to an intermediary that "has the ability to unilaterally execute or indefinitely prevent a transaction." This requirement reflects the legislature's intent to regulate entities that exercise meaningful control over the movement of funds.

20. Greencard does not have the ability to unilaterally execute a fund transfer. ACH origination and execution are controlled exclusively by the ODFI. Greencard's role is limited to transmitting payment data — not funds — to the ODFI. The ODFI alone has the authority to originate and settle the ACH transaction under NACHA Operating Rules and applicable federal banking law.

21. Similarly, Greencard cannot "indefinitely prevent" a transaction once the ODFI has received authorization and begun processing. Greencard's data submission function is upstream of the actual fund movement; once submitted, the ODFI controls execution and settlement.

C. Greencard's Sponsoring ODFI Is Exempt from Chapter 560

22. Section 560.104(1) expressly exempts from Chapter 560 "banks... or other financial depository institutions organized under the laws of any state or the United States." Greencard's sponsoring ODFI — a federally chartered or state-chartered bank — is itself exempt from Chapter 560 for the ACH transmission activities it performs.

23. Because all actual fund transmission is performed by the exempt ODFI, and Greencard merely facilitates the data routing necessary for the ODFI to originate the ACH transaction, Greencard's activities are ancillary to — not independent of — the ODFI's exempt activities.

D. Greencard Operates as a Technology Service Provider, Not a Money Services Business

24. Greencard's business model is that of a payment technology facilitator: it provides software infrastructure that allows consumers and merchants to connect with the ODFI for ACH-based payments. Greencard does not issue payment instruments, hold stored value, or engage in currency exchange.

25. Federal regulators have drawn a meaningful distinction between "money transmission" and "payment processing" or technology-facilitated ACH origination. FinCEN, in published guidance, has determined that entities providing third-party origination services for ACH transactions — where the entity submits payment instructions to a bank on behalf of merchants, and the bank remits funds directly — are not money transmitters under the Bank Secrecy Act. See FinCEN Administrative Ruling (February 5, 2003, re: ACH Third-Party Origination Services). Greencard's model is consistent with this payment processing paradigm.

26. The OFR's own prior declaratory statements and the plain language of Section 560.103(24) recognize that the "money transmitter" definition is aimed at entities that serve as true financial intermediaries — receiving funds and independently controlling their movement. Greencard serves no such role.

VI. PETITIONER'S NEED FOR A DECLARATORY STATEMENT

27. Greencard has a genuine, present need for a declaratory statement from the OFR. Greencard is currently operating its payment platform and intends to expand its merchant network within the state of Florida.

28. Whether Greencard is required to obtain a Money Services Business license under Chapter 560 directly affects its operations, compliance obligations, business relationships, and legal exposure. The absence of a definitive OFR interpretation creates material uncertainty for Greencard, its banking partners, and its merchant customers.

29. No other adequate legal remedy exists to resolve this uncertainty. Greencard cannot obtain a final judicial determination without first exhausting administrative remedies, and the risk of regulatory action for unlicensed activity under Section 560.125 creates an immediate compliance dilemma absent clarification from the OFR.

30. Petitioner is substantially affected by the statutory provisions identified in Section IV above, as a present determination of its regulatory status is necessary for lawful operation in Florida.

VII. REQUEST FOR DECLARATORY STATEMENT

31. Petitioner respectfully requests that the OFR issue a Declaratory Statement confirming:

• That Greencard Payments, Inc.'s activities, as described in this Petition, do not constitute "money transmission" as defined in Section 560.103(24), Florida Statutes;
• That Greencard is not required to obtain a Money Services Business license under Chapter 560, Florida Statutes, based on its current business model as described herein; and
• That Greencard's role as a technology service provider to its sponsoring ODFI does not independently trigger licensure obligations under the Florida Money Transmitters' Code.

32. In the alternative, if the OFR determines that further factual development is necessary, Petitioner respectfully requests a hearing pursuant to Sections 120.565 and 120.57, Florida Statutes, to present additional evidence in support of this Petition.

VIII. REQUEST REGARDING HEARING

33. Petitioner does not request an oral hearing at this time and believes this Petition can be resolved on the written submission. However, Petitioner reserves the right to request a hearing should the OFR determine that factual issues require further development.

IX. CERTIFICATION

34. The undersigned authorized representative of Greencard Payments, Inc. hereby certifies that the facts stated in this Petition are true and correct to the best of their knowledge and belief, and that this Petition is submitted in good faith for the purpose of obtaining an agency interpretation of applicable law.

Respectfully submitted,
[Signature]
Luke Blackamore
Owner
Greencard Payments, Inc.
26391 Crown Valley Parkway STE 240
Mission Viejo, CA 92691
949-637-7873 luke@paygreencard.com

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Date: May 13, 2026

CERTIFICATE OF SERVICE

I hereby certify that a true and correct copy of the foregoing Petition for Declaratory Statement has been filed with the Agency Clerk of the Florida Office of Financial Regulation by email at Agency.Clerk@flofr.gov, and/or by mail to: Office of Financial Regulation, P.O. Box 8050, Tallahassee, Florida 32314-8050, on May 13, 2026.

[Signature]
[Authorized Signatory or Attorney]

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Greencard Transaction Flow

[Diagram Description]

1. Consumer (Circle) -> Authorizes purchase -> Device/POS (Rounded Rectangle)
2. Device/POS -> Greencard Platform (Diamond) -> Greencard records transaction details & sends to ODFI -> Sponsor Bank/ODFI (Rounded Rectangle)
3. Sponsor Bank/ODFI -> ACH Fund Transfer -> Merchant (Circle)
4. Consumer -> ACH Fund Transfer -> Sponsor Bank/ODFI

[Flow Detail]
Consumer Bank (Rectangle) --$100--> ODFI (Circle) ODFI --$98--> Merchant Bank (Rectangle) ODFI --$2--> Greencard Bank (Rectangle)

1. Consumer authorizes a purchase from merchant for $100 using the Greencard app
2. Greencard records the transaction and sends the transaction details to the ODFI
3. ODFI debits consumer bank account in the amount of $100
4. ODFI credits the merchant bank account in the amount of $98
5. ODFI credits Greencard's bank account in the amount of $2 for the transaction fee