Final Order Revoking PayServices, Inc. Money Services Business License

Index: OFR 2026 - 276 In Re: PAYSERVICES, INC., Respondent. ST ATE OF FLORIDA OFFICE OF FINANCIAL REGULATION Case Number: 125893 FINAL ORDER This cause came on for consideration and final agency action. Upon review of the complete record in this case, including the attached Recommended Order, and being otherwise fu]ly advised in the premises, the Office of Financial Regulation ("Office") hereby finds:

1. This case was initiated by the Office filing an Administrative Complaint alleging the Respondent violated section 560.114(1)(u), Florida Statutes, by failing to timely pay an administrative fine imposed against the Respondent by the Final Order entered by the Office in Case Number 108042. As further set forth in the Administrative Complaint, Respondent holds a money services business license, license number FT230000158.
2. Respondent did not appear at the administrative hearing held in this case.
3. The Office has jurisdiction over the subject matter of this case and the parties hereto.
4. The entry of this Final Order sha1l concJude Case Number 125893. IT IS ACCORDINGLY ORDERED: A. The attached Recommended Order is hereby adopted by the Office and incorporated by reference as if fully stated herein.

B. Respondent violated section 560.l 14(1)(u), Florida Statutes, and is subject to discipline as addressed in the Recommended Order. C. Respondent's money services business license, license number FT230000158, is REVOKED. D. Respondent shall CEASE and DESIST from any further violations of chapter 560, Florida Statutes, and the rules promulgated thereto. DONE and ORDERED this ,£ 1 day of May, 2026, in Tallahassee, Leon County, Florida. 2 ~ t Chief Operating Officer Office of Financial Regulation Authorized Signatory By Delegation

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 or Email Agency Clerk Office of Financial Regulation P.O. Box 8050 Tallahassee, Florida 32314-8050 Phone: (850) 410-9889 Agency.Clerk@flofr.gov OR B Hand Delivery Agency Clerk Office of Financial Regulation General Counsel's Office The Fletcher Building 101 East Gaines Street, Suite 504 Tallahassee, Florida 32399 Phone: (850) 410-9889 A COPY OF THE NOTICE OF APPEAL, ACCOMPANIED BY THE FILING FEES AS REQUIRED BY LAW, 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. 3

CERTIFICATE OF SERVICE I HEREBY CERTIFY that a true and correct copy of the foregoing Final Order was furnished via electronic mail to Respondent, PayServices, Inc. at info@payservices.com and ,--i7t~ lionel@payservices.com, on this _L. ___ day of May, 2026. 4 gen 0 • ce Financial Regulation Office Box 8050 Tallahassee, FL 32314-8050 Email: Agency.Clerk@flofr.gov Tel: (850) 410-9889

STATE OF FLORIDA OFFICE OF FINANCIAL REGULATION In Re: PAYSERVICES, INC., Case Number: 125893 Respondent. RECOMMENDED ORDER Pursuant to notice, a hearing was held before the undersigned on March 23, 2026, by Microsoft Teams teleconference. Counsel for Petitioner appeared and presented the testimony of one witness. No representative of Respondent appeared. Counsel for Petitioner: Joaquin Alvarez, Esq. Office of Financia1 Regulation 400 W. Robinson Street. Orlando, FL 32801 STATEMENT OF THE ISSUE Whether revocation of Respondent's license is the appropriate penalty for the violation charged in the Administrative Complaint. FINDINGS OF FACT

1. The Office of Financial Regulation ("Office" or "Petitioner") is charged with administering Chapter 560, Florida Statutes which governs money services businesses.

2. PayServices, Inc. ("Respondent" or "PayServices") is a licensed money services business, specificaJly, a money transmitter.

3. On October 17, 2023, a Final Order in Case No. I 08042 was entered by the Office ordering Respondent to pay an administrative fine in the amount of$10,000 within 30 days of the issuance of the Order.

4. On February 7, 2024, a notice was sent to Respondent stating, "Payment in full must be received by this Office within 5 business days from the date of this notification. Failure to comply will result in an administrative action against your license, up to and including revocation and referral to collections for the unpaid fine."

5. As of the date of the hearing, Respondent has not paid the fine.

6. On November 26, 2024, the Office filed an Administrative Complaint against Respondent alleging that Respondent failed to pay the administrative fine imposed on Respondent pursuant to Final Order issued in Case No. 108042.

7. On January 28, 2025, Respondent filed an Election of Proceeding disputing material facts alleged in the Administrative Complaint. On February 11, 2025, the Office referred the matter to the Division of Administrative Hearings ("DOAH").

8. On April 4, 2025, the Office filed a motion to compel in the DOAH case, requesting sanctions be issued against Respondent for failure to respond to discovery in the form of Requests for Admissions.

9. On April 22, 2025, an Order was issued in the DOAH case deeming all facts alleged in the Request for Admissions to be true.

10. On May 5, 2025, DOAH determined there were no longer any disputed issues of material fact in the matter and relinquished jurisdiction to the Office.

11. On May 14, 2025, the Office granted Petitioner an informal hearing and appointed the widersigned as the Hearing Officer. 2

12. On December 2, 2025, an Order Scheduling Hearing was entered and served on the parties setting a hearing date of March 23, 2026.

13. On March 20, 2026, Respondent filed a Motion of Non-Appearance stating that Lionel Danenburg would not be appearing at the hearing.

14. A hearing was held on March 23, 2026 by Microsoft Teams teleconference. The Office was represented by Joaquin Alvarez who appeared at the hearing. No representative for Respondent appeared. The Office submitted 13 exhibits which were entered into evidence without objection.

15. Brandi Smith, the Chief of the Bureau of Enforcement, Division of Consumer Finance testified. As part of her assigned job duties, Ms. Smith makes recommendations about the appropriate penalty to impose for violations of the consumer finance laws.

16. When asked "What happens after a licensee fails to pay a demand letter," Ms. Smith answered, "We're going to make a referral to legal and request that they seek revocation." She testified that failure to comply with an Order issued by the Office was an "egregious" violation and that license revocation was the only appropriate penalty for the violation. CONCLUSIONS OF LAW

17. Section 560.114(1), F.S. states that failure to comply with any provision of this chapter or related rule or order, or any written agreement entered into with the office "constitute grounds for the issuance of a cease and desist order; the issuance of a removal order; the denial, suspension, or revocation of a license; or taking any other action within the authority of the office pursuant to this chapter."

18. The Office's Final Order in Case No. I 08042 ordered Respondent to pay a $10,000 fine. Respondent's failure to pay the fine constitutes failure to comply with an order, giving the Office authority to take action against the Respondent. 3

19. The Disciplinary Guidelines for Money Services Businesses, Form OFR-560-09, which is incorporated by reference in Rule 69V-560.1000(1 ), Florida Administrative Code (2023), provides that the guidelines for a first time offense for this violation are: an A level fine, an A level suspension, or revocation.

20. The mitigating and aggravating circumstances in Rule 69V-560.1000(3), Florida Administrative Code were considered in determining if license revocation is an appropriate penalty. Respondent presented no mitigating evidence. The aggravating factors that the violation was the result of willful misconduct and other case-specific circumstances are applicable. A case￾specific circumstance considered is the length of time that Respondent has knowingly continued to violate the Office's order. RECOMMENDATION For the reasons above, it is recommended that Respondent's money transmitter license be Revoked. Respectfully Submitted this 5th day of May, 2026 P~Shoewtake,r PAIGE SHOEMAKER Hearing Officer Office of Financial Regulation 200 E. Gaines Street Tallahassee, FL 32399-0379 4

CERTIFICATE OF SERVICE I HEREBY CERTIFY that a true and correct copy of the foregoing Recommended Order has been furnished to PayServices, Inc., c/o Lionel Danenberg, at lionel@payservices.com and Joaquin Alvarez at Joaquin.Alvarez@flofr.gov on the ~ day of May, 2026. 5 e 0 • ancial Regulation • o Offic Box 8050 Ta=,._..-ee, FL 32314 Email: Agency.Clerk@flofr.gov Tel: (850) 410-9889