Petitioner: OFFICE OF FINANCIAL REGULATION
Respondent: TERCE GROUP, INC., D/B/A STOP N GO
Judges: G. W. CHISENHALL
Agency: Office of Financial Regulation
Locations: Gainesville, Florida
Filed: Jun. 10, 2016
Status: Closed
Settled and/or Dismissed prior to entry of RO/FO on Monday, July 25, 2016.
Latest Update: Dec. 24, 2024
STATE OF FLORIDA
OFFICE OF FINANCIAL REGULATION
IN RE:
TERCE GROUP INC. d/b/a STOP N GO, Administrative Proceeding Docket
Number: 57725
Respondent.
ADMINISTRATIVE COMPLAINT
The State of Florida, Office of Financial Regulation, (“Office”) files this Administrative
Complaint against TERCE GROUP INC. d/b/a STOP N GO (‘“‘Terce” or “Respondent”),
alleging:
GENERAL ALLEGATIONS
1. Pursuant to sections 560.105 and 560.109, Florida Statutes, the Office is charged with
the responsibility of administering and enforcing the provisions of Chapter 560, Florida Statutes
and conducting examinations and investigations to determine whether any provision of Chapter
560, Florida Statutes, has been violated.
2. Pursuant to section 560.114(1)(a), Florida Statutes, failure to comply with any
provision of Chapter 560, Florida Statutes, constitutes grounds for disciplinary action.
3. At all times material hereto, Respondent is and has been a Part II] Money Services
Business licensee pursuant to Chapter 560, Florida Statutes, and specifically a “money services
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Administrative Complaint
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business,” as defined in section 560.103(22), Florida Statutes, having been issued license number
FT30900474.
4. At all times material, Respondent’s address of record is and has been 15000 N. W.
US Hwy 441, Alachua, Florida 32615 (“address of record”) and its President is and has been
Devang Chaudhari.
5. From April to November 2014, the Office conducted an examination (#52693) of
Respondent’s business records and operations (“examination period”).
6. Pursuant to Rule 69V-560.1000(150), Florida Administrative Code, the range for an
“A” fine is $1,000 to $3,500; and, pursuant to Rule 69V-560.1 000(151), Florida Administrative
Code, the range for an “A” suspension is 3 to 10 days.
7. Pursuant to Rule 69V-560.1000(150), Florida Administrative Code, the range for a
“B” fine is between $3,500 and $7,500; and, pursuant to Rule 69V-560.1000(151), Florida
Administrative Code, the range for a “B” suspension is 10 to 20 days.
8. Pursuant to Rule 69V-560.1000(150), Florida Administrative Code, the range for a
“C” fine is between $7,500 and $10,000; and, pursuant to Rule 69V-560.1000(151), Florida
Administrative Code, the range for a “C” suspension is 20 to 30 days.
9. During the examination period, Respondent conducted money services business as a
check casher and cashed payment instruments, including payment instruments exceeding $1,000.
COUNT 1
10. The above general allegations 1 through 9 are hereby re-alleged and incorporated by
reference as if fully stated herein.
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11. During the examination period, Respondent cashed payment instruments exceeding
$1,000.
12. When payment instruments of greater than $1,000 are cashed, section 560.31 0(2)(d),
Florida Statutes, and Rule 69V-560.704(5)(a), Florida Administrative Code, require licensees to
maintain a detailed electronic payment instrument (check) log that includes at least eleven
categories of information.
13. Respondent failed to maintain a complete payment log in violation of section
560.310(2)(d), Florida Statutes, and Rule 69V 560.704(5)(a), Florida Administrative Code.
14. Pursuant to a Final Order issued on October 19, 2010, Respondent was previously
found to have violated section 560.310(2)(d), Florida Statutes, by failing to maintain an
electronic payment instrument log. In re Terce Group Inc., Admin Proceeding No.
0470/M/06/10.
15. Pursuant to Rule 69V-560.1000(98), Florida Administrative Code, a licensee cited
for thc second time for failing to maintain a complete payment log is subject to a “C” fine and a
“B” suspension.
16. Therefore, the Office is seeking an administrative fine of $8,600 and 15-day
suspension.
COUNT II
17. The above general allegations 1 through 9 are hereby re-alleged and incorporated by
reference as if fully stated herein.
18. During the examination period, Respondent cashed payment instruments exceeding
$1,000.
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19. When payment instruments of greater than $1,000 are cashed, section 560.310 (2)(b),
Florida Statutes, and Rule 69V-560.704(4)(c), Florida Administrative Code, require licensees to
secure and maintain a corresponding copy of the personal identification bearing a photograph
presented by the customer cashing the payment instrument.
20. In at least 6 instances of 97 reviewed cashed payment instruments exceeding $1,000,
Respondent failed to secure and maintain a statutorily acceptable corresponding copy of the
personal identification bearing a photograph presented by the customer cashing the payment
instrument, in violation of section 560.310(2)(b), Florida Statutes, and Rule 69V-560.704 (4) (c),
Florida Administrative Code.
21. Pursuant to a Final Order issued on October 19, 2010, Respondent was previously
found to have violated section 560.310(2)(b), Florida Statutes by failing to maintain acceptable
corresponding customer identifications. In re Terce Group Inc., Admin Proceeding No. 0470-M-
06/10.
22. Pursuant to Rule 69V-560.1000(96), Florida Administrative Code, a licensee cited
for violating section 560.310(2)(b), Florida Statutes, for the second time is subject to a “C” fine
and a “C” suspension.
23. Therefore, the Office is seeking an administrative fine of $7,700 and 21-day
suspension.
COUNT Hil
24. The above gencral allegations | through 9 are hereby re-alleged and incorporated by
reference as if fully stated herein.
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25. Section 560.309(2), Florida Statutes, requires that when licensees cash payment
instruments, they endorse them, at the time of acceptance, with the legal name of the licensee.
26. Respondent failed to endorse, with its legal name, at the time of acceptance, payment
instruments it cashed, in violation of section 560.309(2), Florida Statutes.
27. Pursuant to Rule 69V-560.1000(84), Florida Administrative Code, a licensee cited
for the first time for failing to endorse payment instruments with its legal name is subject to a
“B” fine and a “B” suspension.
28. Therefore, the Office is seeking an administrative fine of $7500 and a 20-day
suspension.
COUNT Iv
29. The above general allegations 1 through 9 are hereby re-alleged and incorporated by
reference as if fully stated herein.
30. Form OFR-560-01, which is incorporated by reference into Rule 69V-560.1012,
Florida Administrative Code, requires license applicants to list every bank account through
which registered activities are or will be conducted and notify the Office of any change in bank
account information.
31. On September 7, 2007, Devang Chaudhari submitted an initial application to the
Office wherein it represented that Terce had two such accounts with Capital City Bank and has
submitted no other amendments to update Terce’s banking information.
32. Pursuant to section 560.126(2), Florida Statutes, and Rules 69V-560.1012, Florida
Administrative Code, licensees are required to report any change in the information contained in
its application form within 30 days of a change.
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33. At the time of Respondent’s examination, Respondent was found to have a third
bank account at Capital City Bank through which money services business was conducted and
which was opened since at least July 2012.
34, In violation of section 560.126(2), Florida Statutes, and Rule 69V-560.1012, Florida
Administrative Code, Respondents failed to report (within 30 days) opening and closing of bank
accounts,
35. Pursuant to Rule 69V-560.1000(52), Florida Administrative Code, a licensee cited
for the first time for failing to report (within 30 days) openings and closing of bank accounts is
subject to an “A” fine.
36. Therefore, the Office is seeking an administrative fine of $1,000.
COUNT V
37. The above general allegations 1 through 9 are hereby re-alleged and incorporated by
reference as if fully stated herein.
38. On August 28, 2014, the Office submitted to Respondent a copy of the issued
examination #52693 report and corresponding invoice for Examination Expense pursuant to
Section 560.1092, Florida Statutes, and Rule 69V-560.504, Florida Administrative Code, which
included a $2,193.86 due, and which was received by Respondent on or about September 2,
2014, at its address of record.
39. Pursuant to section 560.1092(1), Florida Statutes, and Rule 69V-560.504, Florida
Administrative Code, each licensee examined must pay to the Office the expenses of
examination pursuant to an examination invoice.
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40. Respondent has failed to pay to the Office the import of expenses of examination
#52693, in violation of section 560.1092(1), Florida Statutes, and Rule 69V-560.504, Florida
Administrative Code and the Office has, as required, sent this invoice to collections incurring an
additional $504.59 cost.
41. Pursuant to Rule 69-560.1000(3), Florida Administrative Code, a licensee cited for
the first time for failing to pay to the Office the expenses of an examination at a rate adopted by
rule is subject to an “A” fine and an “A” suspension.
42. Therefore, the Office is seeking payment of the $2193.86 costs of examination no
52693, an administrative fine of $3,500 and 10-day suspension.
WHEREFORE, Respondent, TERCE GROUP INC. d/b/a STOP N GO is hereby notified
that the Office intends to enter an Order imposing: payment of the $2193.86 invoiced costs of
examination no 52693 and incurred collections cost of $504.59, a fine of $28,300 and a 66-day
suspension.
NOTICE OF RIGHTS
Respondent is entitled to be represented by counsel or other qualified representative.
The Respondent also has the right to request a hearing pursuant to sections 120.569 and
120.57, Florida Statutes. Such request must comply with Rules 28-106.2015 and 28-106.104,
Florida Administrative Code, An Election of Proceeding form is attached for your convenience.
Any such request must be filed as follows:
By Mail or Fax OR By Hand Delivery
Office of Financial Regulation Office of Financial Regulation
P.O. Box 8050 General Counsel’s Office
Tallahassee, FL 32314-8050 The Fletcher Building, Suite 118
Phone: (850) 410-9987 101 East Gaines Street
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Fax: (850) 410-9914 Tallahassee, FL 32399-0379
Phone: (850) 410-9987
TO PRESERVE THE RIGHT TO A HEARING, A WRITTEN RESPONSE MUST BE FILED WITH THE
OFFICE OF FINANCIAL REGULATION WITHIN TWENTY-ONE (21) DAYS AFTER THE RECEIPT
OF THE ADMINISTRATIVE COMPLAINT. SAID RESPONSE MUST BE RECEIVED BY THE OFFICE
NO LATER THAN 5:00 P.M. ON THE TWENTY-FIRST DAY AFTER THE RECEIPT OF THE
ADMINISTRATIVE COMPLAINT. A FAILURE TO TIMELY RESPOND IN WRITING WILL
CONSTITUTE A WAIVER OF THE LICENSEE’S RIGHT TO REQUEST A HEARING AND A FINAL
ORDER MAY BE ENTERED WITHOUT FURTHER NOTICE.
You may not make an oral request for an administrative hearing. With regard to a written
request, if you fail to follow the outlined procedure, your request may be dismissed. Any request
for an administrative proceeding received prior to the date of this notice is deemed abandoned
and to be considered, must be timely renewed in compliance with the procedure set forth above.
Mediation of this matter pursuant to section 120.573, Florida Statutes, is not available.
DATED and SIGNED thiso?4_day ot meas
DREW J. BREAKSPEAR
Office of Financial Regulation
Florida Bar No. 838070
401 N.W. 2" Street, Suite N-708
Miami, FL 33128
(305) 536 — 0308; fax (305)810-1100
pury.santiago@flofr.com
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Administrative Complaint
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CERTIFICATE OF SERVICE
I HEREBY CERTIFY that a true and correct copy of the foregoing Administrative
Complaint has been furnished by certified U.S. mail, Return Receipt Requested to Respondent at
15000 N. W. US Hwy 441, Alachua, Florida 32615, this ZF day eal, 2015.
LK
Office of Financial Regulation
Fla. Bar No. 838070
401 N.W. 2" Street, Suite N-708
Miami, FL 33128
(305) 536 — 0490; fax (305)810-1100
pury.santiago@flofr.com
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Docket for Case No: 16-003177
Issue Date |
Proceedings |
Aug. 25, 2016 |
Transmittal letter from Claudia Llado forwarding Petitioner's Proposed Exhibits to the agency.
|
Jul. 25, 2016 |
Order Closing File and Relinquishing Jurisdiction. CASE CLOSED.
|
Jul. 22, 2016 |
Unopposed Motion to Reliquish Jurisdiction filed.
|
Jul. 19, 2016 |
Petitioner's Notice of Filing (Proposed) Exhibits for Hearing filed (exhibits not available for viewing). |
Jul. 18, 2016 |
Petitioner's Notice of Filing Exhibits for Hearing - Terce Group, Inc. - DOAH Case No. 16-3177 filed.
|
Jun. 28, 2016 |
Order Granting Petitioner's Motion to Amend Administrative Complaint.
|
Jun. 21, 2016 |
Notice of Hearing (hearing set for August 9, 2016; 9:30 a.m.; Gainesville, FL).
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Jun. 21, 2016 |
Order of Pre-hearing Instructions.
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Jun. 17, 2016 |
Respondent Unilateral Response to Initial Order filed.
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Jun. 17, 2016 |
Petitioner's First Request for Admissions to Respondent filed.
|
Jun. 17, 2016 |
Petitioner's Unilateral Response to Initial Order filed.
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Jun. 14, 2016 |
Petitioner's Motion to Amend Administrative Complaint filed.
|
Jun. 10, 2016 |
Initial Order.
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Jun. 10, 2016 |
Election of Proceeding filed.
|
Jun. 10, 2016 |
Administrative Complaint filed.
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Jun. 10, 2016 |
Agency referral filed.
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