meta_id 3130699

On May 6, 2026, the Florida Office of Financial Regulation (OFR) issued a Final Order resolving administrative proceedings against Lite Fintech LLC, operating as Mipapaya, and Hugo Padilla, its Chief Executive Officer and Sole Owner (Case Number 133548). The OFR conducted an examination of the money services business, which holds Florida Part II Money Services Business license number FT230000385, to assess compliance with Chapter 560, Florida Statutes. The Stipulation and Consent Agreement identified three compliance violations. Lite Fintech LLC failed to timely report the removal or change of control persons and the addition of a compliance officer, contrary to Rule 69V-560.201(3), Florida Administrative Code and Section 560.126(3), Florida Statutes. The respondents also failed to timely report changes to their business address, violating Rule 69V-560.102(5), Florida Administrative Code and Section 560.126(2), Florida Statutes. Additionally, the company failed to provide customers with contact information for the OFR, contrary to Section 560.128(1), Florida Statutes. Under the settlement terms, Lite Fintech LLC and Hugo Padilla agreed to pay an administrative fine of $3,750.00 and commit to future compliance with Chapter 560, Florida Statutes and its implementing rules. The payment was to be submitted via wire transfer, cashier's check, or money order to the OFR's Tallahassee office. By consenting to the Final Order, the respondents waived their rights to an administrative hearing, appeal, and separate Findings of Fact and Conclusions of Law. Non-compliance with the agreement's terms may result in an emergency cease and desist order. REFERENCES: Florida Office of Financial Regulation. Final Order, Case Number 133548 (May 6, 2026). Available at: agency.Clerk@flofr.gov