Florida Senate - 2020                        COMMITTEE AMENDMENT
       Bill No. CS for SB 1872
       
       
       
       
       
       
                                Ì816768[Î816768                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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       The Committee on Banking and Insurance (Hutson) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete lines 18 - 82
    4  and insert:
    5         Section 1. Paragraph (g) is added to subsection (5) and
    6  paragraph (f) is added to subsection (6) of section 559.952,
    7  Florida Statutes, as created by SB 1870, 2020 Regular Session,
    8  to read:
    9         559.952 Financial Technology Sandbox.—
   10         (5) FINANCIAL TECHNOLOGY SANDBOX APPLICATION; STANDARDS FOR
   11  APPROVAL.—
   12         (g)1. The following information submitted to the office in
   13  a Financial Technology Sandbox application under this subsection
   14  is confidential and exempt from s. 119.07(1) and s. 24(a), Art.
   15  I of the State Constitution:
   16         a. The reasons why the general law or rule requirements for
   17  which an exception or waiver is sought prevent the innovative
   18  financial product or service from being made available to
   19  consumers.
   20         b. The information specified in subparagraphs (d)1.-4. and
   21  (d)8.
   22  
   23  However, such information may be released to appropriate state
   24  and federal agencies for purposes of investigation.
   25         2. This paragraph is subject to the Open Government Sunset
   26  Review Act in accordance with s. 119.15 and shall stand repealed
   27  on October 2, 2025, unless reviewed and saved from repeal
   28  through reenactment by the Legislature.
   29         (6) OPERATION OF THE FINANCIAL TECHNOLOGY SANDBOX.—
   30         (f)1. Any information relating to the consultation
   31  described in paragraph (b) is confidential and exempt from s.
   32  119.07(1) and s. 24(a), Art. I of the State Constitution.
   33  However, such information may be released to appropriate state
   34  and federal agencies for the purposes of investigation.
   35         2. This paragraph is subject to the Open Government Sunset
   36  Review Act in accordance with s. 119.15 and shall stand repealed
   37  on October 2, 2025, unless reviewed and saved from repeal
   38  through reenactment by the Legislature.
   39         Section 2. The Legislature finds that it is a public
   40  necessity that proprietary business information in the
   41  innovative Financial Technology Sandbox be expressly made
   42  confidential and exempt from public records requirements. The
   43  disclosure of the proprietary business information relating to
   44  the innovative financial technology products and services could
   45  adversely affect the business interests of the Financial
   46  Technology Sandbox applicants. Those entities and individuals
   47  who would otherwise disclose proprietary business information in
   48  their applications to the Office of Financial Regulation to
   49  start a business in this state would hesitate to cooperate with
   50  the office, and this lack of cooperation would impair the
   51  effective and efficient administration of governmental
   52  functions. Further, disclosure of such information would impair
   53  competition in the financial technology industry because
   54  competitors could use the information to impede full and fair
   55  competition in the financial technology industry to the
   56  disadvantage of consumers. Without the exemption from public
   57  records requirements which would protect their proprietary
   58  business information, financial technology innovators might
   59  elect to establish their business in another state with a more
   60  secure business environment. Therefore, the Legislature finds
   61  that any proprietary business information in Financial
   62  Technology Sandbox applications and information relating to
   63  specified consultations between Financial Technology Sandbox
   64  applicants and the office on the applicants’ financial products
   65  or services must be held
   66  
   67  ================= T I T L E  A M E N D M E N T ================
   68  And the title is amended as follows:
   69         Delete lines 6 - 8
   70  and insert:
   71         Technology Sandbox applications and information