Florida Senate - 2020 CS for SB 1872
By the Committee on Governmental Oversight and Accountability;
and Senator Hutson
585-03386-20 20201872c1
1 A bill to be entitled
2 An act relating to public records; amending s.
3 559.952, F.S.; providing exemptions from public
4 records requirements for certain information submitted
5 to the Office of Financial Regulation in Financial
6 Technology Sandbox applications, certain records
7 maintained by specified providers of innovative
8 financial products or services, and information
9 relating to certain consultations; authorizing the
10 office to disclose the information to state and
11 federal agencies for certain purposes; providing for
12 future legislative review and repeal of the
13 exemptions; providing a statement of public necessity;
14 providing a contingent effective date.
15
16 Be It Enacted by the Legislature of the State of Florida:
17
18 Section 1. Paragraph (h) is added to subsection (4) and
19 paragraph (f) is added to subsection (5) of section 559.952,
20 Florida Statutes, as created by SB 1870, 2020 Regular Session,
21 to read:
22 559.952 Financial Technology Sandbox.—
23 (4) FINANCIAL TECHNOLOGY SANDBOX APPLICATION; STANDARDS FOR
24 APPROVAL.—
25 (h)1. The following information submitted to the office in
26 a Financial Technology Sandbox application under this subsection
27 is confidential and exempt from s. 119.07(1) and s. 24(a), Art.
28 I of the State Constitution:
29 a. The reasons why the general law or rule requirements for
30 which an exception or waiver is sought prevent the innovative
31 financial product or service from being made available to
32 consumers.
33 b. The information specified in subparagraphs (e)1.-4. and
34 (e)7.
35
36 However, such information may be released to appropriate state
37 and federal agencies for purposes of investigation.
38 2. This paragraph is subject to the Open Government Sunset
39 Review Act in accordance with s. 119.15 and shall stand repealed
40 on October 2, 2025, unless reviewed and saved from repeal
41 through reenactment by the Legislature.
42 (5) OPERATION OF THE FINANCIAL TECHNOLOGY SANDBOX.—
43 (f)1. The comprehensive records relating to the innovative
44 financial product or service maintained under paragraph (e) and
45 any information relating to the consultation described in
46 paragraph (b) are confidential and exempt from s. 119.07(1) and
47 s. 24(a), Art. I of the State Constitution. However, such
48 records and information may be released to appropriate state and
49 federal agencies for the purposes of investigation.
50 2. This paragraph is subject to the Open Government Sunset
51 Review Act in accordance with s. 119.15 and shall stand repealed
52 on October 2, 2025, unless reviewed and saved from repeal
53 through reenactment by the Legislature.
54 Section 2. The Legislature finds that it is a public
55 necessity that proprietary business information in the
56 innovative Financial Technology Sandbox be expressly made
57 confidential and exempt from public records requirements. The
58 disclosure of the proprietary business information relating to
59 the innovative financial technology products and services could
60 adversely affect the business interests of the Financial
61 Technology Sandbox applicants. Those entities and individuals
62 who would otherwise disclose proprietary business information in
63 their applications to the Office of Financial Regulation to
64 start a business in this state or who would maintain records
65 relating to their innovative financial products or services were
66 they already established here would hesitate to cooperate with
67 the office, and this lack of cooperation would impair the
68 effective and efficient administration of governmental
69 functions. Further, disclosure of such information would impair
70 competition in the financial technology industry because
71 competitors could use the information to impede full and fair
72 competition in the financial technology industry to the
73 disadvantage of consumers. Without the exemption from public
74 records requirements which would protect their proprietary
75 business information, financial technology innovators might
76 elect to establish their business in another state with a more
77 secure business environment. Therefore, the Legislature finds
78 that any proprietary business information in the Financial
79 Technology Sandbox applications, any records maintained by
80 financial technology innovators relating to their financial
81 products or services, and specified discussions with the office
82 on their financial products or services must be held
83 confidential and exempt from disclosure under s. 119.07(1),
84 Florida Statutes, and s. 24(a), Article I of the State
85 Constitution.
86 Section 3. This act shall take effect on the same date that
87 SB 1870 or similar legislation takes effect, if such legislation
88 is adopted in the same legislative session or an extension
89 thereof and becomes a law.