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CS/CS/HB 1087 — Pub. Rec./Office of Financial Regulation
by State Affairs Committee; Government Operations Subcommittee; and Reps. Grow and Blanco (SB 7044 by Banking and Insurance Committee)
This summary is provided for information only and does not represent the opinion of any Senator, Senate Officer, or Senate Office.
Prepared by: Banking and Insurance Committee (BI)
CS/CS/HB 1087 expands current public records exemptions that apply to money services businesses and financial institutions, including anti-money laundering provisions, to exempt records relating to:
- Virtual currency kiosk businesses (“kiosk business”) under CS/CS/SB 198 (CS/HB 505).
- Qualified payment stablecoin issuers (“stablecoin issuer”) under CS/CS/SB 314 (CS/CS/HB 175).
- Custodians of gold and silver coin (“custodians”) that is made legal tender under Chapter 100-2025, L.O.F.
This is done by reenacting public records exemptions relevant to kiosk businesses, stablecoin issuers, and custodians. The bill provides updated public necessity statements relating to the kiosk businesses, stablecoin issuers, and custodians. Each section of the bill provides an effective date for the reenactment of a current public records exemption or a public necessity statement that is linked to the passage of the applicable bill.
The public records exemptions in the bill are subject to the Open Government Sunset Review Act and are repealed on October 2, 2031, unless reenacted by the Legislature.
If approved by the Governor, or allowed to become law without the Governor's signature, these provisions take effect upon becoming law.
Vote: Senate 31-3; House 109-0