Florida Senate - 2020                        COMMITTEE AMENDMENT
       Bill No. SB 1872
       
       
       
       
       
       
                                Ì289714;Î289714                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  02/10/2020           .                                
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       The Committee on Governmental Oversight and Accountability
       (Hutson) recommended the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete everything after the enacting clause
    4  and insert:
    5         Section 1. Paragraph (h) 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         (h)1.The following information made available to the
   13  office in a Financial Technology Sandbox application under this
   14  subsection is confidential and exempt from s. 119.07(1) and s.
   15  24(a), Art. I of the State Constitution:
   16         a.The reasons why the general law or rule requirements for
   17  which a waiver is sought prevent the innovative financial
   18  product or service from being made available to consumers.
   19         b.The information specified in paragraph (e).
   20  
   21  However, the information made available to the office under this
   22  subparagraph may be released to appropriate state and federal
   23  agencies for the purposes of investigation.
   24         2.This paragraph is subject to the Open Government Sunset
   25  Review Act in accordance with s. 119.15 and shall stand repealed
   26  on October 2, 2025, unless reviewed and saved from repeal
   27  through reenactment by the Legislature.
   28         (6) OPERATION OF THE FINANCIAL TECHNOLOGY SANDBOX.—
   29         (f)1.The comprehensive records relating to the innovative
   30  financial product or service maintained under paragraph (e) and
   31  any information relating to the consultation described in
   32  paragraph (b) are confidential and exempt from s. 119.07(1) and
   33  s. 24(a), Art. I of the State Constitution. However, such
   34  records and information may be released to appropriate state and
   35  federal agencies for the purposes of investigation.
   36         2.This paragraph is subject to the Open Government Sunset
   37  Review Act in accordance with s. 119.15 and shall stand repealed
   38  on October 2, 2025, unless reviewed and saved from repeal
   39  through reenactment by the Legislature.
   40         Section 2. The Legislature finds that it is a public
   41  necessity that proprietary business information in the
   42  innovative Financial Technology Sandbox be expressly made
   43  confidential and exempt from public records requirements. The
   44  disclosure of the proprietary business information relating to
   45  the innovative financial technology products and services could
   46  adversely affect the business interests of the Financial
   47  Technology Sandbox applicants. Those entities and individuals
   48  who would otherwise disclose proprietary business information in
   49  their applications to the Office of Financial Regulation to
   50  start a business in this state or who would maintain records
   51  relating to their innovative financial products or services were
   52  they already established here would hesitate to cooperate with
   53  the office, and this lack of cooperation would impair the
   54  effective and efficient administration of governmental
   55  functions. Further, disclosure of such information would impair
   56  competition in the financial technology industry because
   57  competitors could use the information to impede full and fair
   58  competition in the financial technology industry to the
   59  disadvantage of consumers. Without the exemption from public
   60  records requirements which would protect their proprietary
   61  business information, financial technology innovators might
   62  elect to establish their business in another state with a more
   63  secure business environment. Therefore, the Legislature finds
   64  that any proprietary business information in the Financial
   65  Technology Sandbox applications, any records maintained by
   66  financial technology innovators relating to their financial
   67  products or services, and specified discussions with the office
   68  on their financial products or services must be held
   69  confidential and exempt from disclosure under s. 119.07(1),
   70  Florida Statutes, and s. 24(a), Article I of the State
   71  Constitution.
   72         Section 3. This act shall take effect on the same date that
   73  SB 1870 or similar legislation takes effect, if such legislation
   74  is adopted in the same legislative session or an extension
   75  thereof and becomes a law.
   76  
   77  ================= T I T L E  A M E N D M E N T ================
   78  And the title is amended as follows:
   79         Delete everything before the enacting clause
   80  and insert:
   81                        A bill to be entitled                      
   82         An act relating to public records; amending s.
   83         559.952, F.S.; providing exemptions from public
   84         records requirements for certain information made
   85         available to the Office of Financial Regulation in
   86         Financial Technology Sandbox applications, certain
   87         records maintained by specified providers of
   88         innovative financial products or services, and
   89         information relating to certain consultations;
   90         authorizing the office to disclose the information to
   91         state and federal agencies for certain purposes;
   92         providing for future legislative review and repeal of
   93         the exemptions; providing a statement of public
   94         necessity; providing a contingent effective date.