Florida Senate - 2020                        COMMITTEE AMENDMENT
       Bill No. CS for SB 1872
       
       
       
       
       
       
                                Ì568540&Î568540                         
       
                              LEGISLATIVE ACTION                        
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       The Committee on Banking and Insurance (Hutson) recommended the
       following:
       
    1         Senate Substitute for Amendment (816768) (with title
    2  amendment)
    3  
    4         Delete lines 18 - 82
    5  and insert:
    6         Section 1. Paragraph (g) is added to subsection (5) and
    7  paragraph (f) is added to subsection (6) of section 559.952,
    8  Florida Statutes, as created by SB 1870, 2020 Regular Session,
    9  to read:
   10         559.952 Financial Technology Sandbox.—
   11         (5) FINANCIAL TECHNOLOGY SANDBOX APPLICATION; STANDARDS FOR
   12  APPROVAL.—
   13         (g)1. The following information submitted to the office in
   14  a Financial Technology Sandbox application under this subsection
   15  is confidential and exempt from s. 119.07(1) and s. 24(a), Art.
   16  I of the State Constitution:
   17         a. The reasons why the general law or rule requirements for
   18  which an exception or waiver is sought prevent the innovative
   19  financial product or service from being made available to
   20  consumers.
   21         b. The information specified in subparagraphs (d)1.-4. and
   22  (d)7.
   23  
   24  However, such information may be released to appropriate state
   25  and federal agencies for purposes of investigation.
   26         2. This paragraph is subject to the Open Government Sunset
   27  Review Act in accordance with s. 119.15 and shall stand repealed
   28  on October 2, 2025, unless reviewed and saved from repeal
   29  through reenactment by the Legislature.
   30         (6) OPERATION OF THE FINANCIAL TECHNOLOGY SANDBOX.—
   31         (f)1. Any information relating to the consultation
   32  described in paragraph (b) is confidential and exempt from s.
   33  119.07(1) and s. 24(a), Art. I of the State Constitution.
   34  However, such information may be released to appropriate state
   35  and 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   37  Review Act in accordance with s. 119.15 and shall stand repealed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 would hesitate to cooperate with
   51  the office, and this lack of cooperation would impair the
   52  effective and efficient administration of governmental
   53  functions. Further, disclosure of such information would impair
   54  competition in the financial technology industry because
   55  competitors could use the information to impede full and fair
   56  competition in the financial technology industry to the
   57  disadvantage of consumers. Without the exemption from public
   58  records requirements which would protect their proprietary
   59  business information, financial technology innovators might
   60  elect to establish their business in another state with a more
   61  secure business environment. Therefore, the Legislature finds
   62  that any proprietary business information in Financial
   63  Technology Sandbox applications and information relating to
   64  specified consultations between Financial Technology Sandbox
   65  applicants and the office on the applicants’ financial products
   66  or services must be held
   67  
   68  ================= T I T L E  A M E N D M E N T ================
   69  And the title is amended as follows:
   70         Delete lines 6 - 8
   71  and insert:
   72         Technology Sandbox applications and information