Florida Senate - 2020 SB 1872 By Senator Hutson 7-01481A-20 20201872__ 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 made 5 available to the Commissioner of Financial Regulation 6 in Financial Technology Sandbox applications, certain 7 records maintained by specified providers of 8 innovative financial products or services, and 9 information relating to certain consultations with the 10 commissioner; authorizing the release of records and 11 information under certain circumstances; 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 (5) and 19 paragraph (f) is added to subsection (6) of section 559.952, 20 Florida Statutes, as created by SB____, 2020 Regular Session, to 21 read: 22 559.952 Financial Technology Sandbox Act.— 23 (5) FINANCIAL TECHNOLOGY SANDBOX APPLICATION; STANDARDS FOR 24 APPROVAL; CONSUMER PROTECTION BOND.— 25 (h)1. The following information made available to the 26 commissioner in a Financial Technology Sandbox application under 27 this subsection is confidential and exempt from s. 119.07(1) and 28 s. 24(a), Art. I of the State Constitution: 29 a. The general law or rule requirements for which a waiver 30 is sought, and the reasons why these requirements prohibit the 31 innovative financial product or service from being made 32 available to consumers. 33 b. The information specified in subparagraphs (e)1.-7. 34 35 However, the information in sub-subparagraphs a. and b. may be 36 released to appropriate state and federal agencies for the 37 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 This paragraph is subject to the Open Government Sunset 39 Review Act in accordance with s. 119.15 and shall stand repealed 40 on October 2, 2025, unless reviewed and saved from repeal 41 through reenactment by the Legislature. 42 (6) OPERATION OF THE FINANCIAL TECHNOLOGY SANDBOX.—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 innovative 56 financial technology sandbox be expressly made confidential and 57 exempt from public records requirements. The disclosure of the 58 proprietary business information relating to the innovative 59 financial technology products and services could adversely 60 affect the business interests of the financial technology 61 sandbox applicants. Those entities and individuals who would 62 otherwise disclose proprietary business information in their 63 applications to the Commissioner 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 of Financial Regulation, and this lack of cooperation 68 would impair the effective and efficient administration of 69 governmental functions. Further, disclosure of such information 70 would impair competition in the financial technology industry 71 because competitors could use the information to impede full and 72 fair competition in the financial technology industry to the 73 disadvantage of consumers. Without the exemption from public 74 records requirements that 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 Regulatory Sandbox applications, any records 80 maintained by financial technology innovators relating to their 81 financial products or services, and any discussions with the 82 commissioner on their financial products or services must be 83 held 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 ____ 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.