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   39  Review Act in accordance with s. 119.15 and shall stand repealed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.