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39 Review Act in accordance with s. 119.15 and shall stand repealed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