Florida Senate - 2020 CS for SB 1872 By the Committee on Governmental Oversight and Accountability; and Senator Hutson 585-03386-20 20201872c1 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 submitted 5 to the Office of Financial Regulation in Financial 6 Technology Sandbox applications, certain records 7 maintained by specified providers of innovative 8 financial products or services, and information 9 relating to certain consultations; authorizing the 10 office to disclose the information to state and 11 federal agencies for certain purposes; 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 (4) and 19 paragraph (f) is added to subsection (5) of section 559.952, 20 Florida Statutes, as created by SB 1870, 2020 Regular Session, 21 to read: 22 559.952 Financial Technology Sandbox.— 23 (4) FINANCIAL TECHNOLOGY SANDBOX APPLICATION; STANDARDS FOR 24 APPROVAL.— 25 (h)1. The following information submitted to the office in 26 a Financial Technology Sandbox application under this subsection 27 is confidential and exempt from s. 119.07(1) and s. 24(a), Art. 28 I of the State Constitution: 29 a. The reasons why the general law or rule requirements for 30 which an exception or waiver is sought prevent the innovative 31 financial product or service from being made available to 32 consumers. 33 b. The information specified in subparagraphs (e)1.-4. and 34 (e)7. 35 36 However, such information may be released to appropriate state 37 and federal agencies for 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 This paragraph is subject to the Open Government Sunset 39 Review Act in accordance with s. 119.15 and shall stand repealed 40 on October 2, 2025, unless reviewed and saved from repeal 41 through reenactment by the Legislature. 42 (5) OPERATION OF THE FINANCIAL TECHNOLOGY SANDBOX.—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 the 56 innovative Financial Technology Sandbox be expressly made 57 confidential and exempt from public records requirements. The 58 disclosure of the proprietary business information relating to 59 the innovative financial technology products and services could 60 adversely affect the business interests of the Financial 61 Technology Sandbox applicants. Those entities and individuals 62 who would otherwise disclose proprietary business information in 63 their applications to the Office 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, and this lack of cooperation would impair the 68 effective and efficient administration of governmental 69 functions. Further, disclosure of such information would impair 70 competition in the financial technology industry because 71 competitors could use the information to impede full and fair 72 competition in the financial technology industry to the 73 disadvantage of consumers. Without the exemption from public 74 records requirements which 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 Sandbox applications, any records maintained by 80 financial technology innovators relating to their financial 81 products or services, and specified discussions with the office 82 on their financial products or services must be held 83 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 1870 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.