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   39  Review Act in accordance with s. 119.15 and shall stand repealed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