Florida Senate - 2020 SB 1874
By Senator Hutson
7-01643A-20 20201874__
1 A bill to be entitled
2 An act relating to fees; amending s. 559.952, F.S.;
3 requiring the Financial Technology Sandbox
4 applications with the Office of Financial Regulation
5 to be accompanied by a fee; requiring the office to
6 deposit such fees into a trust fund; requiring
7 applicants and specified individuals to bear the costs
8 of fingerprint processing for the applications;
9 providing a contingent effective date.
10
11 Be It Enacted by the Legislature of the State of Florida:
12
13 Section 1. Paragraphs (a) and (d) of subsection (5) of
14 section 559.952, Florida Statutes, as created in SB ____, 2020
15 Regular Session, are amended to read:
16 559.952 Financial Technology Sandbox Act.—
17 (5) FINANCIAL TECHNOLOGY SANDBOX APPLICATION; STANDARDS FOR
18 APPROVAL; CONSUMER PROTECTION BOND.—
19 (a) Before making an innovative financial product or
20 service available to consumers in the Financial Technology
21 Sandbox, a person must file an application with the
22 commissioner. The commissioner shall, by rule, prescribe the
23 form and manner of the application.
24 1. In the application, the person must specify the general
25 law or rule requirements for which a waiver is sought, and the
26 reasons why these requirements prohibit the innovative financial
27 product or service from being made available to consumers.
28 2. The application must also contain the information
29 specified in subparagraphs (e)1.-7. and must be accompanied by a
30 fee that is equivalent to the statutory fee required in the
31 applicable license provision being waived. The fee shall be
32 deposited into the appropriate trust fund of the office.
33 (d) The applicant must submit fingerprints for each
34 individual filing an application under this section and each
35 individual who is substantially involved in the development,
36 operation, or management of the innovative financial product or
37 service for live-scan processing in accordance with rules
38 adopted by the office.
39 1. The fingerprints may be submitted through a third-party
40 vendor authorized by the Department of Law Enforcement to
41 provide live-scan fingerprinting.
42 2. The Department of Law Enforcement must conduct the state
43 criminal history background check, and a federal criminal
44 history background check must be conducted through the Federal
45 Bureau of Investigation.
46 3. All fingerprints submitted to the Department of Law
47 Enforcement must be submitted electronically and entered into
48 the statewide automated fingerprint identification system
49 established in s. 943.05(2)(b) and available for use in
50 accordance with s. 943.05(2)(g) and (h). The office shall pay an
51 annual fee to the Department of Law Enforcement to participate
52 in the system and shall inform the Department of Law Enforcement
53 of any person whose fingerprints no longer must be retained.
54 4. The costs of fingerprint processing, including the cost
55 of retaining the fingerprints, shall be borne by the person
56 subject to the background check.
57 5.4. The office shall review the results of the state and
58 federal criminal history background checks and determine whether
59 the applicant meets the office’s requirements.
60 6.5. For purposes of this paragraph, fingerprints are not
61 required to be submitted if the applicant is a publicly traded
62 corporation or is exempted under s. 560.104(1). The term
63 “publicly traded” means a stock is currently traded on a
64 national securities exchange registered with the Securities and
65 Exchange Commission or traded on an exchange in a country other
66 than the United States which is regulated by a regulator
67 equivalent to the Securities and Exchange Commission and the
68 disclosure and reporting requirements of such regulator are
69 substantially similar to those of the Securities and Exchange
70 Commission.
71 Section 2. This act shall take effect on the same date that
72 SB ____ or similar legislation takes effect, if such legislation
73 is adopted in the same legislative session or an extension
74 thereof and becomes a law.