Florida Senate - 2023                                    SB 1390
       
       
        
       By Senator Martin
       
       
       
       
       
       33-00842A-23                                          20231390__
    1                        A bill to be entitled                      
    2         An act relating to the universal regulatory sandbox;
    3         creating part XVI of ch. 288, F.S.; providing purpose;
    4         defining terms; creating the Office of Regulatory
    5         Relief within the Department of Economic Opportunity;
    6         specifying the duties and powers of the office;
    7         creating the General Regulatory Sandbox Program
    8         Advisory Committee; providing for membership of the
    9         committee; creating the General Regulatory Sandbox
   10         Program; providing requirements for applications;
   11         providing timelines and criteria for reviewing
   12         applications; requiring the office to consult with
   13         specified entities before admitting an applicant into
   14         the regulatory sandbox; providing for written
   15         agreements with sandbox participants; exempting denial
   16         of an application from certain review or specified
   17         laws; providing grounds for denial of an application;
   18         requiring public notice of approval of an applicant;
   19         requiring the office to post certain information on
   20         its website; exempting sandbox participants from
   21         certain enforcement for a specified period; specifying
   22         limits to such exemption; authorizing the office to
   23         terminate participation in the regulatory sandbox;
   24         providing certain immunity to the office and its
   25         employees; providing for consumer protection;
   26         providing requirements for exiting the regulatory
   27         sandbox; providing for extension of agreements;
   28         providing recordkeeping and reporting requirements;
   29         requiring the office to maintain a specified web page;
   30         amending s. 20.60, F.S.; conforming provisions to
   31         changes made by the act; providing a contingent
   32         effective date.
   33          
   34  Be It Enacted by the Legislature of the State of Florida:
   35  
   36         Section 1. Part XVI of chapter 288, Florida Statutes,
   37  consisting of ss. 288.9971-288.9983, is created to read:
   38                              PART XVI                             
   39                    UNIVERSAL REGULATORY SANDBOX                   
   40         288.9971Purpose.—This part establishes a universal
   41  regulatory sandbox, which allows businesses, under the
   42  observation of regulators, to demonstrate innovative products,
   43  services, and business models while temporarily receiving a
   44  waiver or suspension of inapplicable laws or regulations.
   45         288.9972Definitions.—As used in this part, the term:
   46         (1)“Advisory committee” means the General Regulatory
   47  Sandbox Program Advisory Committee created in s. 288.9974.
   48         (2)“Applicable agency” means a department or agency of the
   49  state that regulates a business activity and persons engaged in
   50  such business activity, including the issuance of licenses or
   51  other types of authorization, which the office determines would
   52  otherwise regulate a sandbox participant.
   53         (3)“Applicant” means a person who applies to participate
   54  in the regulatory sandbox.
   55         (4)“Blockchain technology” means the use of a digital
   56  database containing records of financial transactions, which can
   57  be simultaneously used and shared within a decentralized,
   58  publicly accessible network and can record transactions between
   59  two parties in a verifiable and permanent way.
   60         (5)“Consumer” means a person who purchases or otherwise
   61  enters into a transaction or agreement to receive an offering
   62  pursuant to a demonstration by a sandbox participant.
   63         (6)“Demonstrate” or “demonstration” means to temporarily
   64  provide an offering in accordance with the General Regulatory
   65  Sandbox Program created in s. 288.9975.
   66         (7)“Director” means the director of the Office of
   67  Regulatory Relief.
   68         (8)“Financial product or service” has the same meaning as
   69  in s. 559.952(3).
   70         (9)“Innovation” means the use or incorporation of a new or
   71  existing idea, a new or emerging technology, or a new use of
   72  existing technology, including blockchain technology, to address
   73  a problem, provide a benefit, or otherwise offer a product,
   74  production method, or service.
   75         (10)“Insurance product or service” means an insurance
   76  product or insurance service that requires state licensure,
   77  registration, or other authorization under the Florida Insurance
   78  Code, including an insurance product or insurance service that
   79  includes a business model, delivery mechanism, or element that
   80  requires a license, registration, or other authorization to
   81  engage in an insurance business, act as an insurance producer or
   82  consultant, or engage in insurance adjusting.
   83         (11)“Offering” means a product, production method, or
   84  service, including a financial product or service or an
   85  insurance product or service, that includes an innovation. The
   86  term does not include any service for which a license or
   87  authorization to practice law in this state is required under
   88  chapter 454.
   89         (12)“Office” means the Office of Regulatory Relief created
   90  in s. 288.9973.
   91         (13)“Product” means a commercially distributed good that
   92  is:
   93         (a)Tangible personal property.
   94         (b)The result of a production process.
   95         (c)Passed through the distribution channel before
   96  consumption.
   97         (14)“Production” means the method or process of creating
   98  or obtaining a good, which may include assembling, breeding,
   99  capturing, collecting, extracting, fabricating, farming,
  100  fishing, gathering, growing, harvesting, hunting, manufacturing,
  101  mining, processing, raising, or trapping a good.
  102         (15)“Regulatory sandbox” means the General Regulatory
  103  Sandbox Program created in s. 288.9975, which allows a person to
  104  temporarily demonstrate an offering under a waiver or suspension
  105  of one or more state laws or regulations.
  106         (16)“Sandbox participant” means a person whose application
  107  to participate in the regulatory sandbox is approved in
  108  accordance with this part.
  109         (17)“Secretary” means the Secretary of Economic
  110  Opportunity.
  111         (18)“Service” means any commercial activity, duty, or
  112  labor performed for another person.
  113         288.9973Office of Regulatory Relief.—
  114         (1)There is created within the Department of Economic
  115  Opportunity the Office of Regulatory Relief.
  116         (2)(a)The office shall be administered by a director.
  117         (b)The director shall report to the secretary and may
  118  appoint staff, subject to the approval of the secretary.
  119         (3)The office shall:
  120         (a)Administer this part.
  121         (b)Administer the regulatory sandbox.
  122         (c)Act as a liaison between private businesses and
  123  applicable agencies to identify laws or regulations that could
  124  be waived or suspended under the regulatory sandbox.
  125         (4)The office may:
  126         (a)Review laws and regulations that may unnecessarily
  127  inhibit the creation and success of new companies or industries
  128  and provide recommendations to the Governor and the Legislature
  129  on modifying or eliminating such laws and regulations.
  130         (b)Create a framework for analyzing the risk level to the
  131  health, safety, and financial well-being of consumers related to
  132  permanently modifying or eliminating or temporarily waiving or
  133  suspending laws and regulations inhibiting the creation or
  134  success of new and existing companies or industries.
  135         (c)Propose potential reciprocity agreements between states
  136  that use or are proposing to use similar regulatory sandboxes as
  137  created in this part or the Financial Technology Sandbox created
  138  in s. 559.952.
  139         (d)In accordance with chapter 120 and this part, adopt
  140  rules regarding:
  141         1.Administering the regulatory sandbox, including adopting
  142  rules regarding the application process and the reporting
  143  requirements of sandbox participants.
  144         2.Cooperating and consulting with other applicable
  145  agencies that administer regulatory sandboxes.
  146         288.9974General Regulatory Sandbox Program Advisory
  147  Committee.—
  148         (1)There is created the General Regulatory Sandbox Program
  149  Advisory Committee.
  150         (2)The advisory committee shall consist of 11 members as
  151  follows:
  152         (a)Six members who represent business interests from a
  153  variety of industries, appointed by the director.
  154         (b)Three members who represent applicable agencies
  155  regulating businesses, appointed by the director.
  156         (c)One member of the Senate, appointed by the President of
  157  the Senate.
  158         (d)One member of the House of Representatives, appointed
  159  by the Speaker of the House of Representatives.
  160         (3)(a)Subject to paragraph (b), members of the advisory
  161  committee who are not legislators shall be appointed to 4-year
  162  terms.
  163         (b)Notwithstanding the requirements of paragraph (a), the
  164  director may adjust the length of terms of appointments and
  165  reappointments to the advisory committee so that approximately
  166  half of the advisory committee is appointed every 2 years.
  167         (4)The director shall select a chair of the advisory
  168  committee on an annual basis.
  169         (5)A majority of the members of the advisory committee
  170  constitutes a quorum for the purpose of conducting advisory
  171  committee business, and the affirmative vote of a majority of
  172  the members constitutes the official action of the advisory
  173  committee.
  174         (6)The advisory committee shall advise and make
  175  recommendations to the office.
  176         (7)The office shall provide administrative staff support
  177  for the advisory committee.
  178         (8)A member may not receive compensation or benefits for
  179  the member’s service, but a member appointed under paragraph
  180  (2)(a) may receive per diem and travel expenses in accordance
  181  with s. 112.061.
  182         288.9975General Regulatory Sandbox Program; application
  183  requirements.—
  184         (1)There is created in the office the General Regulatory
  185  Sandbox Program.
  186         (2)In administering the regulatory sandbox, the office:
  187         (a)Shall consult with each applicable agency.
  188         (b)Shall enable a person to obtain legal protections and
  189  limited access to the market to demonstrate an offering without
  190  obtaining a license or other authorization that might otherwise
  191  be required.
  192         (c)May enter into agreements with or adopt the best
  193  practices of corresponding federal regulatory agencies or
  194  agencies in other states that are administering similar
  195  programs.
  196         (d) May consult with businesses about existing or potential
  197  proposals for the regulatory sandbox.
  198         (3)(a) An applicant may contact the office to request a
  199  consultation regarding the regulatory sandbox before submitting
  200  an application.
  201         (b) The office may provide assistance to an applicant in
  202  preparing an application for submission.
  203         (4) An applicant shall submit an application to the office,
  204  in a form prescribed by the office, that:
  205         (a) Confirms the applicant is subject to the jurisdiction
  206  of the state.
  207         (b) Confirms the applicant has established a physical or
  208  virtual location in the state, from which the demonstration of
  209  an offering shall be developed and performed and where all
  210  required records, documents, and data shall be maintained.
  211         (c) Contains relevant personal and contact information for
  212  the applicant, including the applicant’s full legal name,
  213  address, telephone number, e-mail address, website address, and
  214  any other information required by the office.
  215         (d) Discloses any criminal convictions of the applicant or
  216  of any person who seeks to participate with the applicant in the
  217  demonstration of an offering.
  218         (e) Contains a description of the offering to be
  219  demonstrated, including statements regarding:
  220         1. How the offering is subject to licensing, legal
  221  prohibition, or other authorization requirements outside of the
  222  regulatory sandbox.
  223         2. Each law or regulation that the applicant seeks to have
  224  waived or suspended while participating in the regulatory
  225  sandbox.
  226         3. How the offering would benefit consumers.
  227         4. How the offering is different from other available
  228  offerings.
  229         5. What risks might exist for consumers who use or purchase
  230  the offering.
  231         6. How participating in the regulatory sandbox would enable
  232  a successful demonstration of the offering.
  233         7. A description of the proposed demonstration plan,
  234  including estimated time periods for beginning and ending the
  235  demonstration.
  236         8. Recognition that the applicant shall be subject to all
  237  laws and regulations pertaining to the applicant’s offering
  238  after conclusion of the demonstration.
  239         9. How the applicant plans to end the demonstration and
  240  protect consumers if the demonstration fails.
  241         (f) Lists each applicable agency that the applicant knows
  242  regulates the applicant’s business.
  243         (g) Provides any other required information as determined
  244  by the office.
  245         (5) An applicant shall file a separate application for each
  246  offering that the applicant wishes to demonstrate.
  247         (6) After an application is filed, the office shall:
  248         (a) Classify, as a protected record, any part of the
  249  application that the office determines is nonpublic,
  250  confidential information that if disclosed would result in
  251  actual economic harm to the applicant in accordance with s.
  252  288.9984.
  253         (b) Consult with each applicable agency that regulates the
  254  applicant’s business regarding whether more information is
  255  needed from the applicant.
  256         (c) Seek any additional information from the applicant that
  257  the office determines is necessary.
  258         (7) No later than 5 business days after the day on which a
  259  complete application is received by the office, the office
  260  shall:
  261         (a) Review the application and refer the application to
  262  each applicable agency that regulates the applicant’s business.
  263         (b) Provide to the applicant:
  264         1. An acknowledgment of receipt of the application.
  265         2. The identity and contact information of each applicable
  266  agency to which the application has been referred for review.
  267         (c) Provide public notice, on the office’s website and
  268  through other appropriate means, of each law or regulation that
  269  the office is considering suspending or waiving pursuant to the
  270  application.
  271         (8)(a) Subject to paragraphs (c) and (g), no later than 30
  272  days after the day on which an applicable agency receives a
  273  complete application for review, the applicable agency shall
  274  provide a written report to the director that includes the
  275  applicable agency’s findings.
  276         (b) The written report shall:
  277         1. Describe any identifiable, likely, and significant harm
  278  to the health, safety, or financial well-being of consumers
  279  against which the relevant law or regulation protects.
  280         2. Make a recommendation to the office that the applicant
  281  be admitted or denied entrance into the regulatory sandbox.
  282         (c)1. The applicable agency may request an additional 5
  283  business days to deliver the written report by providing notice
  284  to the director, which request shall automatically be granted.
  285         2. The applicable agency may only request one extension per
  286  application.
  287         (d) If the applicable agency recommends an applicant be
  288  denied entrance into the regulatory sandbox, the written report
  289  shall include a description of the reasons for the
  290  recommendation, including why a temporary waiver or suspension
  291  of the relevant laws or regulations would potentially
  292  significantly harm the health, safety, or financial well-being
  293  of consumers and the likelihood of such harm occurring.
  294         (e) If the applicable agency determines that the consumer’s
  295  health, safety, or financial well-being can be protected through
  296  less restrictive means than the existing laws or regulations,
  297  the applicable agency shall provide a recommendation of how that
  298  can be achieved.
  299         (f) If an applicable agency fails to deliver a written
  300  report as required in this subsection, the director shall assume
  301  that the applicable agency does not object to the temporary
  302  waiver or suspension of the relevant laws or regulations for an
  303  applicant seeking to participate in the regulatory sandbox.
  304         (g) Notwithstanding any other provision of this section, an
  305  applicable agency may by written notice to the office:
  306         1. Within the 30 days after the day on which the applicable
  307  agency receives a complete application for review, or within 35
  308  days if an extension has been requested by the applicable
  309  agency, reject an application if the applicable agency
  310  determines, in the applicable agency’s sole discretion, that the
  311  applicant’s offering fails to comply with standards or
  312  specifications:
  313         a. Required by federal law or regulation; or
  314         b. Previously approved for use by a federal agency; or
  315         2. Reject an application preliminarily approved by the
  316  office if the applicable agency:
  317         a. Recommended rejection of the application in accordance
  318  with paragraph (d) in the applicable agency’s written report.
  319         b. Provides in the written notice under this paragraph a
  320  description of the applicable agency’s reasons why approval of
  321  the application would create a substantial risk of harm to the
  322  health or safety of consumers or would create unreasonable
  323  expenses for taxpayers.
  324         (h) If an applicable agency rejects an application under
  325  paragraph (g), the office must deny the application.
  326         (9)(a) Upon receiving a written report described in
  327  subsection (8), the director shall provide the application and
  328  the written report to the advisory committee.
  329         (b) The director may call the advisory committee to meet as
  330  needed, but not less than once per quarter if applications are
  331  available for review.
  332         (c) After receiving and reviewing the application and each
  333  written report, the advisory committee shall provide to the
  334  director a recommendation as to whether the applicant should be
  335  admitted as a sandbox participant under this part.
  336         (d) As part of the advisory committee’s review of each
  337  written report, the advisory committee shall use the criteria
  338  required for an applicable agency as described in subsection
  339  (8).
  340         (10)(a) In reviewing an application and each applicable
  341  agency’s written report, the office shall consult with each
  342  applicable agency and the advisory committee before admitting an
  343  applicant into the regulatory sandbox.
  344         (b) The consultation with each applicable agency and the
  345  consultation with the advisory committee may include seeking
  346  information about whether:
  347         1. The applicable agency has previously issued a license or
  348  other authorization to the applicant.
  349         2. The applicable agency has previously investigated,
  350  sanctioned, or pursued legal action against the applicant.
  351         (11) In reviewing an application under this section, the
  352  office and the applicable agency shall consider whether a
  353  competitor to the applicant is or has been a sandbox participant
  354  and, if so, weigh that as a factor in favor of allowing the
  355  applicant to also become a sandbox participant.
  356         (12) In reviewing an application under this section, the
  357  office shall consider whether:
  358         (a) The applicant’s plan will adequately protect consumers
  359  from potential harm identified by an applicable agency in the
  360  applicable agency’s written report.
  361         (b) The risk of harm to consumers is outweighed by the
  362  potential benefits to consumers from the applicant’s
  363  participation in the regulatory sandbox.
  364         (c) Laws or regulations that regulate an offering should
  365  not be waived or suspended even if the applicant is approved as
  366  a sandbox participant, including applicable antifraud or
  367  disclosure laws or regulations.
  368         (13)(a) An applicant becomes a sandbox participant if the
  369  office approves the application and enters into a written
  370  agreement with the applicant describing the specific laws and
  371  regulations that are waived or suspended as part of the
  372  applicant’s participation in the regulatory sandbox.
  373         (b) Notwithstanding any other provision of this part, the
  374  office may not enter into a written agreement with an applicant
  375  that waives or suspends a tax, fee, or charge that is
  376  administered by the Department of Revenue.
  377         (14)(a) The director may deny, at the director’s sole
  378  discretion, any application submitted under this section for any
  379  reason, including if the director determines that the
  380  preponderance of evidence demonstrates that suspending or
  381  waiving enforcement of a law or regulation would cause a
  382  significant risk of harm to consumers.
  383         (b) If the director denies an application submitted under
  384  this section, the office shall provide to the applicant a
  385  written description of the reasons for such denial.
  386         (c) The denial of an application submitted under this
  387  section is not subject to:
  388         1. Agency or judicial review; or
  389         2. Chapter 120.
  390         (15) The director shall deny an application for
  391  participation in the regulatory sandbox if:
  392         (a) The director determines that the applicant should
  393  instead apply for the Financial Technology Sandbox created in s.
  394  559.952; or
  395         (b) The applicant or any person who seeks to participate
  396  with the applicant in the demonstration of an offering has been
  397  convicted of, or entered a plea of guilty or nolo contendere to,
  398  any crime involving significant theft, fraud, or dishonesty if
  399  the crime bears a significant relationship to the applicant’s or
  400  other participant’s ability to safely and competently
  401  participate in the regulatory sandbox.
  402         (16)(a) When an applicant is approved for participation in
  403  the regulatory sandbox, the director shall provide public notice
  404  of the approval on the office’s website and through other
  405  appropriate means.
  406         (b) The public notice described in paragraph (a) shall
  407  state:
  408         1. The full legal name of the sandbox participant.
  409         2. The industries represented by the sandbox participant.
  410         3. Each law or regulation that is suspended or waived for
  411  the sandbox participant pursuant to the regulatory sandbox
  412  approval.
  413         (17) In addition to the information described in subsection
  414  (16), the office shall post the following information on the
  415  office’s website and also make the information available through
  416  other appropriate means:
  417         (a) Documentation regarding the office’s determination and
  418  grounds for approving each sandbox participant.
  419         (b) Public notice regarding any sandbox participant’s
  420  termination of participation in the regulatory sandbox.
  421         288.9976 Scope of the regulatory sandbox.—
  422         (1) If the office approves an application under this part,
  423  the sandbox participant has 12 months after the day on which the
  424  application was approved to demonstrate the offering described
  425  in the sandbox participant’s application.
  426         (2) An offering that is demonstrated in the regulatory
  427  sandbox is subject to the following:
  428         (a) Each consumer shall be a resident of the state.
  429         (b) A law or regulation may not be waived or suspended if
  430  waiving or suspending the law or regulation would prevent a
  431  consumer from seeking restitution in the event that the consumer
  432  is harmed.
  433         (3) This part does not restrict a sandbox participant who
  434  holds a license or other authorization in another jurisdiction
  435  from acting in accordance with that license or other
  436  authorization.
  437         (4) A sandbox participant is deemed to possess an
  438  appropriate license or other authorization under the laws of the
  439  state for the purposes of any provision of federal law requiring
  440  licensure or other authorization by the state.
  441         (5) Subject to subsection (6):
  442         (a) During the demonstration period, a sandbox participant
  443  is not subject to the enforcement of laws or regulations
  444  identified in the written agreement between the office and the
  445  sandbox participant, as described in s. 288.9975(13).
  446         (b) A prosecutor may not file or pursue charges pertaining
  447  to a violation of law or regulation identified in the written
  448  agreement between the office and the sandbox participant, as
  449  described in s. 288.9975(13), that occurs during the
  450  demonstration period.
  451         (c) An applicable agency may not file or pursue any
  452  punitive action against a sandbox participant, including the
  453  imposition of a fine or the suspension or revocation of a
  454  license, for a violation of law or regulation that:
  455         1. Is identified as being waived or suspended in the
  456  written agreement between the office and the sandbox
  457  participant, as described in s. 288.9975(13).
  458         2. Occurs during the demonstration period.
  459         (6) Notwithstanding any other provision of this part:
  460         (a) A sandbox participant does not have immunity related to
  461  any criminal offense committed during the sandbox participant’s
  462  participation in the regulatory sandbox.
  463         (b) A sandbox participant who provides an offering that is
  464  a financial product or service shall comply with all applicable
  465  federal laws and regulations governing consumer protection.
  466         (7) By written notice, the office may terminate a sandbox
  467  participant’s participation in the regulatory sandbox at any
  468  time and for any reason, including if the director determines
  469  that a sandbox participant is not operating in good faith to
  470  bring an offering to consumers.
  471         (8) The office and the office’s employees are not liable
  472  for any business losses or the recouping of application expenses
  473  or other expenses related to the regulatory sandbox, including
  474  expenses for:
  475         (a) Denying an applicant’s application to participate in
  476  the regulatory sandbox for any reason; or
  477         (b) Terminating a sandbox participant’s participation in
  478  the regulatory sandbox at any time and for any reason.
  479         288.9977 Annual report.—By October 1 of each year, the
  480  secretary shall provide a written report to the President of the
  481  Senate and the Speaker of the House of Representatives that
  482  includes:
  483         (1) Information regarding each sandbox participant,
  484  including which industries each participant represents and each
  485  participant’s anticipated or actual cost savings.
  486         (2) Recommendations regarding any laws or regulations that
  487  should be permanently modified or eliminated.
  488         (3) Information regarding consumer outcomes.
  489         (4) Recommendations for changes to the regulatory sandbox
  490  or other office duties.
  491         288.9978 Consumer protection for regulatory sandbox.—
  492         (1) Before demonstrating an offering to a consumer, a
  493  sandbox participant shall disclose the following to the
  494  consumer:
  495         (a) The full legal name and contact information of the
  496  sandbox participant.
  497         (b) That the offering is authorized under the regulatory
  498  sandbox and, if applicable, that the sandbox participant does
  499  not hold a license or other authorization to provide an offering
  500  under laws or regulations that regulate offerings outside of the
  501  regulatory sandbox.
  502         (c) That the offering is undergoing testing and may not
  503  function as intended and may expose the consumer to certain
  504  risks as identified by the applicable agency’s written report.
  505         (d) That the sandbox participant is not immune from civil
  506  liability for any losses or damages caused by the offering.
  507         (e) That the sandbox participant is not immune from
  508  criminal prosecution for violations of laws or regulations that
  509  are not suspended or waived pursuant to regulatory sandbox
  510  participation.
  511         (f) That the offering is a temporary demonstration that may
  512  be discounted at the end of the demonstration period.
  513         (g) The expected end date of the demonstration period.
  514         (h) That a consumer may file a complaint with the office
  515  regarding the offering being demonstrated and the office’s
  516  telephone number and website address where a complaint may be
  517  filed.
  518         (2) The disclosures required by subsection (1) shall be
  519  provided to a consumer in a clear and conspicuous format and,
  520  for an Internet or application-based offering, a consumer shall
  521  acknowledge receipt of the disclosure before any transaction may
  522  be completed.
  523         (3) The office may require that a sandbox participant make
  524  additional disclosures to a consumer.
  525         288.9979 Requirements for exiting regulatory sandbox.—
  526         (1) At least 30 days before the end of the 12-month
  527  regulatory sandbox demonstration period, a sandbox participant
  528  shall:
  529         (a) Notify the office that the sandbox participant shall
  530  exit the regulatory sandbox and discontinue the sandbox
  531  participant’s demonstration after the day on which the 12-month
  532  demonstration period ends; or
  533         (b) Seek an extension in accordance with s. 288.9981.
  534         (2) Subject to subsection (3), if the office does not
  535  receive notification as required by subsection (1), the
  536  regulatory sandbox demonstration period ends at the end of the
  537  12-month demonstration period.
  538         (3) If a demonstration includes an offering that requires
  539  ongoing duties, the sandbox participant may continue to perform
  540  those duties but shall be subject to enforcement by the laws or
  541  regulations that were waived or suspended pursuant to the
  542  regulatory sandbox.
  543         288.9981 Extensions.—
  544         (1) No later than 30 days before the end of the 12-month
  545  regulatory sandbox demonstration period, a sandbox participant
  546  may request an extension of the regulatory sandbox demonstration
  547  period.
  548         (2) The office shall grant or deny a request for an
  549  extension by the end of the 12-month regulatory sandbox
  550  demonstration period.
  551         (3) The office may grant an extension in accordance with
  552  this section for not more than 12 months after the end of the
  553  regulatory sandbox demonstration period.
  554         288.9982 Recordkeeping and reporting requirements.—
  555         (1) A sandbox participant shall retain records, documents,
  556  and data produced in the ordinary course of business regarding
  557  an offering demonstrated in the regulatory sandbox.
  558         (2) If a sandbox participant ceases to provide an offering
  559  before the end of a demonstration period, the sandbox
  560  participant shall notify the office and each applicable agency
  561  and report on actions taken by the sandbox participant to ensure
  562  that consumers have not been harmed as a result of the offering.
  563         (3) The office shall establish quarterly reporting
  564  requirements for a sandbox participant, including reporting any
  565  consumer complaints filed.
  566         (4) The office may request records, documents, and data
  567  from a sandbox participant and, upon the office’s request, the
  568  sandbox participant shall make such records, documents, and data
  569  available for inspection by the office.
  570         (5)(a) The sandbox participant shall provide a written
  571  report to the office and each applicable agency detailing any
  572  incidents that resulted in harm to the health, safety, or
  573  financial well-being of a consumer.
  574         (b) If a sandbox participant fails to notify the office and
  575  each applicable agency of any incidents as described in
  576  paragraph (a), or the office or an applicable agency has
  577  evidence that significant harm to a consumer has occurred, the
  578  office may immediately remove the sandbox participant from the
  579  regulatory sandbox.
  580         (6)(a) No later than 30 days after the day on which a
  581  sandbox participant exits the regulatory sandbox, the sandbox
  582  participant shall submit a written report to the office and each
  583  applicable agency describing an overview of the sandbox
  584  participant’s demonstration, including any:
  585         1. Incidents of harm to consumers.
  586         2. Legal action filed against the participant as a result
  587  of the participant’s demonstration.
  588         3. Complaints filed with an applicable agency as a result
  589  of the participant’s demonstration.
  590         (b) No later than 30 days after the day on which an
  591  applicable agency receives the quarterly reporting described in
  592  subsection (3) or a written report from a sandbox participant as
  593  described in paragraph (5)(a), the applicable agency shall
  594  provide a written report to the office on the demonstration that
  595  describes any statutory or regulatory reform the applicable
  596  agency recommends as a result of the demonstration.
  597         (7) The office may remove a sandbox participant from the
  598  regulatory sandbox at any time if the office determines that a
  599  sandbox participant has engaged in, is engaging in, or is about
  600  to engage in any practice or transaction that violates this part
  601  or that constitutes a violation of a law or regulation for which
  602  suspension or waiver has not been granted under the regulatory
  603  sandbox.
  604         288.9983 Regulatory relief web page.—
  605         (1) The office shall create and maintain on the
  606  department’s website a web page that invites residents and
  607  businesses to make suggestions regarding laws and regulations
  608  that could be modified or eliminated to reduce the regulatory
  609  burden on residents and businesses.
  610         (2) On at least a quarterly basis, the office shall compile
  611  the results of suggestions from the web page and provide a
  612  written report to the Governor, the President of the Senate, and
  613  the Speaker of the House of Representatives that describes the
  614  most common suggestions.
  615         (3) In creating the report described in subsection (2), the
  616  office and the advisory committee:
  617         (a) Shall ensure that nonpublic information of residents
  618  and businesses that make suggestions on the web page is not made
  619  public.
  620         (b) May evaluate the suggestions and provide analysis and
  621  suggestions regarding which laws and regulations could be
  622  modified or eliminated to reduce the regulatory burden on
  623  residents and businesses while still protecting consumers.
  624         Section 2. Paragraph (a) of subsection (3) of section
  625  20.60, Florida Statutes, is amended to read:
  626         20.60 Department of Economic Opportunity; creation; powers
  627  and duties.—
  628         (3)(a) The following divisions and offices of the
  629  Department of Economic Opportunity are established:
  630         1. The Division of Strategic Business Development.
  631         2. The Division of Community Development.
  632         3. The Division of Workforce Services.
  633         4. The Division of Finance and Administration.
  634         5. The Division of Information Technology.
  635         6. The Office of the Secretary.
  636         7. The Office of Economic Accountability and Transparency,
  637  which shall:
  638         a. Oversee the department’s critical objectives as
  639  determined by the secretary and make sure that the department’s
  640  key objectives are clearly communicated to the public.
  641         b. Organize department resources, expertise, data, and
  642  research to focus on and solve the complex economic challenges
  643  facing the state.
  644         c. Provide leadership for the department’s priority issues
  645  that require integration of policy, management, and critical
  646  objectives from multiple programs and organizations internal and
  647  external to the department; and organize and manage external
  648  communication on such priority issues.
  649         d. Promote and facilitate key department initiatives to
  650  address priority economic issues and explore data and identify
  651  opportunities for innovative approaches to address such economic
  652  issues.
  653         e. Promote strategic planning for the department.
  654         8. The Office of Regulatory Relief.
  655         Section 3. This act shall take effect July 1, 2023, only if
  656  SB ___ or similar legislation is adopted in the same legislative
  657  session or an extension of thereof and becomes a law.