CS/CS/HB 1087 full text · Session Watch

2 An act relating to public records; reenacting and

3 amending s. 560.129, F.S.; expanding a public records

4 exemption for certain information obtained by the

5 Office of Financial Regulation concerning or during

6 the course of an investigation or examination

7 conducted by the office, including customer and

8 consumer complaints, to incorporate the inclusion of

9 documents relating to virtual currency businesses,

10 qualified payment stablecoin issuers, and money

11 transmitters acting as custodians of gold coin and

12 silver coin; providing for future legislative review

13 and repeal of the exemptions; providing statements of

14 public necessity; amending s. 560.312, F.S.; expanding

15 a public records exemption for payment instrument

16 transactions to incorporate the inclusion of money

17 transmitters acting as custodians of gold coin and

18 silver coin; providing for future legislative review

19 and repeal of the exemption; amending s. 560.4041,

20 F.S.; expanding a public records exemption for

21 deferred presentment transactions to incorporate the

22 inclusion of money transmitters acting as custodians

23 of gold coin and silver coin; providing for future

24 legislative review and repeal of the exemption;

25 providing a statement of public necessity; reenacting

26 and amending s. 655.057, F.S.; expanding a public

27 records exemption for certain information obtained by

28 the office concerning an investigation or examination

29 conducted by the office, including reports or papers

30 of examinations, operations, or condition, and trade

31 secrets to incorporate the inclusion of trust

32 companies that are qualified payment stablecoin

33 issuers and money transmitters acting as custodians of

34 gold coin and silver coin; providing for future

35 legislative review and repeal of the exemption;

36 providing statements of public necessity; reenacting

37 and amending s. 655.50, F.S.; expanding a public

38 records exemption for reports and records filed with

39 the office to incorporate the inclusion of financial

40 institutions that are trust companies that are

41 qualified payment stablecoin issuers and money

42 transmitters acting as custodians of gold coin and

43 silver coin; providing statements of public necessity;

44 providing contingent effective dates.

46 Be It Enacted by the Legislature of the State of Florida:

48 Section 1. Effective on the same date that HB 175 or SB

49 198, 2026 Regular Session, or similar legislation takes effect,

50 if such legislation is adopted in the same legislative session

51 or an extension thereof and becomes a law, or sections 1 through

52 15 of chapter 2025-100, Laws of Florida, take effect, present

53 subsection (7) of section 560.129, Florida Statutes, is

54 redesignated as subsection (8), a new subsection (7) is added to

55 that section, and subsections (1), (2), and (4) of that section

56 are reenacted, to read:

57 560.129 Confidentiality.—

58 (1) Except as otherwise provided in this section, all

59 information concerning an investigation or examination conducted

60 by the office pursuant to this chapter, including any customer

61 complaint received by the office or the Department of Financial

62 Services, is confidential and exempt from s. 119.07(1) and s.

63 24(a), Art. I of the State Constitution until the investigation

64 or examination ceases to be active. For purposes of this

65 section, an investigation or examination is considered "active"

66 so long as the office or any other administrative, regulatory,

67 or law enforcement agency of any jurisdiction is proceeding with

68 reasonable dispatch and has a reasonable good faith belief that

69 action may be initiated by the office or other administrative,

70 regulatory, or law enforcement agency.

71 (2) All information obtained by the office in the course

72 of its investigation or examination which is a trade secret, as

73 defined in s. 688.002, or which is personal financial

74 information shall remain confidential and exempt from s.

75 119.07(1) and s. 24(a), Art. I of the State Constitution. If any

76 administrative, civil, or criminal proceeding against a money

77 services business, its authorized vendor, or an affiliated party

78 is initiated and the office seeks to use matter that a licensee

79 believes to be a trade secret or personal financial information,

80 such records shall be subject to an in camera review by the

81 administrative law judge, if the matter is before the Division

82 of Administrative Hearings, or a judge of any court of this

83 state, any other state, or the United States, as appropriate,

84 for the purpose of determining if the matter is a trade secret

85 or is personal financial information. If it is determined that

86 the matter is a trade secret, the matter shall remain

87 confidential. If it is determined that the matter is personal

88 financial information, the matter shall remain confidential

89 unless the administrative law judge or judge determines that, in

90 the interests of justice, the matter should become public.

91 (4) Except as necessary for the office or any other

92 administrative, regulatory, or law enforcement agency of any

93 jurisdiction to enforce the provisions of this chapter or the

94 law of any other state or the United States, a consumer

95 complaint and other information concerning an investigation or

96 examination shall remain confidential and exempt from s.

97 119.07(1) and s. 24(a), Art. I of the State Constitution after

98 the investigation or examination ceases to be active to the

99 extent that disclosure would:

100 (a) Jeopardize the integrity of another active

101 investigation;

102 (b) Reveal personal financial information;

103 (c) Reveal the identity of a confidential source; or

104 (d) Reveal investigative techniques or procedures.

105 (7) Subsections (1), (2), and (4) are subject to the Open

106 Government Sunset Review Act in accordance with s. 119.15 and

107 shall stand repealed on October 2, 2031, unless reviewed and

108 saved from repeal through reenactment by the Legislature.

109 Section 2. (1) The Legislature finds all of the

110 following:

111 (a) It is a public necessity that all information

112 concerning an investigation or examination of a money services

113 business conducted by the Office of Financial Regulation

114 pursuant to chapter 560, Florida Statutes, including a consumer

115 complaint, be made confidential and exempt from s. 119.07(1),

116 Florida Statutes, and s. 24(a), Article I of the State

117 Constitution until the investigation or examination ceases to be

118 active. The Legislature further finds that such information

119 should remain confidential and exempt from s. 119.07(1), Florida

120 Statutes, and s. 24(a), Article I of the State Constitution

121 after the investigation or examination ceases to be active if

122 its disclosure would jeopardize the office's investigations by

123 revealing techniques or procedures or otherwise reveal

124 information that is being used in another investigation, or if

125 disclosure would reveal personal financial information or a

126 confidential source.

127 (b) It is a public necessity that trade secrets or

128 personal financial information obtained by the office in the

129 course of an investigation or examination pursuant to chapter

130 560, Florida Statutes, be made confidential and exempt from s.

131 119.07(1), Florida Statutes, and s. 24(a), Article I of the

132 State Constitution, unless an administrative law judge or

133 circuit judge determines that the release of personal financial

134 information to the public is in the interest of justice.

135 (2) Information specified in subsection (1) is held by the

136 office in conjunction with its investigations and examinations

137 of money services businesses, which include virtual currency

138 kiosk businesses, as defined in s. 560.103, Florida Statutes, as

139 amended by chapter 2025-100, Laws of Florida. Virtual currency

140 kiosk businesses are thus subject to investigation or

141 examination by the office. As a result, the office may receive

142 sensitive personal and financial information relating to such

143 entities in conjunction with its duties under chapter 560,

144 Florida Statutes. An exemption from public records requirements

145 provides the same protections to virtual currency kiosk

146 businesses as are afforded to other money services businesses,

147 thereby preventing any disadvantage to these similarly regulated

148 entities in comparison to other entities currently classified as

149 money services businesses. An exemption from public records

150 requirements for reports of examinations, operations, or

151 condition, including working papers, is necessary to ensure the

152 office's ability to effectively and efficiently administer its

153 examination and investigation duties. Examination and

154 investigation are essential components of financial institutions

155 regulation. They deter fraud and ensure the safety and soundness

156 of the financial system. Examinations and investigations also

157 provide a means of early detection of violations, allowing for

158 corrective action to be taken before any harm can be done.

159 Release of such information could compromise the office's

160 examinations or investigations, reveal investigative techniques,

161 or result in the disclosure of an individual's personal

162 financial information. Such disclosure could also result in the

163 release of inaccurate information, which could harm the subject

164 of the examination or investigation, or otherwise impair

165 commerce relating to money services businesses. The Legislature

166 finds that there is little public benefit derived from access to

167 such information during the office's examinations or

168 investigations, and that the exemption is narrowly tailored to

169 allow for release except where the public benefit is outweighed

170 by harm to either the office's investigations or examinations or

171 to individuals whose personal financial information may be

172 disclosed.

173 (3) This section shall take effect on the same date that

174 SB 198 or similar legislation takes effect, if such legislation

175 is adopted in the same legislative session or an extension

176 thereof and becomes a law.

177 Section 3. (1) The Legislature finds all of the

178 following:

179 (a) It is a public necessity that all information

180 concerning an investigation or examination of a money services

181 business conducted by the Office of Financial Regulation

182 pursuant to chapter 560, Florida Statutes, including a consumer

183 complaint, be made confidential and exempt from s. 119.07(1),

184 Florida Statutes, and s. 24(a), Article I of the State

185 Constitution until the investigation or examination ceases to be

186 active. The Legislature further finds that such information

187 should remain confidential and exempt from s. 119.07(1), Florida

188 Statutes, and s. 24(a), Article I of the State Constitution

189 after the investigation or examination ceases to be active if

190 its disclosure would jeopardize the office's investigations or

191 examinations by revealing techniques or procedures or otherwise

192 reveal information that is being used in another investigation

193 or examinations, or if disclosure would reveal personal

194 financial information or a confidential source.

195 (b) It is a public necessity that trade secrets or

196 personal financial information obtained by the office in the

197 course of an investigation or examination pursuant to chapter

198 560, Florida Statutes, be made confidential and exempt from s.

199 119.07(1), Florida Statutes, and s. 24(a), Article I of the

200 State Constitution, unless an administrative law judge or

201 circuit judge determines that the release of personal financial

202 information to the public is in the interest of justice.

203 (2) Information specified in subsection (1) is held by the

204 office in conjunction with its investigations and examinations

205 of money services businesses, which include qualified payment

206 stablecoin issuers, as defined in s. 560.103, Florida Statutes,

207 as amended by chapter 2025-100, Laws of Florida. Qualified

208 payment stablecoin issuers are thus subject to investigation or

209 examination by the office. As a result, the office may receive

210 sensitive personal and financial information relating to such

211 entities in conjunction with its duties under chapter 560,

212 Florida Statutes. An exemption from public records requirements

213 provides the same protections to qualified payment stablecoin

214 issuers as are afforded to other money services businesses,

215 thereby preventing any disadvantage to these similarly regulated

216 entities in comparison to other entities currently classified as

217 money services businesses. An exemption from public records

218 requirements for reports of examinations, operations, or

219 condition, including working papers, is necessary to ensure the

220 office's ability to effectively and efficiently administer its

221 examination and investigation duties. Examination and

222 investigation are essential components of financial institutions

223 regulation. They deter fraud and ensure the safety and soundness

224 of the financial system. Examinations and investigations also

225 provide a means of early detection of violations, allowing for

226 corrective action to be taken before any harm can be done.

227 Release of such information could compromise the office's

228 examinations or investigations, reveal investigative techniques,

229 or result in the disclosure of an individual's personal

230 financial information. Such disclosure could also result in the

231 release of inaccurate information, which could harm the subject

232 of the examination or investigation, or otherwise impair

233 commerce relating to money services businesses. The Legislature

234 finds that there is little public benefit derived from access to

235 such information during the office's examinations or

236 investigations, and that the exemption is narrowly tailored to

237 allow for release except where the public benefit is outweighed

238 by harm to either the office's investigations or examinations or

239 to individuals whose personal financial information may be

240 disclosed.

241 (3) This section shall take effect on the same date that

242 SB 175 or similar legislation takes effect, if such legislation

243 is adopted in the same legislative session or an extension

244 thereof and becomes a law.

245 Section 4. (1) The Legislature finds all of the

246 following:

247 (a) It is a public necessity that all information

248 concerning an investigation or examination of a money services

249 business conducted by the Office of Financial Regulation

250 pursuant to chapter 560, Florida Statutes, including a consumer

251 complaint, be made confidential and exempt from s. 119.07(1),

252 Florida Statutes, and s. 24(a), Article I of the State

253 Constitution until the investigation or examination ceases to be

254 active. The Legislature further finds that such information

255 should remain confidential and exempt from s. 119.07(1), Florida

256 Statutes, and s. 24(a), Article I of the State Constitution

257 after the investigation or examination ceases to be active if

258 its disclosure would jeopardize the office's investigations or

259 examinations by revealing techniques or procedures or otherwise

260 reveal information that is being used in another investigation

261 or examinations, or if disclosure would reveal personal

262 financial information or a confidential source.

263 (b) It is a public necessity that trade secrets or

264 personal financial information obtained by the office in the

265 course of an investigation or examination pursuant to chapter

266 560, Florida Statutes, be made confidential and exempt from s.

267 119.07(1), Florida Statutes, and s. 24(a), Article I of the

268 State Constitution, unless an administrative law judge or

269 circuit judge determines that the release of personal financial

270 information to the public is in the interest of justice.

271 (2) Information specified in subsection (1) is held by the

272 office in conjunction with its investigations and examinations

273 of money transmitters, as defined in s. 560.103, Florida

274 Statutes, as amended by chapter 2025-100, Laws of Florida, to

275 include custodians of gold coin or silver coin. Custodians of

276 gold coin or silver coin are thus subject to investigation or

277 examination by the office. As a result, the office may receive

278 sensitive personal and financial information relating to such

279 entities in conjunction with its duties under chapter 560,

280 Florida Statutes. An exemption from public records requirements

281 provides the same protections to custodians of gold coin or

282 silver coin as are afforded to other money services businesses,

283 thereby preventing any disadvantage to these similarly regulated

284 entities in comparison to other entities currently classified as

285 money services businesses. An exemption from public records

286 requirements for reports of examinations, operations, or

287 condition, including working papers, is necessary to ensure the

288 office's ability to effectively and efficiently administer its

289 examination and investigation duties. Examination and

290 investigation are essential components of financial institutions

291 regulation. They deter fraud and ensure the safety and soundness

292 of the financial system. Examinations also provide a means of

293 early detection of violations, allowing for corrective action to

294 be taken before any harm can be done. Release of such

295 information could compromise the office's investigations and

296 examinations, reveal investigative techniques, or result in the

297 disclosure of an individual's personal financial information.

298 Such disclosure could also result in the release of inaccurate

299 information, which could harm the subject of the examination or

300 investigation, or otherwise impair commerce relating to money

301 services businesses. The Legislature finds that there is little

302 public benefit derived from access to such information during

303 the office's investigation or examination, and that the

304 exemption is narrowly tailored to allow for release except where

305 the public benefit is outweighed by harm to either the office's

306 investigations or to individuals whose personal financial

307 information may be disclosed.

308 (3) This section shall take effect on the same date that

309 sections 1 through 15 of chapter 2025-100, Laws of Florida, take

310 effect.

311 Section 5. Effective on the same date that sections 1

312 through 15 of chapter 2025-100, Laws of Florida, take effect,

313 subsection (4) is added to section 560.312, Florida Statutes,

314 and subsection (1) of that section is reenacted, to read:

315 560.312 Database of payment instrument transactions;

316 confidentiality.—

317 (1) Payment instrument transaction information held by the

318 office pursuant to s. 560.310 which identifies a licensee,

319 payor, payee, or conductor is confidential and exempt from s.

320 119.07(1) and s. 24(a), Art. I of the State Constitution.

321 (4) Subsection (1) is subject to the Open Government

322 Sunset Review Act in accordance with s. 119.15 and shall stand

323 repealed on October 2, 2031, unless reviewed and saved from

324 repeal through reenactment by the Legislature.

325 Section 6. Effective on the same date that sections 1

326 through 15 of chapter 2025-100, Laws of Florida, take effect,

327 section 560.4041, Florida Statutes, is amended to read:

328 560.4041 Database for deferred presentment providers;

329 public records exemption.—

330 (1) Information that identifies a drawer or a deferred

331 presentment provider contained in the database authorized under

332 s. 560.404 is confidential and exempt from s. 119.07(1) and s.

333 24(a), Art. I of the State Constitution. A deferred presentment

334 provider may access information that it has entered into the

335 database and may obtain an eligibility determination for a

336 particular drawer based on information in the database.

337 (2) Subsection (1) is subject to the Open Government

338 Sunset Review Act in accordance with s. 119.15 and shall stand

339 repealed on October 2, 2031, unless reviewed and saved from

340 repeal through reenactment by the Legislature.

341 Section 7. (1) The Legislature finds all of the

342 following:

343 (a) That it is a public necessity that payment instrument

344 transaction information held by the office pursuant to s.

345 560.310, Florida Statutes, which identifies a licensee, payor,

346 payee, or conductor be made confidential and exempt from s.

347 119.07(1), Florida Statutes, and s. 24(a), Article I of the

348 State Constitution.

349 (b) That it is a public necessity that deferred

350 presentment transaction information held by the office pursuant

351 to s. 560.404, Florida Statutes, which identifies a drawer or a

352 deferred presentment provider be made confidential and exempt

353 from s. 119.07(1), Florida Statutes, and s. 24(a), Article I of

354 the State Constitution.

355 (2) Information specified in subsection (1) held by the

356 office in its database of payment instrument transactions

357 pursuant to s. 560.312, Florida Statutes, and deferred

358 presentment transactions pursuant to s. 560.404, Florida

359 Statutes, may include information that identifies money

360 transmitters, as defined in s. 560.103, Florida Statutes, as

361 amended by chapter 2025-100, Laws of Florida, to include

362 custodians of gold coin or silver coin. As a result, the office

363 may receive sensitive personal and financial information

364 relating to custodians of gold coin or silver coin that cash a

365 payment instrument exceeding $1,000 or deferred presentment

366 transactions for a particular person. An exemption from public

367 records requirements for custodians of gold coin and silver coin

368 provides the same protections to custodians of gold coin or

369 silver coin as are afforded to other money services businesses,

370 thereby preventing any disadvantage to these similarly regulated

371 entities in comparison to other entities currently classified as

372 money services businesses. An exemption from public records

373 requirements for payment instrument transactions is necessary to

374 deter money laundering and identity theft and related crimes

375 through such custodians. The availability of this information to

376 the office will help increase premium collection, lower costs to

377 insurance carriers, and alleviate premium avoidance, as well as

378 reduce the cost of administering these public programs. However,

379 the public availability of payment instrument transaction or

380 deferred presentment transaction information would reveal

381 sensitive, personal financial information about payees and

382 conductors who use check-cashing and deferred presentment

383 programs, including paycheck amounts, salaries, and business

384 activities, as well as information regarding the financial

385 stability of these custodians. Such information is traditionally

386 private and sensitive. Protecting the confidentiality of such

387 information that would identify these payees and custodians

388 would provide adequate protection for these persons while still

389 providing public oversight of the check-cashing and deferred

390 presentment programs. The public release of payment instrument

391 transaction and deferred presentment transaction information

392 would also identify licensees or payors and reveal business

393 transaction information that is traditionally private and could

394 be used by competitors to harm other licensees or payors in the

395 marketplace. If such information were publicly available,

396 competitors could determine the amount of business conducted by

397 other licensees or payors.

398 (3) This section shall take effect on the same date that

399 sections 1 through 15 of chapter 2025-100, Laws of Florida, take

400 effect.

401 Section 8. Effective on the same date that HB 175 or

402 similar legislation takes effect, if such legislation is adopted

403 in the same legislative session or an extension thereof and

404 becomes a law, or sections 1 through 15 of chapter 2025-100,

405 Laws of Florida, take effect, subsection (15) is added to

406 section 655.057, Florida Statutes, and subsections (1) through

407 (4), (6), and (10) of that section are reenacted, to read:

408 655.057 Records; limited restrictions upon public access.—

409 (1) Except as otherwise provided in this section and

410 except for such portions thereof which are otherwise public

411 record, all records and information relating to an investigation

412 by the office are confidential and exempt from s. 119.07(1) and

413 s. 24(a), Art. I of the State Constitution until such

414 investigation is completed or ceases to be active. For purposes

415 of this subsection, an investigation is considered "active"

416 while such investigation is being conducted by the office with a

417 reasonable, good faith belief that it may lead to the filing of

418 administrative, civil, or criminal proceedings. An investigation

419 does not cease to be active if the office is proceeding with

420 reasonable dispatch, and there is a good faith belief that

421 action may be initiated by the office or other administrative or

422 law enforcement agency. After an investigation is completed or

423 ceases to be active, portions of the records relating to the

424 investigation are confidential and exempt from s. 119.07(1) and

425 s. 24(a), Art. I of the State Constitution to the extent that

426 disclosure would:

427 (a) Jeopardize the integrity of another active

428 investigation;

429 (b) Impair the safety and soundness of the financial

430 institution;

431 (c) Reveal personal financial information;

432 (d) Reveal the identity of a confidential source;

433 (e) Defame or cause unwarranted damage to the good name or

434 reputation of an individual or jeopardize the safety of an

435 individual; or

436 (f) Reveal investigative techniques or procedures.

437 (2) Except as otherwise provided in this section and

438 except for such portions thereof which are public record,

439 reports of examinations, operations, or condition, including

440 working papers, or portions thereof, prepared by, or for the use

441 of, the office or any state or federal agency responsible for

442 the regulation or supervision of financial institutions in this

443 state are confidential and exempt from s. 119.07(1) and s.

444 24(a), Art. I of the State Constitution. However, such reports

445 or papers or portions thereof may be released to:

446 (a) The financial institution under examination;

447 (b) Any holding company of which the financial institution

448 is a subsidiary;

449 (c) Proposed purchasers if necessary to protect the

450 continued financial viability of the financial institution, upon

451 prior approval by the board of directors of such institution;

452 (d) Persons proposing in good faith to acquire a

453 controlling interest in or to merge with the financial

454 institution, upon prior approval by the board of directors of

455 such financial institution;

456 (e) Any officer, director, committee member, employee,

457 attorney, auditor, or independent auditor officially connected

458 with the financial institution, holding company, proposed

459 purchaser, or person seeking to acquire a controlling interest

460 in or merge with the financial institution; or

461 (f) A fidelity insurance company, upon approval of the

462 financial institution's board of directors. However, a fidelity

463 insurance company may receive only that portion of an

464 examination report relating to a claim or investigation being

465 conducted by such fidelity insurance company.

466 (g) Examination, operation, or condition reports of a

467 financial institution shall be released by the office within 1

468 year after the appointment of a liquidator, receiver, or

469 conservator to the financial institution. However, any portion

470 of such reports which discloses the identities of depositors,

471 bondholders, members, borrowers, or stockholders, other than

472 directors, officers, or controlling stockholders of the

473 institution, shall remain confidential and exempt from s.

474 119.07(1) and s. 24(a), Art. I of the State Constitution.

476 Any confidential information or records obtained from the office

477 pursuant to this subsection shall be maintained as confidential

478 and exempt from s. 119.07(1) and s. 24(a), Art. I of the State

479 Constitution.

480 (3) Except as otherwise provided in this section and

481 except for those portions that are otherwise public record,

482 after an investigation relating to an informal enforcement

483 action is completed or ceases to be active, informal enforcement

484 actions are confidential and exempt from s. 119.07(1) and s.

485 24(a), Art. I of the State Constitution to the extent that

486 disclosure would:

487 (a) Jeopardize the integrity of another active

488 investigation.

489 (b) Impair the safety and soundness of the financial

490 institution.

491 (c) Reveal personal financial information.

492 (d) Reveal the identity of a confidential source.

493 (e) Defame or cause unwarranted damage to the good name or

494 reputation of an individual or jeopardize the safety of an

495 individual.

496 (f) Reveal investigative techniques or procedures.

497 (4) Except as otherwise provided in this section and

498 except for those portions that are otherwise public record,

499 trade secrets as defined in s. 688.002 which comply with s.

500 655.0591 and which are held by the office in accordance with its

501 statutory duties with respect to the financial institutions

502 codes are confidential and exempt from s. 119.07(1) and s.

503 24(a), Art. I of the State Constitution.

504 (6) This section does not prevent or restrict:

505 (a) Publishing reports that are required to be submitted

506 to the office pursuant to s. 655.045(2) or required by

507 applicable federal statutes or regulations to be published.

508 (b) Furnishing records or information to any other state,

509 federal, or foreign agency responsible for the regulation or

510 supervision of financial institutions.

511 (c) Disclosing or publishing summaries of the condition of

512 financial institutions and general economic and similar

513 statistics and data, provided that the identity of a particular

514 financial institution is not disclosed.

515 (d) Reporting any suspected criminal activity, with

516 supporting documents and information, to appropriate law

517 enforcement and prosecutorial agencies.

518 (e) Furnishing information upon request to the Chief

519 Financial Officer or the Division of Treasury of the Department

520 of Financial Services regarding the financial condition of any

521 financial institution that is, or has applied to be, designated

522 as a qualified public depository pursuant to chapter 280.

523 (f) Furnishing information to Federal Home Loan Banks

524 regarding its member institutions pursuant to an information

525 sharing agreement between the Federal Home Loan Banks and the

526 office.

528 Any confidential information or records obtained from the office

529 pursuant to this subsection shall be maintained as confidential

530 and exempt from s. 119.07(1) and s. 24(a), Art. I of the State

531 Constitution.

532 (10) Materials supplied to the office or to employees of

533 any financial institution by other state or federal governmental

534 agencies remain the property of the submitting agency or the

535 corporation, and any document request must be made to the

536 appropriate agency. Any confidential documents supplied to the

537 office or to employees of any financial institution by other

538 state or federal governmental agencies are confidential and

539 exempt from s. 119.07(1) and s. 24(a), Art. I of the State

540 Constitution. Such information shall be made public only with

541 the consent of such agency or the corporation.

542 (15) Subsections (1)-(4), (6), and (10) are subject to the

543 Open Government Sunset Review Act in accordance with s. 119.15

544 and are repealed October 2, 2031, unless reviewed and saved from

545 repeal through reenactment by the Legislature.

546 Section 9. (1) The Legislature finds that it is a public

547 necessity that all records and information relating to an

548 investigation by the Office of Financial Regulation undertaken

549 pursuant to chapter 655, Florida Statutes, be made confidential

550 and exempt from s. 119.07(1), Florida Statutes, and s. 24(a),

551 Article I of the State Constitution until the investigation

552 ceases to be active. The Legislature further finds that such

553 information should remain confidential and exempt from s.

554 119.07(1), Florida Statutes, and s. 24(a), Article I of the

555 State Constitution after the investigation ceases to be active

556 if its disclosure would jeopardize the office's investigations

557 by revealing techniques or procedures, or otherwise reveal

558 information that is being used in another investigation; reveal

559 personal financial information or a confidential source; or

560 defame or cause unwarranted damage to an individual's reputation

561 or jeopardize his or her safety.

562 (2) Information specified in s. 655.057(1)-(4), (6), and

563 (10), Florida Statutes, is held by the office in conjunction

564 with examinations and investigations of trust companies which

565 may include records concerning payment stablecoin issuer

566 products or services offered by such trust companies, as

567 authorized in s. 658.997, Florida Statutes. As a result, the

568 office may receive sensitive personal and financial information

569 relating to such trust companies in conjunction with its duties

570 under chapter 655, Florida Statutes. An exemption from public

571 records requirements provides the same protections to trust

572 companies that are qualified payment stablecoin issuers as are

573 afforded to other financial institutions, thereby preventing any

574 disadvantage to these similarly regulated entities in comparison

575 to other entities currently classified as financial

576 institutions. An exemption from public records requirements for

577 reports of examinations, operations, or condition, including

578 working papers, is necessary to ensure the office's ability to

579 effectively and efficiently administer its examination and

580 investigation duties. Examination and investigation are

581 essential components of financial institutions regulation. They

582 deter fraud and ensure the safety and soundness of the financial

583 system. Examinations and investigations also provide a means of

584 early detection of violations, allowing for corrective action to

585 be taken before any harm can be done.

586 (3) The Legislature finds that it is a public necessity to

587 make confidential and exempt from s. 119.07(1), Florida

588 Statutes, and s. 24(a), Article I of the State Constitution

589 records and information relating to an examination or

590 investigation by the Office of Financial Regulation; portions of

591 records relating to a completed or inactive examination or

592 investigation by the office which would jeopardize the integrity

593 of another active examination or investigation, impair the

594 safety and soundness of the financial institution, reveal

595 personal financial information, reveal the identity of a

596 confidential source, defame or cause unwarranted damage to the

597 good name or reputation of an individual or jeopardize the

598 safety of an individual, or reveal investigative techniques or

599 procedures; reports of examinations, operations, or conditions,

600 including working papers, or portions thereof, prepared by, or

601 for the use of, the office or any state or federal agency

602 responsible for the regulation or supervision of financial

603 institutions in this state, until 1 year after the appointment

604 of a liquidator; any portion of such reports which discloses the

605 identities of depositors, bondholders, members, borrowers, or

606 stockholders, other than directors, officers, or controlling

607 stockholders of the institution; trade secrets held by the

608 office in accordance with its statutory duties under chapter

609 655, Florida Statutes, unless an administrative law judge or

610 circuit judge determines that the release of personal financial

611 information to the public is in the interest of justice; and

612 materials supplied to the office or to employees of any

613 financial institution by other state or federal governmental

614 agencies.

615 (4) Release of information specified in s. 655.057(1)-(4),

616 (6), and (10), Florida Statutes, could compromise the office's

617 examinations and investigations, reveal investigative

618 techniques, result in the disclosure of an individual's personal

619 financial information, or defame or cause unwarranted damage to

620 the good name or reputation of an individual or entity or

621 jeopardize his or her safety. Such disclosure could also result

622 in the spread of inaccurate information, which could harm the

623 subject of the examination or investigation, or otherwise impair

624 commerce conducted by financial institutions in this state. Any

625 portion of a record or information relating to an examination or

626 investigation which reveals personal financial information or

627 the identity of a confidential source may defame, or cause

628 unwarranted damage to the good name or reputation of, those

629 individuals, or jeopardize their safety.

630 (5) A trade secret derives independent economic value,

631 actual or potential, from not being generally known to, and not

632 readily ascertainable by, other persons who can obtain economic

633 value from the disclosure or use of the trade secret. Without an

634 exemption for a trade secret held by the office in accordance

635 with its duties prescribed by chapter 655, Florida Statutes,

636 that trade secret becomes a public record when received and must

637 be divulged upon request. Divulging a trade secret under the

638 public records law would give business competitors an unfair

639 advantage and destroy the value of that property, causing a

640 financial loss to the person or entity submitting the trade

641 secret and weakening the position of that person or entity in

642 the marketplace.

643 (6) The Legislature finds that there is little public

644 benefit derived from access to such information during the

645 office's examinations or investigations, and that the exemption

646 is narrowly tailored to allow for release except where the

647 public benefit is outweighed by harm to individuals or

648 institutions, when the disclosure would jeopardize other

649 examinations or investigations, reveal the office's

650 investigative techniques or procedures, or expose personal

651 financial information or a confidential source.

652 (7) This section shall take effect on the same date that

653 HB 175 or similar legislation takes effect, if such legislation

654 is adopted in the same legislative session or an extension

655 thereof and becomes a law.

656 Section 10. (1) The Legislature finds that it is a public

657 necessity that all records and information relating to an

658 investigation by the Office of Financial Regulation undertaken

659 pursuant to chapter 655, Florida Statutes, be made confidential

660 and exempt from s. 119.07(1), Florida Statutes, and s. 24(a),

661 Article I of the State Constitution until the investigation

662 ceases to be active. The Legislature further finds that such

663 information should remain confidential and exempt from s.

664 119.07(1), Florida Statutes, and s. 24(a), Article I of the

665 State Constitution after the investigation ceases to be active

666 if its disclosure would jeopardize the office's investigations

667 by revealing techniques or procedures, or otherwise reveal

668 information that is being used in another investigation; reveal

669 personal financial information or a confidential source; or

670 defame or cause unwarranted damage to an individual's reputation

671 or jeopardize his or her safety.

672 (2) Information specified in s. 655.057(1)-(4), (6), and

673 (10) is held by the office in conjunction with investigations of

674 financial institutions which may include records concerning gold

675 coin or silver coin products or services offered by such

676 institutions, as authorized in s. 215.986(2)(e), Florida

677 Statutes, enacted in chapter 2025-100, Laws of Florida. As a

678 result, the office may receive sensitive personal and financial

679 information relating to such institutions in conjunction with

680 its duties under chapter 655, Florida Statutes. An exemption

681 from public records requirements provides the same protections

682 to custodians of gold coin or silver coin as are afforded to

683 other financial institutions, thereby preventing any

684 disadvantage to these similarly regulated entities in comparison

685 to other entities currently classified as financial

686 institutions. An exemption from public records requirements for

687 reports of examinations, operations, or condition, including

688 working papers, is necessary to ensure the office's ability to

689 effectively and efficiently administer its examination and

690 investigation duties. Examination and investigation are

691 essential components of financial institutions regulation. They

692 deter fraud and ensure the safety and soundness of the financial

693 system. Examinations also provide a means of early detection of

694 violations, allowing for corrective action to be taken before

695 any harm can be done.

696 (3) The Legislature finds that it is a public necessity to

697 make confidential and exempt from s. 119.07(1), Florida

698 Statutes, and s. 24(a), Article I of the State Constitution

699 records and information relating to an investigation by the

700 Office of Financial Regulation; portions of records relating to

701 a completed or inactive investigation by the office which would

702 jeopardize the integrity of another active investigation, impair

703 the safety and soundness of the financial institution, reveal

704 personal financial information, reveal the identity of a

705 confidential source, defame or cause unwarranted damage to the

706 good name or reputation of an individual or jeopardize the

707 safety of an individual, or reveal investigative techniques or

708 procedures; reports of examinations, operations, or condition,

709 including working papers, or portions thereof, prepared by, or

710 for the use of, the office or any state or federal agency

711 responsible for the regulation or supervision of financial

712 institutions in this state, until 1 year after the appointment

713 of a liquidator; any portion of such reports which discloses the

714 identities of depositors, bondholders, members, borrowers, or

715 stockholders, other than directors, officers, or controlling

716 stockholders of the institution; trade secrets held by the

717 office in accordance with its statutory duties under chapter

718 655, Florida Statutes, unless an administrative law judge or

719 circuit judge determines that the release of personal financial

720 information to the public is in the interest of justice; and

721 materials supplied to the office or to employees of any

722 financial institution by other state or federal governmental

723 agencies.

724 (4) Release of information specified in s. 655.057(1)-(4),

725 (6), and (10) could compromise the office's investigations and

726 examinations, reveal investigative techniques, result in the

727 disclosure of an individual's personal financial information, or

728 defame or cause unwarranted damage to the good name or

729 reputation of an individual or entity or jeopardize his or her

730 safety. Such disclosure could also result in the spread of

731 inaccurate information, which could harm the subject of the

732 examination or investigation, or otherwise impair commerce

733 conducted by financial institutions in this state. Any portion

734 of a record or information relating to an investigation or

735 examination which reveals personal financial information or the

736 identity of a confidential source may defame, or cause

737 unwarranted damage to the good name or reputation of, those

738 individuals, or jeopardize their safety.

739 (5) A trade secret derives independent economic value,

740 actual or potential, from not being generally known to, and not

741 readily ascertainable by, other persons who can obtain economic

742 value from the disclosure or use of the trade secret. Without an

743 exemption for a trade secret held by the office in accordance

744 with its duties prescribed by chapter 655, Florida Statutes,

745 that trade secret becomes a public record when received and must

746 be divulged upon request. Divulging a trade secret under the

747 public records law would give business competitors an unfair

748 advantage and destroy the value of that property, causing a

749 financial loss to the person or entity submitting the trade

750 secret and weakening the position of that person or entity in

751 the marketplace.

752 (6) The Legislature finds that there is little public

753 benefit derived from access to such information during the

754 office's investigation, and that the exemption is narrowly

755 tailored to allow for release except when the public benefit is

756 outweighed by harm to individuals or institutions, when the

757 disclosure would jeopardize other investigations, reveal the

758 office's investigative techniques or procedures, or expose

759 personal financial information or a confidential source.

760 (7) This section shall take effect on the same date that

761 sections 1 through 15 of chapter 2025-100, Laws of Florida, take

762 effect.

763 Section 11. Effective on the same date that HB 175 or

764 similar legislation takes effect, if such legislation is adopted

765 in the same legislative session or an extension thereof and

766 becomes a law, or sections 1 through 15 of chapter 2025-100,

767 Laws of Florida, take effect, subsection (7) of section 655.50,

768 Florida Statutes, is amended, and paragraph (d) of subsection

769 (5) of this section is reenacted, to read:

770 655.50 Florida Control of Money Laundering and Terrorist

771 Financing in Financial Institutions Act.—

772 (5) A financial institution shall keep a record of each

773 financial transaction occurring in this state known to it which

774 involves currency or other monetary instrument, as the

775 commission prescribes by rule, has a value greater than $10,000,

776 and involves the proceeds of specified unlawful activity, or is

777 designed to evade the reporting requirements of this section,

778 chapter 896, or similar state or federal law, or which the

779 financial institution reasonably believes is suspicious

780 activity. Each financial institution shall maintain appropriate

781 procedures to ensure compliance with this section, chapter 896,

782 and other similar state or federal law. Any report of suspicious

783 activity made pursuant to this subsection is entitled to the

784 same confidentiality provided under 31 C.F.R. s. 1020.320,

785 whether the report or information pertaining to or identifying

786 the report is in the possession or control of the office or the

787 reporting institution.

788 (d) Each financial institution shall file a report of the

789 records required under this subsection with the office. Each

790 report shall be filed at such time and must contain such

791 information as the commission requires by rule.

792 (7) All reports and records filed with the office pursuant

793 to this section are confidential and exempt from s. 119.07(1)

794 and s. 24(a), Art. I of the State Constitution. However, the

795 office shall provide any report filed pursuant to this section,

796 or information contained therein, to federal, state, and local

797 law enforcement and prosecutorial agencies, and any federal or

798 state agency responsible for the regulation or supervision of

799 financial institutions.

800 Section 12. (1) The Legislature finds that it is a public

801 necessity that all reports and records filed with the Office of

802 Financial Regulation be made confidential and exempt from s.

803 119.07(1), Florida Statutes, and s. 24(a), Article I of the

804 State Constitution unless disclosure is requested by a federal,

805 state, or local law enforcement or prosecutorial agency or any

806 federal or state agency responsible for the regulation or

807 supervision of financial institutions. Information regarding

808 potential money laundering or terrorism must be safeguarded to

809 prevent the potential offender from being tipped off or

810 circumventing an investigation conducted by the office, and

811 disclosure of such information could harm the office's

812 investigations.

813 (2) These reports and records are held by the office in

814 conjunction with its duties pursuant to 31 U.S.C. s. 5313 and 31

815 C.F.R. part 1020 and its examinations or investigations of trust

816 companies' transactions involving monetary instruments

817 concerning payment stablecoin products or services offered by

818 such companies, as authorized in s. 658.997, Florida Statutes,

819 to include any transactions involving payment stablecoin

820 products or services offered by such financial institutions. As

821 a result, the office may receive sensitive personal and

822 financial information relating to such entities in conjunction

823 with its duties under chapter 655, Florida Statutes. An

824 exemption from public records requirements provides the same

825 protections to trust companies that hold a certificate of

826 approval as a qualified payment stablecoin issuer as are

827 afforded to other financial institutions, thereby preventing any

828 disadvantage to these similarly regulated entities in comparison

829 to other entities currently classified as financial

830 institutions. An exemption from public records requirements for

831 reports and records submitted to the office is necessary to

832 ensure the office's ability to effectively and efficiently

833 administer its investigation duties. Examination and

834 investigation are essential components of financial institutions

835 regulation. They deter fraud and ensure the safety and soundness

836 of the financial system. Examinations and investigations also

837 provide a means of early detection of violations, allowing for

838 corrective action to be taken before any harm can be done.

839 (3) This section shall take effect on the same date that

840 HB 175 or similar legislation takes effect, if such legislation

841 is adopted in the same legislative session or an extension

842 thereof and becomes a law.

843 Section 13. (1) The Legislature finds that it is a public

844 necessity that all reports and records filed with the Office of

845 Financial Regulation be made confidential and exempt from s.

846 119.07(1), Florida Statutes, and s. 24(a), Article I of the

847 State Constitution unless disclosure is requested by a federal,

848 state, or local law enforcement or prosecutorial agency or any

849 federal or state agency responsible for the regulation or

850 supervision of financial institutions. Information regarding

851 potential money laundering or terrorism must be safeguarded to

852 prevent the potential offender from being tipped off or

853 circumventing an investigation conducted by the office, and

854 disclosure of such information could harm the office's

855 investigations.

856 (2) These reports and records are held by the office in

857 conjunction with its duties pursuant to 31 U.S.C. s. 5313 and 31

858 C.F.R. part 1020 and its investigations of financial

859 institutions' transactions involving monetary instruments

860 concerning gold coin or silver coin products or services offered

861 by such institutions, as authorized in s. 215.986(2)(e), Florida

862 Statutes, enacted in chapter 2025-100, Laws of Florida, to

863 include any transactions involving gold coin or silver coin

864 products or services offered by such financial institutions. As

865 a result, the office may receive sensitive personal and

866 financial information relating to such entities in conjunction

867 with its duties under chapter 655, Florida Statutes. An

868 exemption from public records requirements provides the same

869 protections to custodians of gold coin or silver coin as are

870 afforded to other financial institutions, thereby preventing any

871 disadvantage to these similarly regulated entities in comparison

872 to other entities currently classified as financial

873 institutions. An exemption from public records requirements for

874 reports and records submitted to the office is necessary to

875 ensure the office's ability to effectively and efficiently

876 administer its investigation duties. Examination and

877 investigation are essential components of financial institutions

878 regulation. They deter fraud and ensure the safety and soundness

879 of the financial system. Examinations also provide a means of

880 early detection of violations, allowing for corrective action to

881 be taken before any harm can be done.

882 (3) This section shall take effect on the same date that

883 sections 1 through 15 of chapter 2025-100, Laws of Florida, take

884 effect.

885 Section 14. Except as otherwise expressly provided in this

886 act, this act shall take effect upon becoming a law.