No. CS/CS/HB 1087
Pub. Rec./Office of Financial Regulation; Expanding a public records exemption for certain information obtained by the Office of Financial Regulation concerning or during the course of an investigation or examination conducted by the office, including customer and consumer complaints, to incorporate the inclusion of documents relating to virtual currency businesses, qualified payment stablecoin issuers, and money transmitters acting as custodians of gold coin and silver coin; providing for future legislative review and repeal of the exemptions, etc.
Plain English Summary
AI-GENERATEDThe Office of Financial Regulation's investigation files become secret. This covers virtual currency kiosks, stablecoin issuers, and gold coin custodians. The public cannot see these documents unless a judge orders release.
The bill also shields all reports filed with the regulator. This includes records related to payment stablecoins and precious metals. These documents are exempt from both statutory and constitutional public records laws.
The exemptions include a sunset clause. The Legislature must review them by October 2031. If they are not explicitly reenacted, the exemptions automatically expire and the records become public again.
This change primarily affects transparency. Members of the public lose the right to inspect these specific financial records. The regulator retains discretion over what is disclosed, subject only to judicial or law enforcement requests.
AIMakes all information from OFR investigations or examinations of virtual currency kiosk businesses confidential and exempt from public records law, both while active and after, unless a judge orders release.
AICreates a new statutory exemption from Florida's public records law for all reports and records filed with the Office of Financial Regulation, including those related to payment stablecoin and gold/silver coin transactions, unless disclosure is requested by law enforcement or regulatory agencies.
AIRequires the Legislature to review the new exemptions by October 2, 2031, and automatically repeals them if not reenacted.
AIAmends an existing public records exemption to also exempt covered reports and records from the state constitutional right of access to public records, not just the statutory public records law.
AIRequires that certain subsections of the amended public records exemption be reviewed under the Open Government Sunset Review Act and repealed on October 2, 2031, unless the Legislature reenacts them.