HB 587 2024
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hb0587-00
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
A bill to be entitled 1
An act relating to public records; amending s. 655.49, 2
F.S.; providing a public records exemption for 3
termination-of-access reports filed by financial 4
institutions with the Office of Financial Regulation 5
and for information contained in such reports; 6
providing for future legislative review and repeal of 7
the exemption; providing statements of public 8
necessity; providing a contingent effective date. 9
10
Be It Enacted by the Legislature of the State of Florida: 11
12
Section 1. Subsection (4) of section 655.49, Florida 13
Statutes, as created by HB 585, 2024 Regular Session, is amended 14
to read: 15
655.49 Termination-of-access reports by financial 16
institutions; investigations by the Office of Financial 17
Regulation.— 18
(4)(a) All reports filed pursuant to this section, and any 19
information contained therein, are confidential and exempt from 20
s. 119.07(1) and s. 24(a), Art. I of the State Constitution. 21
This paragraph is subject to the Open Government Sunset Review 22
Act in accordance with s. 119.15 and shall stand repealed on 23
October 2, 2029, unless reviewed and saved from repeal through 24
reenactment by the Legislature. 25
HB 587 2024
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
(b) The office shall provide any report filed pursu ant to 26
this section, or information contained therein, to any federal, 27
state, or local law enforcement or prosecutorial agency, and any 28
federal or state agency responsible for the regulation or 29
supervision of financial institutions, if the provision of suc h 30
report is otherwise required by law. 31
Section 2. (1) The Legislature finds that it is a public 32
necessity that a termination -of-access report filed with the 33
Office of Financial Regulation pursuant to s. 655.49, Florida 34
Statutes, by a financial institu tion that terminates, suspends, 35
or takes similar action restricting a customer's or member's 36
account access and any information obtained by the office in the 37
report or as the result of the office's investigation and 38
examination duties under s. 655.49, Flor ida Statutes, be made 39
confidential and exempt from s. 119.07(1), Florida Statutes, and 40
s. 24(a), Article I of the State Constitution. The disclosure of 41
such report and information could injure a financial institution 42
in the marketplace by providing its com petitors with detailed 43
insight into its business operations, thereby diminishing the 44
advantage that the institution maintains over its competitors 45
that do not possess such information. Proprietary business 46
information derives actual or potential independen t economic 47
value from not being generally known to, and not being readily 48
ascertainable by proper means by, other persons who can derive 49
economic value from its disclosure or use. The Office of 50
HB 587 2024
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
Financial Regulation, in performing its duties and 51
responsibilities, may need to obtain proprietary business 52
information from financial institutions. Without an exemption 53
from public records requirements for proprietary business 54
information provided to the office, such information becomes a 55
public record when receive d and must be divulged upon request. 56
Release of proprietary business information would give business 57
competitors an unfair advantage and weaken the position in the 58
marketplace of the proprietor that owns or controls the business 59
information. 60
(2) Furthermore, the office may receive sensitive 61
financial and personal information of customers or members in 62
the termination-of-access reports filed by financial 63
institutions, the release of which could defame or jeopardize 64
the personal and financial safety of such individuals and their 65
family members. Placing within the public domain the financial 66
and personal identifying information of the customers or members 67
of the financial institutions would increase the security risk 68
for these customers or members, who could become the target of 69
criminal activity. An exemption from public records requirements 70
is necessary to ensure the office's ability to administer its 71
regulatory duties while preventing unwarranted damage to a 72
financial institution or a customer or member of a financial 73
institution. 74
Section 3. This act shall take effect on the same date 75
HB 587 2024
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
that HB 585 or similar legislation takes effect , if such 76
legislation is adopted in the same legislative session or an 77
extension thereof and becomes a law. 78