CS/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
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
for information contained in such reports, and for 6
personally identifying and personal financial 7
information contained in complaints filed by customers 8
or members and in determinations issued by the off ice 9
related to such complaints and reports; providing for 10
future legislative review and repeal of the exemption; 11
providing statements of public necessity; providing a 12
contingent effective date. 13
14
Be It Enacted by the Legislature of the State of Florida: 15
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Section 1. Subsection (5) of section 655.49, Florida 17
Statutes, as created by HB 585, 2024 Regular Session, is amended 18
to read: 19
655.49 Bad faith termination or restriction of account 20
access; investigations by the office. — 21
(5)(a) All reports, and a ny information contained therein, 22
and personally identifying or personal financial information 23
contained in a complaint filed or a determination issued 24
pursuant to this section are confidential and exempt from s. 25
CS/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
119.07(1) and s. 24(a), Art. I of the State Constitution. This 26
paragraph is subject to the Open Government Sunset Review Act in 27
accordance with s. 119.15 and shall stand repealed on October 2, 28
2029, unless reviewed and saved from repeal through reenactment 29
by the Legislature. 30
(b) The office shall provide any report filed pursuant to 31
this section, or information contained therein, to any federal, 32
state, or local law enforcement or prosecutorial agency, and any 33
federal or state agency responsible for the regulation or 34
supervision of financial instit utions, if the provision of such 35
report is otherwise required by law. 36
Section 2. (1) The Legislature finds that it is a public 37
necessity that personally identifying or personal financial 38
information contained in a complaint filed by a customer or 39
member or a determination issued by the Office of Financial 40
Regulation alleging a violation of s. 655.49, Florida Statutes, 41
and a termination-of-access report filed with the office 42
pursuant to s. 655.49, Florida Statutes, by a financial 43
institution that termin ates, suspends, or takes similar action 44
restricting a customer's or member's account access, and any 45
information obtained by the office in the report or as the 46
result of the office's investigation and examination duties 47
under s. 655.49, Florida Statutes, b e made confidential and 48
exempt from s. 119.07(1), Florida Statutes, and s. 24(a), 49
Article I of the State Constitution. The disclosure of such 50
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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
report and such personally identifying or personal financial 51
information could injure a financial institution in t he 52
marketplace by providing its competitors with detailed insight 53
into its business operations, thereby diminishing the advantage 54
that the institution maintains over its competitors that do not 55
possess such information. Proprietary business information 56
derives actual or potential independent economic value from not 57
being generally known to, and not being readily ascertainable by 58
proper means by, other persons who can derive economic value 59
from its disclosure or use. The office, in performing its duties 60
and responsibilities, may need to obtain proprietary business 61
information from financial institutions. Without an exemption 62
from public records requirements for proprietary business 63
information provided to the office, such information becomes a 64
public record when received and must be divulged upon request. 65
Release of proprietary business information would give business 66
competitors an unfair advantage and weaken the position in the 67
marketplace of the proprietor that owns or controls the business 68
information. 69
(2) Furthermore, the office may receive sensitive 70
personally identifying or personal financial information of 71
customers or members in complaints filed by a customer or member 72
or in termination-of-access reports filed by financial 73
institutions and may restat e such information in its 74
determination, the release of which could defame or jeopardize 75
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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
the personal and financial safety of such individuals and their 76
family members. Placing within the public domain personally 77
identifying or personal financial informati on of the customers 78
or members of the financial institutions would increase the 79
security risk for these customers or members, who could become 80
the target of criminal activity. An exemption from public 81
records requirements is necessary to ensure the office' s ability 82
to administer its regulatory duties while preventing unwarranted 83
damage to a financial institution or a customer or member of a 84
financial institution. 85
Section 3. This act shall take effect on the same date 86
that HB 585 or similar legislation t akes effect, if such 87
legislation is adopted in the same legislative session or an 88
extension thereof and becomes a law. 89