Florida 2024 Regular Session

Florida House Bill H0699 Compare Versions

Only one version of the bill is available at this time.

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3	3	HB 699 2024
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10	10	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
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14	14	A bill to be entitled 1
15	15	An act relating to public records; amending s. 17.45, 2
16	16	F.S.; providing a public records exemption for records 3
17	17	of accounts in bullion depositories and of 4
18	18	transactions, deposits, and withdrawals associated 5
19	19	with such accounts; providing for future legislative 6
20	20	review and repeal of the exemption; providing 7
21	21	statement of public necessity; providing a contingent 8
22	22	effective date. 9
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24	24	Be It Enacted by the Legislatur e of the State of Florida: 11
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26	26	Section 1. Paragraph (b) of subsection (3) of section 13
27	27	17.45, Florida Statutes, as created by HB 697, 2024, is amended 14
28	28	to read: 15
29	29	17.45 Gold and silver as legal tender; state bullion 16
30	30	depositories; gold and silver electronic c urrency.— 17
31	31	(3) BULLION DEPOSITORY. — 18
32	32	(b) Depository accounts; state use of depositories. — 19
33	33	1. A person, including, but not limited to, an individual, 20
34	34	a corporation, a partnership, a company, an association, a 21
35	35	trust, an estate, and a governmental entity, may establish a 22
36	36	depository account by entering into a depository agreement with 23
37	37	a depository. 24
38	38	2. A depository account holder may purchase, sell, 25
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47	47	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
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51	51	deposit, or withdraw bullion through the holder's account in 26
52	52	accordance with this section and any rule adopt ed thereunder. A 27
53	53	depository must have processes and systems to facilitate timely 28
54	54	bullion purchases, sales, deposits, and withdrawals, which may 29
55	55	include, but are not limited to: 30
56	56	a. Physical deposits and withdrawals to and from the 31
57	57	depository's physical lo cation, or a partner organization such 32
58	58	as a major mint or refiner capable of providing bullion that 33
59	59	meets standards established by the department; and 34
60	60	b. Electronic systems that meet current industry standards 35
61	61	for the purchase and sale of bullion for dep ository account 36
62	62	holders that cannot or choose not to travel to the physical 37
63	63	location. 38
64	64	3. State agencies, counties, municipalities, and other 39
65	65	governmental entities may use a depository for storing bullion. 40
66	66	The State Treasury may deposit a portion of its f unds into a 41
67	67	depository in the form of bullion, and such bullion is 42
68	68	considered part of the state's official financial reserves. The 43
69	69	department shall develop guidelines for the state's use of 44
70	70	depositories. 45
71	71	4.a. The administrator shall maintain a record of all 46
72	72	depository accounts and all transactions, deposits, and 47
73	73	withdrawals associated with each account. Such records shall be 48
74	74	provided to the department within 5 business days after the 49
75	75	department's request. All records shall be kept and maintained, 50
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84	84	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
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88	88	at a minimum, on an approved state computer system for a period 51
89	89	of at least 7 years and 1 day. 52
90	90	b. The administrator and the department shall ensure that 53
91	91	all the records described in sub -subparagraph a. remain 54
92	92	confidential and exempt from s. 119.07(1) and s. 24(a ), Art. I 55
93	93	of the State Constitution. This sub -subparagraph is subject to 56
94	94	the Open Government Sunset Review Act in accordance with s. 57
95	95	119.15 and shall stand repealed on October 2, 2029, unless 58
96	96	reviewed and saved from repeal through reenactment by the 59
97	97	Legislature. 60
98	98	Section 2. (1) The Legislature finds that it is a public 61
99	99	necessity that records of all accounts in the state bullion 62
100	100	depositories established in s. 17.45, Florida Statutes, and of 63
101	101	all transactions, deposits, and withdrawals associated with such 64
102	102	accounts be made confidential and exempt from s. 119.07(1), 65
103	103	Florida Statutes, and s. 24(a), Article I of the State 66
104	104	Constitution. The confidentiality and exemption from public 67
105	105	records requirements of such records serve as crucial safeguards 68
106	106	against the increasing threats of identity theft, financial 69
107	107	fraud, and other related crimes. Such confidentiality and 70
108	108	exemption could prevent unauthorized access to personal 71
109	109	financial data, thereby safeguarding account holders against 72
110	110	undue scrutiny, preserving their fin ancial autonomy, and 73
111	111	reducing their vulnerability to malicious activities. 74
112	112	(2) Public confidence in the state's financial 75
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121	121	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
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125	125	institutions is essential for their effective functioning. The 76
126	126	assurance of confidentiality and exemption from public access of 77
127	127	financial and personal records of customers of the state's 78
128	128	financial institutions is key to preserving this trust, ensuring 79
129	129	that Floridians feel secure in their financial interactions with 80
130	130	the state. The confidentiality and exemption also ensure strict 81
131	131	adherence to existing data protection legislation and reflect 82
132	132	the state's commitment to enforce statutory requirements 83
133	133	regarding the handling and security of personal information. 84
134	134	Furthermore, such confidentiality and exemption could prevent 85
135	135	the potential misuse of sensitive information which might 86
136	136	otherwise lead to market manipulation or other forms of economic 87
137	137	disruption. Therefore, the Legislature finds that keeping the 88
138	138	records of all accounts in the state bullion depositories and of 89
139	139	all transactions, depos its, and withdrawals associated with such 90
140	140	accounts confidential and exempt from s. 119.07(1), Florida 91
141	141	Statutes, and s. 24(a), Article I of the State Constitution is 92
142	142	not only a reflection of the state's dedication to protecting 93
143	143	its residents but also a nece ssary measure for ensuring the 94
144	144	security and integrity of the financial system. 95
145	145	Section 3. This act shall take effect on the same date 96
146	146	that HB 697 or similar legislation takes effect , if such 97
147	147	legislation is adopted in the same legislative session or a n 98
148	148	extension thereof and becomes a law. 99