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