Bill Text: FL S0512 | 2021 | Regular Session | Comm Sub
Bill Title: Public Records/Application for a De Novo Banking Charter
Spectrum: Bipartisan Bill
Status: (Failed) 2021-04-30 - Died in Governmental Oversight and Accountability [S0512 Detail]
Download: Florida-2021-S0512-Comm_Sub.html
Florida Senate - 2021 CS for SB 512 By the Committee on Banking and Insurance; and Senator Burgess 597-02174-21 2021512c1 1 A bill to be entitled 2 An act relating to public records; amending s. 3 655.057, F.S.; providing an exemption from public 4 records requirements for certain information received 5 by the Office of Financial Regulation pursuant to an 6 application for a de novo banking charter; defining 7 the term “personal identifying information”; providing 8 for future legislative review and repeal of the 9 exemption; providing a statement of public necessity; 10 providing an effective date. 11 12 Be It Enacted by the Legislature of the State of Florida: 13 14 Section 1. Present subsections (5) through (14) of section 15 655.057, Florida Statutes, are redesignated as subsections (6) 16 through (15), respectively, a new subsection (5) is added to 17 that section, and present subsection (14) of that section is 18 amended, to read: 19 655.057 Records; limited restrictions upon public access.— 20 (5)(a) Except as otherwise provided in this section and 21 except for those portions that are otherwise public record, the 22 following information received by the office pursuant to an 23 application for authority to organize a new state bank under 24 chapter 658 is confidential and exempt from s. 119.07(1) and s. 25 24(a), Art. I of the State Constitution: 26 1. Personal financial information. 27 2. A driver license number, a passport number, a military 28 identification number, or any other similar number issued on a 29 government document used to verify identity. 30 3. Books and records of a current or proposed financial 31 institution. 32 4. The personal identifying information of a shareholder, 33 subscriber, proposed officer, or proposed director of the 34 proposed bank when such information has been marked by the 35 applicant as confidential when submitted to the office. As used 36 in this subparagraph, the term “personal identifying 37 information” means names, home addresses, e-mail addresses, 38 telephone numbers, names of relatives, work experience, 39 professional licensing and educational background, and 40 photographs. 41 5. The proposed bank’s business plan and any attached 42 supporting documentation when such information has been marked 43 by the applicant as confidential when submitted to the office. 44 (b) This subsection is subject to the Open Government 45 Sunset Review Act in accordance with s. 119.15 and is repealed 46 on October 2, 2026, unless reviewed and saved from repeal 47 through reenactment by the Legislature. 48 (15)(14)Subsections (1), (2), (6), and (10)(5), and(9)49 are subject to the Open Government Sunset Review Act in 50 accordance with s. 119.15 and are repealed on October 2, 2022, 51 unless reviewed and saved from repeal through reenactment by the 52 Legislature. 53 Section 2. The Legislature finds that it is a public 54 necessity that certain information received by the Office of 55 Financial Regulation pursuant to an application for authority to 56 organize a new state bank under chapter 658, Florida Statutes, 57 be made confidential and exempt from s. 119.07(1), Florida 58 Statutes, and s. 24(a), Article I of the State Constitution to 59 the extent that disclosure would reveal personal financial 60 information; reveal a driver license number, a passport number, 61 a military identification number, or any other similar number 62 issued on a government document used to verify identity; reveal 63 books and records of a current or proposed financial 64 institution; reveal the personal identifying information of a 65 shareholder, subscriber, proposed officer, or proposed director; 66 or reveal a proposed bank’s business plan and any attached 67 supporting documentation. The office may receive sensitive 68 personal, financial, and business information in conjunction 69 with its duties related to the review of applications for the 70 organization or establishment of new state banks. An exemption 71 from public records requirements is necessary to ensure the 72 office’s ability to administer its regulatory duties while 73 preventing unwarranted damage to the proposed bank or the 74 shareholders, subscribers, proposed officers, or proposed 75 directors of the proposed bank or other financial institutions 76 in this state. The release of information that could lead to the 77 identification of an individual involved in the potential 78 establishment of a new bank in this state may subject such 79 individuals to retribution and jeopardize their current 80 employment with, or participation in the affairs of, another 81 financial institution. Thus, the public availability of such 82 information has a chilling effect on the establishment of new 83 banks in this state. Further, the public availability of the 84 books and financial records of a current or proposed financial 85 institution in this state presents an unnecessary risk of harm 86 to the business operations of such institutions. Finally, the 87 public availability of a proposed bank’s business plan may cause 88 competitive harm to such bank’s future business operations and 89 presents an unfair competitive advantage for existing financial 90 institutions that are not required to release such information. 91 Section 3. This act shall take effect July 1, 2021.