Bill Text: FL S0752 | 2024 | Regular Session | Introduced


Bill Title: Public Records/Bullion Depositories

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2024-03-08 - Died in Banking and Insurance [S0752 Detail]

Download: Florida-2024-S0752-Introduced.html
       Florida Senate - 2024                                     SB 752
       
       
        
       By Senator Rodriguez
       
       
       
       
       
       40-01533-24                                            2024752__
    1                        A bill to be entitled                      
    2         An act relating to public records; amending s. 17.45,
    3         F.S.; providing a public records exemption for records
    4         of accounts in bullion depositories and of
    5         transactions, deposits, and withdrawals associated
    6         with such accounts; providing for future legislative
    7         review and repeal of the exemption; providing a
    8         statement of public necessity; providing a contingent
    9         effective date.
   10          
   11  Be It Enacted by the Legislature of the State of Florida:
   12  
   13         Section 1. Paragraph (b) of subsection (3) of section
   14  17.45, Florida Statutes, as created by SB ___, 2024 Regular
   15  Session, is amended to read:
   16         17.45 Gold and silver as legal tender; state bullion
   17  depositories; gold and silver electronic currency.—
   18         (3) BULLION DEPOSITORIES.—
   19         (b) Depository accounts; state use of depositories.—
   20         1. A person, including, but not limited to, an individual,
   21  a corporation, a partnership, a company, an association, a
   22  trust, an estate, and a governmental entity, may establish a
   23  depository account by entering into a depository agreement with
   24  a depository.
   25         2. A depository account holder may purchase, sell, deposit,
   26  or withdraw bullion through the holder’s account in accordance
   27  with this section and any rule adopted thereunder. A depository
   28  must have processes and systems to facilitate timely bullion
   29  purchases, sales, deposits, and withdrawals, which may include,
   30  but are not limited to:
   31         a. Physical deposits and withdrawals to and from the
   32  depository’s physical location, or a partner organization such
   33  as a major mint or refiner capable of providing bullion that
   34  meets standards established by the department; and
   35         b. Electronic systems that meet current industry standards
   36  for the purchase and sale of bullion for depository account
   37  holders that cannot or choose not to travel to the physical
   38  location.
   39         3. State agencies, counties, municipalities, and other
   40  governmental entities may use a depository for storing bullion.
   41  The State Treasury may deposit a portion of its funds into a
   42  depository in the form of bullion, and such bullion is
   43  considered part of the state’s official financial reserves. The
   44  department shall develop guidelines for the state’s use of
   45  depositories.
   46         4.a. The administrator shall maintain a record of all
   47  depository accounts and all transactions, deposits, and
   48  withdrawals associated with each account. Such records shall be
   49  provided to the department within 5 business days after the
   50  department’s request. All records shall be kept and maintained,
   51  at a minimum, on an approved state computer system for a period
   52  of at least 7 years and 1 day.
   53         b.The administrator and the department shall ensure that
   54  all the records described in sub-subparagraph a. remain
   55  confidential and exempt from s. 119.07(1) and s. 24(a), Art. I
   56  of the State Constitution. This sub-subparagraph is subject to
   57  the Open Government Sunset Review Act in accordance with s.
   58  119.15 and shall stand repealed on October 2, 2029, unless
   59  reviewed and saved from repeal through reenactment by the
   60  Legislature.
   61         Section 2. (1)The Legislature finds that it is a public
   62  necessity that records of all accounts in the state bullion
   63  depositories established in s. 17.45, Florida Statutes, and of
   64  all transactions, deposits, and withdrawals associated with such
   65  accounts be made confidential and exempt from s. 119.07(1),
   66  Florida Statutes, and s. 24(a), Article I of the State
   67  Constitution. The confidentiality and exemption from public
   68  records requirements of such records serve as crucial safeguards
   69  against the increasing threats of identity theft, financial
   70  fraud, and other related crimes. Such confidentiality and
   71  exemption could prevent unauthorized access to personal
   72  financial data, thereby safeguarding account holders against
   73  undue scrutiny, preserving their financial autonomy, and
   74  reducing their vulnerability to malicious activities.
   75         (2)Public confidence in the state’s financial institutions
   76  is essential for their effective functioning. The assurance of
   77  confidentiality and exemption from public access of financial
   78  and personal records of customers of the state’s financial
   79  institutions is key to preserving this trust, ensuring that
   80  Floridians feel secure in their financial interactions with the
   81  state. The confidentiality and exemption also ensure strict
   82  adherence to existing data protection legislation and reflect
   83  the state’s commitment to enforce statutory requirements
   84  regarding the handling and security of personal information.
   85  Furthermore, such confidentiality and exemption could prevent
   86  the potential misuse of sensitive information which might
   87  otherwise lead to market manipulation or other forms of economic
   88  disruption. Therefore, the Legislature finds that keeping the
   89  records of all accounts in the state bullion depositories and of
   90  all transactions, deposits, and withdrawals associated with such
   91  accounts confidential and exempt from s. 119.07(1), Florida
   92  Statutes, and s. 24(a), Article I of the State Constitution is
   93  not only a reflection of the state’s dedication to protecting
   94  its residents but also a necessary measure for ensuring the
   95  security and integrity of the financial system.
   96         Section 3. This act shall take effect on the same date that
   97  SB ___ or similar legislation takes effect, if such legislation
   98  is adopted in the same legislative session or an extension
   99  thereof and becomes a law.

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