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CS for CS for SB 1440
First Engrossed (ntc)
20261440e1
1 A bill to be entitled
2 An act relating to public records; amending s.
3 494.00125, F.S.; providing an exemption from public
4 records requirements for information received by the
5 Office of Financial Regulation pursuant to certain
6 cybersecurity event provisions relating to information
7 systems and customer information of loan originators,
8 mortgage brokers, and mortgage lenders and for
9 information received by the office as a result of
10 investigations and examinations of such cybersecurity
11 events; providing for future legislative review and
12 repeal of the exemption; providing a statement of
13 public necessity; amending s. 517.2015, F.S.;
14 providing a public records exemption for certain
15 information in reports of financial exploitation;
16 providing for future legislative review and repeal of
17 the exemption; providing a statement of public
18 necessity; reenacting and amending s. 560.129, F.S.;
19 expanding a public records exemption for certain
20 information obtained by the Office of Financial
21 Regulation concerning or during the course of an
22 investigation or examination conducted by the office,
23 including customer and consumer complaints, to
24 incorporate the inclusion of documents relating to
25 cybersecurity incidents, data breaches, and
26 information security programs; providing an exemption
27 from public records requirements for information
28 received by the office pursuant to certain
29 cybersecurity events, documents relating to
30 information systems, and customer information of money
31 services businesses and for information received by
32 the office as a result of investigations and
33 examinations of such cybersecurity events; providing
34 for future legislative review and repeal of the
35 exemptions; providing a statement of public necessity;
36 amending s. 560.129, F.S.; expanding a public records
37 exemption for certain information obtained by the
38 Office of Financial Regulation concerning or during
39 the course of an investigation or examination
40 conducted by the office, including customer and
41 consumer complaints, to incorporate the inclusion of
42 documents relating to virtual currency businesses and
43 qualified payment stablecoin issuers; providing for
44 future legislative review and repeal of the
45 exemptions; specifying that certain provisions do not
46 become effective under certain circumstances;
47 providing statements of public necessity; amending s.
48 655.0171, F.S.; providing an exemption from public
49 records requirements for customer personal information
50 received by the office relating to breaches of
51 security of financial institutions or received by the
52 office as a result of investigations of such breaches
53 under certain circumstances; providing exceptions;
54 providing definitions; providing for future
55 legislative review and repeal of the exemption;
56 providing a statement of public necessity; amending s.
57 655.057, F.S.; providing an exemption from public
58 records requirements for certain information received
59 by the office pursuant to applications for authority
60 to organize new state credit unions and for certain
61 information relating to specified persons; providing
62 exceptions; defining the term “personal identifying
63 information”; revising the date for future legislative
64 review and repeal of the exemption; providing a
65 statement of public necessity; reenacting and amending
66 s. 655.057, F.S.; expanding a public records exemption
67 for certain information obtained by the office
68 concerning an investigation or examination conducted
69 by the office, including reports or papers of
70 examinations, operations, or condition, and trade
71 secrets to incorporate the inclusion of trust
72 companies that are qualified payment stablecoin
73 issuers; providing for future legislative review and
74 repeal of the exemption; providing a statement of
75 public necessity; reenacting and amending s. 655.50,
76 F.S.; expanding a public records exemption for reports
77 and records filed with the office to incorporate the
78 inclusion of financial institutions that are trust
79 companies that are qualified payment stablecoin
80 issuers; providing a statement of public necessity;
81 providing contingent effective dates.
82
83 Be It Enacted by the Legislature of the State of Florida:
84
85 Section 1. Subsection (4) is added to section 494.00125,
86 Florida Statutes, to read:
87 494.00125 Public records exemptions.—
88
(4)
INFORMATION SECURITY; CYBERSECURITY.—All information
89
received by the office pursuant to s. 494.00123, or received by
90
the office as result of an investigation by the office or a law
91
enforcement agency of a cybersecurity event pursuant to s.
92
494.00123, is confidential and exempt from s. 119.07(1) and s.
93
24(a), Art. I of the State Constitution, until such time as the
94
investigation is completed or ceases to be active. The public
95
records exemption of the information received by the office
96
under this subsection shall be construed in conformity with s.
97
119.071(2)(c). This subsection is subject to the Open Government
98
Sunset Review Act in accordance with s. 119.15 and shall stand
99
repealed on October 2, 2031, unless reviewed and saved from
100
repeal through reenactment by the Legislature.
101 Section 2.
(1)
The Legislature finds that it is a public
102
necessity that information on cybersecurity events submitted to
103
or obtained by the Office of Financial Regulation pursuant to s.
104
494.00123, Florida Statutes, or as a result of an investigation
105
by the office which involve information security programs of
106
loan originators, mortgage brokers, and mortgage lenders and
107
nonpublic personal data of customers of such loan originators,
108
mortgage brokers, and mortgage lenders be made confidential and
109
exempt from public disclosure.
110
(2)(a)
Premature or unrestricted release of information on
111
cybersecurity events, as defined in s. 494.00123(1), Florida
112
Statutes, could compromise ongoing investigations, expose system
113
vulnerabilities, and hinder the office’s ability to protect
114
consumers and regulate financial institutions effectively.
115
Disclosure of such information could also place affected
116
individuals at heightened risk of identity theft and financial
117
fraud while revealing trade secrets, proprietary data, and
118
technical safeguards that could be exploited by malicious
119
actors.
120
(b)
Protecting information on cybersecurity events ensures
121
that entities cooperate fully with regulators, encourages
122
accurate reporting of security incidents, and maintains the
123
overall integrity of the financial and cybersecurity
124
infrastructure of this state.
125
(3)
It is therefore a public necessity that all information
126
received by the office pursuant to s. 494.00123, Florida
127
Statutes, or through an investigation by the office or a law
128
enforcement agency of a cybersecurity event pursuant to s.
129
494.00123, Florida Statutes, be made confidential and exempt
130
from s. 119.07(1), Florida Statutes, and s. 24(a), Article I of
131
the State Constitution.
132 Section 3. Paragraph (b) of subsection (1) of section
133 517.2015, Florida Statutes, is amended, and subsection (4) is
134 added to that section, to read:
135 517.2015 Confidentiality of information relating to
136 investigations and examinations.—
137 (1)
138 (b) Except as necessary for the office to enforce the
139 provisions of this chapter, a consumer complaint
, a report of
140
financial exploitation,
and other information relative to an
141 investigation or examination shall remain confidential and
142 exempt from s. 119.07(1)
and s. 24(a), Art
.
I of the State
143
Constitution
after the investigation or examination is completed
144 or ceases to be active to the extent disclosure would:
145 1. Jeopardize the integrity of another active investigation
146 or examination.
147 2. Reveal the name, address, telephone number, social
148 security number, or any other identifying number or information
149 of any complainant, customer,
specified adult as defined in s.
150
517.34
(1)
,
or account holder.
151 3. Disclose the identity of a confidential source.
152 4. Disclose investigative techniques or procedures.
153 5. Reveal a trade secret as defined in s. 688.002.
154
6. Disclose financial information or personal health or
155
medical conditions of a complainant, customer, or specified
156
adult as defined in s. 517.34
(1)
.
157
(4)
Paragraph (1)(b) is subject to the Open Government
158
Sunset Review Act in accordance with s. 119.15 and is repealed
159
October 2, 2031, unless reviewed and saved from repeal through
160
reenactment by the Legislature.
161 Section 4.
The Legislature finds that it is a public
162
necessity that information in the possession of the
Office of
163
Financial Regulation
arising from a report of financial
164
exploitation under s. 517.34
, Florida Statutes,
concerning the
165
financial exploitation of specified adults be made confidential
166
and exempt from s. 119.07(1)
, Florida Statutes,
and s. 24(a),
167
Article I of the State Constitution.
The exemptions from public
168
records requirements provided under s. 517.2015 (1)(b), Florida
169
Statutes, are necessary to ensure the office’s ability to
170
administer its regulatory duties while preventing unwarranted
171
damage to the good name or reputation of a specified adult or
172
jeopardizing his or her safety. Such disclosure could also
173
result in the spread of inaccurate information, which could harm
174
the specified adult
.
The Legislature finds that the release of
175
information in a report of financial exploitation under s.
176
517.34
, Florida Statutes,
which
contains sensitive personal
177
nonfinancial information related to the physical and mental
178
health or condition of the exploited person could result in the
179
disclosure of personal health and medical conditions, as well as
180
the further targeting and exploitation of the specified adult.
181 Section 5. Present subsection (7) of section 560.129,
182 Florida Statutes, is redesignated as subsection (9), new
183 subsections (7) and (8) are added to that section, and
184 subsections (1), (2), and (4) of that section are reenacted, to
185 read:
186 560.129 Confidentiality.—
187 (1) Except as otherwise provided in this section, all
188 information concerning an investigation or examination conducted
189 by the office pursuant to this chapter, including any customer
190 complaint received by the office or the Department of Financial
191 Services, is confidential and exempt from s. 119.07(1) and s.
192 24(a), Art. I of the State Constitution until the investigation
193 or examination ceases to be active. For purposes of this
194 section, an investigation or examination is considered “active”
195 so long as the office or any other administrative, regulatory,
196 or law enforcement agency of any jurisdiction is proceeding with
197 reasonable dispatch and has a reasonable good faith belief that
198 action may be initiated by the office or other administrative,
199 regulatory, or law enforcement agency.
200 (2) All information obtained by the office in the course of
201 its investigation or examination which is a trade secret, as
202 defined in s. 688.002, or which is personal financial
203 information shall remain confidential and exempt from s.
204 119.07(1) and s. 24(a), Art. I of the State Constitution. If any
205 administrative, civil, or criminal proceeding against a money
206 services business, its authorized vendor, or an affiliated party
207 is initiated and the office seeks to use matter that a licensee
208 believes to be a trade secret or personal financial information,
209 such records shall be subject to an in camera review by the
210 administrative law judge, if the matter is before the Division
211 of Administrative Hearings, or a judge of any court of this
212 state, any other state, or the United States, as appropriate,
213 for the purpose of determining if the matter is a trade secret
214 or is personal financial information. If it is determined that
215 the matter is a trade secret, the matter shall remain
216 confidential. If it is determined that the matter is personal
217 financial information, the matter shall remain confidential
218 unless the administrative law judge or judge determines that, in
219 the interests of justice, the matter should become public.
220 (4) Except as necessary for the office or any other
221 administrative, regulatory, or law enforcement agency of any
222 jurisdiction to enforce the provisions of this chapter or the
223 law of any other state or the United States, a consumer
224 complaint and other information concerning an investigation or
225 examination shall remain confidential and exempt from s.
226 119.07(1) and s. 24(a), Art. I of the State Constitution after
227 the investigation or examination ceases to be active to the
228 extent that disclosure would:
229 (a) Jeopardize the integrity of another active
230 investigation;
231 (b) Reveal personal financial information;
232 (c) Reveal the identity of a confidential source; or
233 (d) Reveal investigative techniques or procedures.
234
(7)
All information received by the office related to
235
cybersecurity incidents, security breaches, or an information
236
security program notification or required submission pursuant to
237
s. 560.1311 or as a result of an investigation by the office or
238
a law enforcement agency is confidential and exempt from s.
239
119.07(1) and s. 24(a), Art. I of the State Constitution.
240
Information received as a result of an investigation by the
241
office or a law enforcement agency shall remain confidential and
242
exempt until such time as the investigation is completed or
243
ceases to be active. Information that is exempt as a result of
244
an investigation shall be construed in conformity with s.
245
119.071(2)(c). This subsection is subject to the Open Government
246
Sunset Review Act in accordance with s. 119.15 and shall stand
247
repealed on October 2, 2031, unless reviewed and saved from
248
repeal through reenactment by the Legislature.
249
(8) Subsections (1), (2), and (4) are subject to the Open
250
Government Sunset Review Act in accordance with s. 119.15 and
251
shall stand repealed on October 2, 2031, unless reviewed and
252
saved from repeal through reenactment by the Legislature.
253 Section 6.
(1)
The Legislature finds all of the following:
254
(a)
It is a public necessity that all information
255
concerning an investigation or examination of a money services
256
business conducted by the Office of Financial Regulation
257
pursuant to chapter 560, Florida Statutes, including a consumer
258
complaint, be made confidential and exempt from s. 119.07(1),
259
Florida Statutes, and s. 24(a), Article I of the State
260
Constitution until the investigation or examination ceases to be
261
active. The Legislature further finds that such information
262
should remain confidential and exempt from s. 119.07(1), Florida
263
Statutes, and s. 24(a), Article I of the State Constitution
264
after the investigation or examination ceases to be active if
265
its disclosure would jeopardize the office’s investigations by
266
revealing techniques or procedures or otherwise reveal
267
information that is being used in another investigation, or if
268
disclosure would reveal personal financial information or a
269
confidential source.
270
(b)
It is a public necessity that trade secrets or personal
271
financial information obtained by the office in the course of an
272
investigation or examination pursuant to chapter 560, Florida
273
Statutes, be made confidential and exempt from s. 119.07(1),
274
Florida Statutes, and s. 24(a), Article I of the State
275
Constitution, unless an administrative law judge or circuit
276
judge determines that the release of personal financial
277
information to the public is in the interest of justice.
278
(c) It is a public necessity that information related to
279
cybersecurity incidents, data breaches, and information security
280
programs submitted to or obtained by the Office of Financial
281
Regulation be made confidential and exempt from public
282
disclosure.
283
(2)
Information specified in
subsection (1)
is held by the
284
office in conjunction with its investigations and examinations
285
of money services businesses, which
includes documents relating
286
to cybersecurity incidents, data breaches, and information
287
security programs. Premature or unrestricted release of such
288
information could compromise ongoing investigations, expose
289
system vulnerabilities, and hinder the office’s ability to
290
protect consumers and regulate money services businesses
291
effectively. Disclosure could also place affected individuals at
292
heightened risk of identity theft and financial fraud while
293
revealing trade secrets, proprietary data, and technical
294
safeguards that could be exploited by malicious actors.
295
Protecting this information ensures that entities cooperate
296
fully with regulators, encourages accurate reporting of security
297
incidents, and maintains the overall integrity of this state’s
298
financial and cybersecurity infrastructure.
299 Section 7. Effective on the same date that SB 198 or SB
300 314, 2026 Regular Session, or similar legislation takes effect,
301 if such legislation is adopted in the same legislative session
302 or an extension thereof and becomes a law, present subsection
303 (7) of section 560.129, Florida Statutes, is redesignated as
304 subsection (8), a new subsection (7) is added to that section,
305 and subsections (1), (2), and (4) of that section are reenacted,
306 to read:
307 560.129 Confidentiality.—
308 (1) Except as otherwise provided in this section, all
309 information concerning an investigation or examination conducted
310 by the office pursuant to this chapter, including any customer
311 complaint received by the office or the Department of Financial
312 Services, is confidential and exempt from s. 119.07(1) and s.
313 24(a), Art. I of the State Constitution until the investigation
314 or examination ceases to be active. For purposes of this
315 section, an investigation or examination is considered “active”
316 so long as the office or any other administrative, regulatory,
317 or law enforcement agency of any jurisdiction is proceeding with
318 reasonable dispatch and has a reasonable good faith belief that
319 action may be initiated by the office or other administrative,
320 regulatory, or law enforcement agency.
321 (2) All information obtained by the office in the course of
322 its investigation or examination which is a trade secret, as
323 defined in s. 688.002, or which is personal financial
324 information shall remain confidential and exempt from s.
325 119.07(1) and s. 24(a), Art. I of the State Constitution. If any
326 administrative, civil, or criminal proceeding against a money
327 services business, its authorized vendor, or an affiliated party
328 is initiated and the office seeks to use matter that a licensee
329 believes to be a trade secret or personal financial information,
330 such records shall be subject to an in camera review by the
331 administrative law judge, if the matter is before the Division
332 of Administrative Hearings, or a judge of any court of this
333 state, any other state, or the United States, as appropriate,
334 for the purpose of determining if the matter is a trade secret
335 or is personal financial information. If it is determined that
336 the matter is a trade secret, the matter shall remain
337 confidential. If it is determined that the matter is personal
338 financial information, the matter shall remain confidential
339 unless the administrative law judge or judge determines that, in
340 the interests of justice, the matter should become public.
341 (4) Except as necessary for the office or any other
342 administrative, regulatory, or law enforcement agency of any
343 jurisdiction to enforce the provisions of this chapter or the
344 law of any other state or the United States, a consumer
345 complaint and other information concerning an investigation or
346 examination shall remain confidential and exempt from s.
347 119.07(1) and s. 24(a), Art. I of the State Constitution after
348 the investigation or examination ceases to be active to the
349 extent that disclosure would:
350 (a) Jeopardize the integrity of another active
351 investigation;
352 (b) Reveal personal financial information;
353 (c) Reveal the identity of a confidential source; or
354 (d) Reveal investigative techniques or procedures.
355
(7) Subsections (1), (2), and (4) are subject to the Open
356
Government Sunset Review Act in accordance with s. 119.15 and
357
shall stand repealed on October 2, 2031, unless reviewed and
358
saved from repeal through reenactment by the Legislature.
359 Section 8.
Effecti
ve
upon becoming a law, notwithstanding
360
section
7
of this act, if section
5
of this act becomes law, the
361
amendment to s. 560.129(7), Florida Statutes, in section
7
of
362
this act may not take effect.
363 Section 9.
(
1)
The Legislature finds all of the following:
364
(a)
It is a public necessity that all information
365
concerning an investigation or examination of a money services
366
business conducted by the Office of Financial Regulation
367
pursuant to chapter 560, Florida Statutes, including a consumer
368
complaint, be made confidential and exempt from s. 119.07(1),
369
Florida Statutes, and s. 24(a), Article I of the State
370
Constitution until the investigation or examination ceases to be
371
active. The Legislature further finds that such information
372
should remain confidential and exempt from s. 119.07(1), Florida
373
Statutes, and s. 24(a), Article I of the State Constitution
374
after the investigation or examination ceases to be active if
375
its disclosure would jeopardize the office’s investigations by
376
revealing techniques or procedures or otherwise reveal
377
information that is being used in another investigation, or if
378
disclosure would reveal personal financial information or a
379
confidential source.
380
(b)
It is a public necessity that trade secrets or personal
381
financial information obtained by the office in the course of an
382
investigation or examination pursuant to chapter 560, Florida
383
Statutes, be made confidential and exempt from s. 119.07(1),
384
Florida Statutes, and s. 24(a), Article I of the State
385
Constitution, unless an administrative law judge or circuit
386
judge determines that the release of personal financial
387
information to the public is in the interest of justice.
388
(2)
Information specified in
paragraphs (1)(a) and (b)
is
389
held by the office in conjunction with its investigations and
390
examinations of money services businesses, which include
virtual
391
currency kiosk businesses
,
as defined in s. 560.103, Florida
392
Statutes, as
amended by ch
apter
2025-100, Laws of Florida.
393
Virtual currency kiosk businesses
are thus subject to
394
investigation or examination by the office. As a result, the
395
office may receive sensitive personal and financial information
396
relating to such entities in conjunction with its duties under
397
chapter 560
, Florida Statutes
. An exemption from public records
398
requirements
provides
the same protections to
virtual currency
399
kiosk businesses
as
are afforded to other money services
400
businesses, thereby preventing any disadvantage to these
401
similarly regulated entities in comparison to other entities
402
currently
classified
as money services businesses. An exemption
403
from public records requirements for reports of examinations,
404
operations, or condition, including working papers, is necessary
405
to ensure the office’s ability to effectively and efficiently
406
administer its examination and investigation duties. Examination
407
and investigation are essential components of financial
408
institutions regulation. They deter fraud and ensure the safety
409
and soundness of the financial system. Examinations
and
410
investigations
also provide a means of early detection of
411
violations, allowing for corrective action to be taken before
412
any harm can be done.
Release of such information could
413
compromise the office’s
examinations or investigations,
reveal
414
investigative techniques, or result in the disclosure of an
415
individual’s personal financial information. Such disclosure
416
could also result in the release of inaccurate information,
417
which could harm the subject of the examination or
418
investigation, or otherwise impair commerce relating to money
419
services businesses.
The Legislature finds that there is little
420
public benefit derived from access to such information during
421
the office’s
examinations or investigations,
and that the
422
exemption is narrowly tailored to allow for release except where
423
the public benefit is outweighed by harm to either the office’s
424
investigations
or examinations
or to individuals whose personal
425
financial information may be disclosed.
426
(3) This section shall take effect on the same date that SB
427
198 or similar legislation takes effect, if such legislation is
428
adopted in the same legislative session or an extension thereof
429
and becomes a law.
430 Section 10.
(
1)
The Legislature finds all of the
431
following:
432
(a)
It is a public necessity that all information
433
concerning an investigation or examination of a money services
434
business conducted by the Office of Financial Regulation
435
pursuant to chapter 560, Florida Statutes, including a consumer
436
complaint, be made confidential and exempt from s. 119.07(1),
437
Florida Statutes, and s. 24(a), Article I of the State
438
Constitution until the investigation or examination ceases to be
439
active. The Legislature further finds that such information
440
should remain confidential and exempt from s. 119.07(1), Florida
441
Statutes, and s. 24(a), Article I of the State Constitution
442
after the investigation or examination ceases to be active if
443
its disclosure would jeopardize the office’s
investigations or
444
examinations by
revealing techniques or procedures or
otherwise
445
reveal information that is being used in another investigation
446
or examinations,
or if disclosure would reveal personal
447
financial information or a confidential source.
448
(b)
It
is a public necessity that trade secrets or personal
449
financial information obtained by the office in the course of an
450
investigation or examination pursuant to chapter 560, Florida
451
Statutes, be made confidential and exempt from s. 119.07(1),
452
Florida Statutes, and s. 24(a), Article I of the State
453
Constitution, unless an administrative law judge or circuit
454
judge determines that the release of personal financial
455
information to the public is in the interest of justice.
456
(2)
Information specified in
paragraphs (1)(a) and (b)
is
457
held by the office in conjunction with its investigations and
458
examinations of money services businesses, which include
459
qualified payment stablecoin issuers
,
as defined in s. 560.103,
460
Florida Statutes, as
amended by ch
apter
2025-100, Laws of
461
Florida.
Qualified payment stablecoin issuers
are thus subject
462
to investigation or examination by the office. As a result, the
463
office may receive sensitive personal and financial information
464
relating to such entities in conjunction with its duties under
465
chapter 560
, Florida Statutes
. An exemption from public records
466
requirements
provides
the same protections to
qualified payment
467
stablecoin issuers
as
are afforded to other money services
468
businesses, thereby preventing any disadvantage to these
469
similarly regulated entities in comparison to other entities
470
currently
classified
as money services businesses. An exemption
471
from public records requirements for reports of examinations,
472
operations, or condition, including working papers, is necessary
473
to ensure the office’s ability to effectively and efficiently
474
administer its examination and investigation duties. Examination
475
and investigation are essential components of financial
476
institutions regulation. They deter fraud and ensure the safety
477
and soundness of the financial system.
E
xaminations
and
478
investigations
also provide a means of early detection of
479
violations, allowing for corrective action to be taken before
480
any harm can be done.
Release of such information could
481
compromise the office’s examinations or investigations, reveal
482
investigative techniques, or result in the disclosure of an
483
individual’s personal financial information. Such disclosure
484
could also result in the release of inaccurate information,
485
which could harm the subject of the examination or
486
investigation, or otherwise impair commerce relating to money
487
services businesses.
The Legislature finds that there is little
488
public benefit derived from access to such information during
489
the office’s examination
s or investigations
, and that the
490
exemption is narrowly tailored to allow for release except where
491
the public benefit is outweighed by harm to either the office’s
492
investigations
or examinations
or to individuals whose personal
493
financial information may be disclosed.
494
(3) This section shall take effect on the same date that SB
495
314 or similar legislation takes effect, if such legislation is
496
adopted in the same legislative session or an extension thereof
497
and becomes a law.
498 Section 11. Subsection (6) is added to section 655.0171,
499 Florida Statutes, as created by SB 540, 2026 Regular Session, to
500 read:
501 655.0171 Requirements for customer data security and for
502 notices of security breaches.—
503
(6)
PUBLIC RECORDS EXEMPTION.—
504
(a)
All information received by the office pursuant to a
505
notification required by this section, or received by the office
506
pursuant to an investigation by the office or a law enforcement
507
agency under this section, is confidential and exempt from s.
508
119.07(1) and s. 24(a), Art. I of the State Constitution
.
509
Information received by the office pursuant to an investigation
510
by the office or a law enforcement agency under this section
511
shall remain confidential and exempt
until such time as the
512
investigation is completed or ceases to be active. This
513
exemption shall be construed in conformity with s.
514
119.071(2)(c).
515
(b)
During an active investigation, information made
516
confidential and exempt pursuant to paragraph (a) may be
517
disclosed by the office:
518
1.
In the furtherance of its official duties and
519
responsibilities;
520
2.
For print, publication, or broadcast if the office
521
determines that such release would assist in notifying the
522
public or locating or identifying a person that the office
523
believes to be a victim of a data breach or improper disposal of
524
customer records, except that information made confidential and
525
exempt by paragraph (c) may not be released pursuant to this
526
subparagraph; or
527
3.
To another governmental entity in the furtherance of its
528
official duties and responsibilities.
529
(c)
Upon completion of an investigation or once an
530
investigation ceases to be active, the following information
531
received by the office remains confidential and exempt from s.
532
119.07(1) and s. 24(a), Art. I of the State Constitution:
533
1.
All information to which another public records
534
exemption applies.
535
2.
Personal information.
536
3.
A computer forensic report.
537
4.
Information that would otherwise reveal weaknesses in a
538
financial institution’s data security.
539
5.
Information that would disclose a financial
540
institution’s proprietary information.
541
a.
As used in this subparagraph, the term “proprietary
542
information” means information that:
543
(I)
Is owned or controlled by the financial institution.
544
(II)
Is intended to be private and is treated by the
545
financial institution as private because disclosure would harm
546
the financial institution or its business operations.
547
(III)
Has not been disclosed except as required by law or a
548
private agreement that provides that the information will not be
549
released to the public.
550
(IV)
Is not publicly available or otherwise readily
551
ascertainable through proper means from another source in the
552
same configuration as received by the office.
553
b.
The term
“proprietary information”
includes:
554
(I)
Trade secrets as defined in s. 688.002.
555
(II)
Competitive interests, the disclosure of which would
556
impair the competitive business of the financial institution
557
that is the subject of the information.
558
(d)
As used in this subsection, the term “customer records”
559
means any material, regardless of the physical form, on which
560
personal information is recorded or preserved by any means,
561
including, but not limited to, written or spoken words,
562
graphically depicted, printed, or electromagnetically
563
transmitted
,
which
is
provided by an individual in this state to
564
a financial institution for the purpose of purchasing or leasing
565
a product or obtaining a service.
566
(e)
This subsection is subject to the Open Government
567
Sunset Review Act in accordance with s. 119.15 and shall stand
568
repealed on October 2, 2031, unless reviewed and saved from
569
repeal through reenactment by the Legislature
.
570 Section 12.
The Legislature finds that it is a public
571
necessity that all information received by the Office of
572
Financial Regulation pursuant to a notification of a violation
573
of s. 655.0171, Florida Statutes, or received by the Department
574
of Legal Affairs pursuant to an investigation by the department
575
or a law enforcement agency relating to a violation of s.
576
655.0171, Florida Statutes, be made confidential and exempt from
577
s. 119.07(1), Florida Statutes, and s. 24(a), Article I of the
578
State Constitution for the following reasons:
579
(1)
A notification of a violation of s. 655.0171, Florida
580
Statutes, is likely to result in an investigation. The premature
581
release of such information could frustrate or thwart the
582
investigation and impair the ability of the office to
583
effectively and efficiently administer s. 655.0171, Florida
584
Statutes. In addition, release of such information before
585
completion of an active investigation could jeopardize the
586
ongoing investigation.
587
(2)
The Legislature finds that it is a public necessity to
588
continue to protect from public disclosure all information to
589
which another public record exemption applies once an
590
investigation is completed or ceases to be active. Release of
591
such information by the office would undo the specific statutory
592
exemption protecting that information.
593
(3)
An investigation of a data breach or improper disposal
594
of customer records is likely to result in the gathering of
595
sensitive personal information, including social security
596
numbers, identification numbers, and personal financial
597
information of customers of financial institutions. Such
598
information could be used for the purpose of identity theft, and
599
release of such information could subject possible victims of
600
the data breach or improper disposal of customer records to
601
further financial harm.
602
(4)
Release of a computer forensic report or other
603
information that would otherwise reveal weaknesses in a covered
604
financial institution’s data security could compromise the
605
future security of that financial institution, or other
606
financial institutions, if such information were available upon
607
conclusion of an investigation or once an investigation ceased
608
to be active. The release of such report or information could
609
compromise the security of current financial institutions and
610
make those financial institutions susceptible to future data
611
breaches. Release of such report or information could result in
612
the identification of vulnerabilities and further breaches of
613
that system.
614
(5)
Notices received by the office and information received
615
during an investigation of a data breach are likely to contain
616
proprietary information, including trade secrets, about the
617
security of the breached system. The release of the proprietary
618
information could result in the identification of
619
vulnerabilities and further breaches of that system. In
620
addition, a trade secret derives independent, economic value,
621
actual or potential, from being generally unknown to, and not
622
readily ascertainable by, other persons. Allowing public access
623
to proprietary information, including a trade secret, through a
624
public records request could destroy the value of the
625
proprietary information and cause a financial loss to the
626
financial institution submitting the information. Release of
627
such information could give business competitors an unfair
628
advantage in the marketplace and weaken the position of the
629
financial institution supplying the proprietary information.
630 Section 13. Subsection (5) of section 655.057, Florida
631 Statutes, is amended to read:
632 655.057 Records; limited restrictions upon public access.—
633 (5)(a) The following information received by the office
634 pursuant to an application for authority to organize a new state
635 bank or new state trust company under chapter 658
, or pursuant
636
to an application for authority to organize a new state credit
637
union under chapter 657,
is confidential and exempt from s.
638 119.07(1) and s. 24(a), Art. I of the State Constitution:
639 1. Personal financial information.
640 2. A driver license number, a passport number, a military
641 identification number, or any other number or code issued on a
642 government document used to verify identity.
643 3. Books and records of a current or proposed financial
644 institution.
645 4. The proposed state bank’s
,
or
proposed state trust
646 company’s
, or proposed state credit union’s
proposed business
647 plan.
648 (b) The personal identifying information of a proposed
649 officer or proposed director who is currently employed by, or
650 actively participates in the affairs of, another financial
651 institution received by the office pursuant to an application
652 for authority to organize a new state bank or new state trust
653 company under chapter 658
, or pursuant to an application for
654
authority to organize a new state credit union under chapter
655
657,
is exempt from s. 119.07(1) and s. 24(a), Art. I of the
656 State Constitution until the application is approved and the
657 charter is issued. As used in this paragraph, the term “personal
658 identifying information” means names, home addresses, e-mail
659 addresses, telephone numbers, names of relatives, work
660 experience, professional licensing and educational backgrounds,
661 and photographs.
662 (c) This subsection is subject to the Open Government
663 Sunset Review Act in accordance with s. 119.15 and is repealed
664 October 2,
2031
2029
, unless reviewed and saved from repeal
665 through reenactment by the Legislature.
666 Section 14.
(1)(a)
The Legislature finds that it is a
667
public necessity that information received by the Office of
668
Financial Regulation pursuant to an application for authority to
669
organize a new state credit union under chapter 657, Florida
670
Statutes, be made confidential and exempt from s. 119.07(1),
671
Florida Statutes, and s. 24(a), Article I of the State
672
Constitution to the extent that disclosure would reveal:
673
1.
Personal financial information;
674
2.
A driver license number, a passport number, a military
675
identification number, or any other number or code issued on a
676
government document used to verify identity;
677
3.
Books and records of a current or proposed financial
678
institution; or
679
4.
A proposed new state credit union’s business plan and
680
any attached supporting documentation.
681
(b)
The Legislature further finds that it is a public
682
necessity that the personal identifying information of a
683
proposed officer or proposed director who is currently employed
684
by, or actively participates in the affairs of, another
685
financial institution which is
received by the office pursuant
686
to an application for authority to organize
a new state credit
687
union under chapter 657, Florida Statutes, be made confidential
688
and exempt from s. 119.07(1), Florida Statutes, and s. 24(a),
689
Article I of the State Constitution for the duration of the
690
application process, until the application is approved and a
691
charter is issued.
692
(2)
The office may receive sensitive personal, financial,
693
and business information in conjunction with its duties related
694
to the review of applications for the organization or
695
establishment of new state credit unions. The exemptions from
696
public records requirements provided under subsection (1) are
697
necessary to ensure the office’s ability to administer its
698
regulatory duties while preventing unwarranted damage to the
699
proposed state credit unions or certain proposed officers or
700
proposed directors of new state credit unions in this state. The
701
release of information that could lead to the identification of
702
an individual involved in the potential establishment of a new
703
state credit union may subject such individual to retribution
704
and jeopardize his or her current employment with, or
705
participation in the affairs of, another financial institution.
706
Thus, the public availability of such information has a chilling
707
effect on the establishment of new state credit unions. Further,
708
the public availability of the books and financial records of a
709
current or proposed state credit union presents an unnecessary
710
risk of harm to the business operations of such credit union.
711
Finally, the public availability of a proposed state credit
712
union’s business plan may cause competitive harm to its future
713
business operations and presents an unfair competitive advantage
714
for existing state credit unions that are not required to
715
release such information.
716 Section 15. Effective on the same date that SB 314 or
717 similar legislation takes effect, if such legislation is adopted
718 in the same legislative session or an extension thereof and
719 becomes a law, subsection (15) is added to section 655.057,
720 Florida Statutes, and subsections (1) through (4), (6), and (10)
721 of that section are reenacted, to read:
722 655.057 Records; limited restrictions upon public access.—
723 (1) Except as otherwise provided in this section and except
724 for such portions thereof which are otherwise public record, all
725 records and information relating to an investigation by the
726 office are confidential and exempt from s. 119.07(1) and s.
727 24(a), Art. I of the State Constitution until such investigation
728 is completed or ceases to be active. For purposes of this
729 subsection, an investigation is considered “active” while such
730 investigation is being conducted by the office with a
731 reasonable, good faith belief that it may lead to the filing of
732 administrative, civil, or criminal proceedings. An investigation
733 does not cease to be active if the office is proceeding with
734 reasonable dispatch, and there is a good faith belief that
735 action may be initiated by the office or other administrative or
736 law enforcement agency. After an investigation is completed or
737 ceases to be active, portions of the records relating to the
738 investigation are confidential and exempt from s. 119.07(1) and
739 s. 24(a), Art. I of the State Constitution to the extent that
740 disclosure would:
741 (a) Jeopardize the integrity of another active
742 investigation;
743 (b) Impair the safety and soundness of the financial
744 institution;
745 (c) Reveal personal financial information;
746 (d) Reveal the identity of a confidential source;
747 (e) Defame or cause unwarranted damage to the good name or
748 reputation of an individual or jeopardize the safety of an
749 individual; or
750 (f) Reveal investigative techniques or procedures.
751 (2) Except as otherwise provided in this section and except
752 for such portions thereof which are public record, reports of
753 examinations, operations, or condition, including working
754 papers, or portions thereof, prepared by, or for the use of, the
755 office or any state or federal agency responsible for the
756 regulation or supervision of financial institutions in this
757 state are confidential and exempt from s. 119.07(1) and s.
758 24(a), Art. I of the State Constitution. However, such reports
759 or papers or portions thereof may be released to:
760 (a) The financial institution under examination;
761 (b) Any holding company of which the financial institution
762 is a subsidiary;
763 (c) Proposed purchasers if necessary to protect the
764 continued financial viability of the financial institution, upon
765 prior approval by the board of directors of such institution;
766 (d) Persons proposing in good faith to acquire a
767 controlling interest in or to merge with the financial
768 institution, upon prior approval by the board of directors of
769 such financial institution;
770 (e) Any officer, director, committee member, employee,
771 attorney, auditor, or independent auditor officially connected
772 with the financial institution, holding company, proposed
773 purchaser, or person seeking to acquire a controlling interest
774 in or merge with the financial institution; or
775 (f) A fidelity insurance company, upon approval of the
776 financial institution’s board of directors. However, a fidelity
777 insurance company may receive only that portion of an
778 examination report relating to a claim or investigation being
779 conducted by such fidelity insurance company.
780 (g) Examination, operation, or condition reports of a
781 financial institution shall be released by the office within 1
782 year after the appointment of a liquidator, receiver, or
783 conservator to the financial institution. However, any portion
784 of such reports which discloses the identities of depositors,
785 bondholders, members, borrowers, or stockholders, other than
786 directors, officers, or controlling stockholders of the
787 institution, shall remain confidential and exempt from s.
788 119.07(1) and s. 24(a), Art. I of the State Constitution.
789
790 Any confidential information or records obtained from the office
791 pursuant to this subsection shall be maintained as confidential
792 and exempt from s. 119.07(1) and s. 24(a), Art. I of the State
793 Constitution.
794 (3) Except as otherwise provided in this section and except
795 for those portions that are otherwise public record, after an
796 investigation relating to an informal enforcement action is
797 completed or ceases to be active, informal enforcement actions
798 are confidential and exempt from s. 119.07(1) and s. 24(a), Art.
799 I of the State Constitution to the extent that disclosure would:
800 (a) Jeopardize the integrity of another active
801 investigation.
802 (b) Impair the safety and soundness of the financial
803 institution.
804 (c) Reveal personal financial information.
805 (d) Reveal the identity of a confidential source.
806 (e) Defame or cause unwarranted damage to the good name or
807 reputation of an individual or jeopardize the safety of an
808 individual.
809 (f) Reveal investigative techniques or procedures.
810 (4) Except as otherwise provided in this section and except
811 for those portions that are otherwise public record, trade
812 secrets as defined in s. 688.002 which comply with s. 655.0591
813 and which are held by the office in accordance with its
814 statutory duties with respect to the financial institutions
815 codes are confidential and exempt from s. 119.07(1) and s.
816 24(a), Art. I of the State Constitution.
817 (6) This section does not prevent or restrict:
818 (a) Publishing reports that are required to be submitted to
819 the office pursuant to s. 655.045(2) or required by applicable
820 federal statutes or regulations to be published.
821 (b) Furnishing records or information to any other state,
822 federal, or foreign agency responsible for the regulation or
823 supervision of financial institutions.
824 (c) Disclosing or publishing summaries of the condition of
825 financial institutions and general economic and similar
826 statistics and data, provided that the identity of a particular
827 financial institution is not disclosed.
828 (d) Reporting any suspected criminal activity, with
829 supporting documents and information, to appropriate law
830 enforcement and prosecutorial agencies.
831 (e) Furnishing information upon request to the Chief
832 Financial Officer or the Division of Treasury of the Department
833 of Financial Services regarding the financial condition of any
834 financial institution that is, or has applied to be, designated
835 as a qualified public depository pursuant to chapter 280.
836 (f) Furnishing information to Federal Home Loan Banks
837 regarding its member institutions pursuant to an information
838 sharing agreement between the Federal Home Loan Banks and the
839 office.
840
841 Any confidential information or records obtained from the office
842 pursuant to this subsection shall be maintained as confidential
843 and exempt from s. 119.07(1) and s. 24(a), Art. I of the State
844 Constitution.
845 (10) Materials supplied to the office or to employees of
846 any financial institution by other state or federal governmental
847 agencies remain the property of the submitting agency or the
848 corporation, and any document request must be made to the
849 appropriate agency. Any confidential documents supplied to the
850 office or to employees of any financial institution by other
851 state or federal governmental agencies are confidential and
852 exempt from s. 119.07(1) and s. 24(a), Art. I of the State
853 Constitution. Such information shall be made public only with
854 the consent of such agency or the corporation.
855
(15) Subsections (1)-(4), (6), and (10) are subject to the
856
Open Government Sunset Review Act in accordance with s. 119.15
857
and are repealed October 2, 2031, unless reviewed and saved from
858
repeal through reenactment by the Legislature.
859 Section 16.
(1)
The Legislature finds
that it is
a public
860
necessity that all records and information relating to an
861
investigation by the Office of Financial Regulation undertaken
862
pursuant to chapter 655, Florida Statutes, be made confidential
863
and exempt from s. 119.07(1), Florida Statutes, and s. 24(a),
864
Article I of the State Constitution until the investigation
865
ceases to be active. The Legislature further finds that such
866
information should remain confidential and exempt from s.
867
119.07(1), Florida Statutes, and s. 24(a), Article I of the
868
State Constitution after the investigation ceases to be active
869
if its disclosure would jeopardize the office’s investigations
870
by revealing techniques or procedures, or otherwise reveal
871
information that is being used in another investigation; reveal
872
personal financial information or a confidential source; or
873
defame or cause unwarranted damage to an individual’s reputation
874
or jeopardize his or her safety.
875
(2)
Information specified in
s. 655.057
(1)-(4), (6), and
876
(10),
Florida Statutes,
is held by the office in conjunction
877
with
examinations and
investigations of
trust companies
which
878
may include records concerning
payment stablecoin issuer
879
products or services offered by such
trust companies,
as
880
authorized
in
s.
658.997, Florida Statutes
.
As a result, the
881
office may receive sensitive personal and financial information
882
relating to such
trust companies
in conjunction with its duties
883
under chapter 655
, Florida Statutes
. An exemption from public
884
records requirements
provides
the same protections to
trust
885
companies that are qualified payment stablecoin issuers
as
are
886
afforded to other financial institutions, thereby preventing any
887
disadvantage to these similarly regulated entities in comparison
888
to other entities currently
classified
as financial
889
institutions. An exemption from public records requirements for
890
reports of examinations, operations, or condition, including
891
working papers, is necessary to ensure the office’s ability to
892
effectively and efficiently administer its examination and
893
investigation duties. Examination and investigation are
894
essential components of financial institutions regulation. They
895
deter fraud and ensure the safety and soundness of the financial
896
system. Examinations
and investigations
also provide a means of
897
early detection of violations, allowing for corrective action to
898
be taken before any harm can be done.
899
(
3)
The Legislature finds that it is a public necessity to
900
make confidential and exempt from s. 119.07(1), Florida
901
Statutes, and s. 24(a), Article I of the State Constitution
902
records and information relating to an
examination or
903
investigation by the Office of Financial Regulation; portions of
904
records relating to a completed or inactive
examination or
905
investigation by the office which would jeopardize the integrity
906
of another active
examination or
investigation, impair the
907
safety and soundness of the financial institution, reveal
908
personal financial information, reveal the identity of a
909
confidential source, defame or cause unwarranted damage to the
910
good name or reputation of an individual or jeopardize the
911
safety of an individual, or reveal investigative techniques or
912
procedures; reports of examinations, operations, or condition
s
,
913
including working papers, or portions thereof, prepared by, or
914
for the use of, the office or any state or federal agency
915
responsible for the regulation or supervision of financial
916
institutions in this state, until 1 year after the appointment
917
of a liquidator; any portion of such reports which discloses the
918
identities of depositors, bondholders, members, borrowers, or
919
stockholders, other than directors, officers, or controlling
920
stockholders of the institution; trade secrets held by the
921
office in accordance with its statutory duties under ch
apter
922
655,
Florida Statutes,
unless an administrative law judge or
923
circuit
judge determines that the release of personal financial
924
information to the public is in the interest of justice; and
925
materials supplied to the office or to employees of any
926
financial institution by other state or federal governmental
927
agencies.
928
(4)
Release of i
nformation specified in
s. 655.057
(1)-(4),
929
(6), and (10), Florida Statutes, could compromise the office’s
930
examinations and investigations, reveal investigative
931
techniques, result in the disclosure of an individual’s personal
932
financial information, or defame or cause unwarranted damage to
933
the good name or reputation of an individual or entity or
934
jeopardize his or her safety. Such disclosure could also result
935
in the spread of inaccurate information, which could harm the
936
subject of the examination or investigation, or otherwise impair
937
commerce conducted by financial institutions in this state
. Any
938
portion of a record or information relating to an
examination or
939
investigation
which reveals personal financial information or
940
the identity of a confidential source may defame, or cause
941
unwarranted damage to the good name or reputation of, those
942
individuals, or jeopardize their safety.
943
(
5
)
A trade secret derives independent economic value,
944
actual or potential, from not being generally known to, and not
945
readily ascertainable by, other persons who can obtain economic
946
value from the disclosure or use of the trade secret. Without an
947
exemption for a trade secret held by the office in accordance
948
with its duties prescribed by ch
apter
655,
Florida Statutes,
949
that trade secret becomes a public record when received and must
950
be divulged upon request. Divulging a trade secret under the
951
public records law would give business competitors an unfair
952
advantage and destroy the value of that property, causing a
953
financial loss to the person or entity submitting the trade
954
secret and weakening the position of that person or entity in
955
the marketplace.
956
(
6
)
The Legislature finds that there is little public
957
benefit derived from access to such information during the
958
office’s
examinations or
investigation
s
, and that the exemption
959
is narrowly tailored to allow for release except
where
the
960
public benefit is outweighed by harm
to individuals or
961
institutions,
when
the disclosure would jeopardize other
962
examinations or
investigations, reveal the office’s
963
investigative techniques or procedures, or expose personal
964
financial information or a confidential source.
965
(
7
) This section shall take effect on the same date that SB
966
314 or similar legislation takes effect, if such legislation is
967
adopted in the same legislative session or an extension thereof
968
and becomes a law.
969 Section 17. Effective on the same date that SB 314 or
970 similar legislation takes effect, if such legislation is adopted
971 in the same legislative session or an extension thereof and
972 becomes a law, subsection (7) of section 655.50, Florida
973 Statutes, is amended, and paragraph (d) of subsection (5) of
974 this section is reenacted, to read:
975 655.50 Florida Control of Money Laundering and Terrorist
976 Financing in Financial Institutions Act.—
977 (5) A financial institution shall keep a record of each
978 financial transaction occurring in this state known to it which
979 involves currency or other monetary instrument, as the
980 commission prescribes by rule, has a value greater than $10,000,
981 and involves the proceeds of specified unlawful activity, or is
982 designed to evade the reporting requirements of this section,
983 chapter 896, or similar state or federal law, or which the
984 financial institution reasonably believes is suspicious
985 activity. Each financial institution shall maintain appropriate
986 procedures to ensure compliance with this section, chapter 896,
987 and other similar state or federal law. Any report of suspicious
988 activity made pursuant to this subsection is entitled to the
989 same confidentiality provided under 31 C.F.R. s. 1020.320,
990 whether the report or information pertaining to or identifying
991 the report is in the possession or control of the office or the
992 reporting institution.
993 (d) Each financial institution shall file a report of the
994 records required under this subsection with the office. Each
995 report shall be filed at such time and must contain such
996 information as the commission requires by rule.
997 (7) All reports and records filed with the office pursuant
998 to this section are confidential and exempt from s. 119.07(1)
999
and s. 24(a), Art. I of the State Constitution
. However, the
1000 office shall provide any report filed pursuant to this section,
1001 or information contained therein, to federal, state, and local
1002 law enforcement and prosecutorial agencies, and any federal or
1003 state agency responsible for the regulation or supervision of
1004 financial institutions.
1005 Section 18.
(1)
The Legislature finds that it is a public
1006
necessity that all reports and records filed with the
Office of
1007
Financial Regulation
be made confidential and exempt from s.
1008
119.07(1), Florida Statutes, and s. 24(a), Article I of the
1009
State Constitution unless disclosure is requested by a federal,
1010
state, or local law enforcement or prosecutorial agency
or
any
1011
federal or state agency responsible for the regulation or
1012
supervision of financial institutions. Information regarding
1013
potential money laundering or terrorism must be safeguarded to
1014
prevent the potential offender from being tipped off or
1015
circumventing an investigation conducted by the
o
ffice, and
1016
disclosure of such information
could harm the office’s
1017
investigations.
1018
(2)
These reports and records are held by the office in
1019
conjunction with its duties pursuant to 31 U.S.C. s. 5313 and 31
1020
C.F.R. part 1020 and its
examinations or
investigations of
trust
1021
companies
’ transactions involving monetary instruments
1022
concerning
payment stablecoin
products or services offered by
1023
such
companies,
as authorized
in
s.
658.997, Florida Statutes
,
1024
to include any transactions involving
payment stablecoin
1025
products or services offered by such financial institutions. As
1026
a result, the office may receive sensitive personal and
1027
financial information relating to such entities in conjunction
1028
with its duties under chapter 655
, Florida Statutes
. An
1029
exemption from public records requirements
provides
the same
1030
protections to
trust companies that hold a certificate of
1031
authority as a qualified payment stablecoin issuer
as
are
1032
afforded to other financial institutions, thereby preventing any
1033
disadvantage to these similarly regulated entities in comparison
1034
to other entities currently
classified
as financial
1035
institutions. An exemption from public records requirements for
1036
reports and records submitted to the office is necessary to
1037
ensure the office’s ability to effectively and efficiently
1038
administer its investigation duties. Examination and
1039
investigation are essential components of financial institutions
1040
regulation. They deter fraud and ensure the safety and soundness
1041
of the financial system. Examinations
and investigations
also
1042
provide a means of early detection of violations, allowing for
1043
corrective action to be taken before any harm can be done.
1044
(3) This section shall take effect on the same date that SB
1045
314 or similar legislation takes effect, if such legislation is
1046
adopted in the same legislative session or an extension thereof
1047
and becomes a law.
1048 Section 19. Except as otherwise expressly provided in this
1049 act and except for this section, which shall take effect upon
1050 becoming a law, this act shall take effect on the same date that
1051 SB 540 or similar legislation takes effect, if such legislation
1052 is adopted in the same legislative session or an extension
1053 thereof and becomes a law.