SB 1870 — Technology Innovation

(29) “Qualified entity” means a public or private entity or individual that enters into a binding agreement with the department, meets usage criteria, agrees to terms and conditions, and is subsequently and prescriptively authorized by the department to access data under the terms of that agreementagreement. as specified in s.

282.0051.

(b)(2) Develop(b)(2) Establish anand enterprisepublish information technology architecture that:standards to provide for the most efficient use of the state’s information technology resources and to ensure compatibility and alignment with the needs of state agencies.

1. AcknowledgesThe theFlorida uniqueDigital needsService ofdepartment thoseshall includedassist withinstate theagencies enterprise,in resultingcomplying inwith the publicationstandards. of standards, terminologies, and procurement guidelines to facilitate digital interoperability;

2. Supports the cloud-first policy as specified in s.

282.206;

and 3. Addresses how information technology infrastructure may be modernized to achieve cloud-first objectives Establish and publish information technology architecture standards to provide for the most efficient use of the state’s information technology resources and to ensure compatibility and alignment with the needs of state agencies.

The department shall assist state agencies in complying with the standards.

(r)(18) Recommend open data technical standards and terminologies for use by the enterprise state agencies.

(2)(a) The Secretary of Management Services shall designateappoint a state chief information officer, who shall administer the Florida Digital Service and is included in the Senior Management Service.

(b) The state chief information officer shall designateappoint a chief data officer, who shall report to the state chief information officer and is included in the Senior Management Service.

(3) The Florida Digital Service shall,shall pursuantdevelop toa legislativecomprehensive appropriation:enterprise architecture that:

(a) Recognizes the unique needs of those included within the enterprise that results in the publication of standards, terminologies, and procurement guidelines to facilitate digital interoperability.

(b) Supports the cloud-first policy as specified in s.

282.206.

(c) Addresses how information technology infrastructure may be modernized to achieve cloud-first objectives.

(4) The Florida Digital Service shall, pursuant to legislative appropriation:

(b) Develop and publish, in collaboration with the enterprise, a data dictionary for each agency whichthat reflects the nomenclature in the comprehensive indexed data catalog.

(e) Publish(e) Facilitate standardscollaborative necessaryanalysis to facilitate a secure ecosystem of data interoperability which is compliant with the enterprise architecture anddata allows for a qualified entity to accessimprove theservice enterprise’sdelivery. data under the terms of the agreements with the department.

However,(f) Develop enterpriseplans datato doprovide nota includetesting dataenvironment thatin arewhich restrictedany fromnewly publicdeveloped distributionsolution basedcan onbe federaltested orfor statecompliance privacy,within confidentiality,the orenterprise securityarchitecture laws and regulations.for functionality assurance before deployment.

(f) Publish(g) Publish standards thatnecessary to facilitate thea deploymentsecure ecosystem of applicationsdata orinteroperability solutionsthat tois existingcompliant with the enterprise obligationsarchitecture inand allows for a controlledqualified andentity phasedto approach,access including,the butenterprise’s notdata limitedunder to:the terms of the agreements with the department.

1. Electronic(h) Publish credentials,standards includingthat digitalfacilitate proofsthe deployment of aapplications driveror licensesolutions asto specifiedexisting enterprise obligations in s.a controlled and phased approach, including, but not limited to:

1. Electronic credentials, including digital licenses as referenced in s.

(4) Pursuant(5) Pursuant to legislative authorization and subject to appropriation:

Enterprise data do not include data that are restricted from public disclosure based on federal or state privacy, confidentiality, or security laws and regulations.

(c) The terms of the agreements between the department andmay theenter credentialinto serviceagreements providerwith and between the department and the qualified entities mustthat bemeet basedusage oncriteria theand per-data-callagree or subscription charges to validate and authenticate an electronic credential and allow the departmententerprise toarchitecture recoverterms anyof stateservice costs for implementing and administeringprivacy anpolicies. electronic credential solution.

These agreements must include clear, enforceable, and significant penalties for violations of the agreements.

(d) The terms of the agreements between the department, the credential service provider, and the qualified entities shall be based on the per-data-call or subscription charges to validate and authenticate and allow the department to recover any state costs for implementing and administering a solution.

(d) All(e) All revenues generated from the agreements with the credential service provider and qualified entities shall be remitted to the department, and the department shall deposit these revenues into the Department of Management Services Operating Trust Fund for distribution pursuant to a legislative appropriation and department agreements with the credential service provider and qualified entities.

(e) Upon(f) Upon the signing of the agreement and the enterprise architecture terms of service and privacy policies with a qualified entity, the department shall facilitateprovide authorizedto integrations between the qualified entityentity, andas theapplicable, credentialappropriate serviceaccess provider.to enterprise data to facilitate authorized integrations to collaboratively solve enterprise use cases.

(5) Upon(6) The the adoption of the enterprise architecture, the Florida Digital Service may develop a process to:

(a) Receive written notice from the state agencies within the enterprise of any planned or existing procurement of an information technology project that is subject to enterprisegovernance architectureby standards.the enterprise architecture.

(b) Participate(b) Intervene in the development of specifications and recommend modifications of any planned procurement by a state agenciesagency so that the procurement complies with the enterprise architecture.

(6)(19) The(c) Report Floridato Digitalthe ServiceGovernor, maythe adoptPresident rulesof tothe administerSenate, thisand section.the Speaker of the House of Representatives on any information technology project within the judicial branch that does not comply with the enterprise architecture.

(7)(19) The Florida Digital Service may adopt rules to administer this section.

282.00515 Duties282.00515 Enterprise ofArchitecture CabinetAdvisory agencies.—Council (1) TheDuties Department of LegalCabinet Affairs,agencies.— the(1)(a) The DepartmentEnterprise ofArchitecture FinancialAdvisory Services,Council, andan theadvisory Departmentcouncil ofas Agriculturedefined and Consumer Services shall adopt the standards established in s.

282.0051(1)(b),20.03(7), (c),is (g),established (r),within andthe (3)(e)Department s.of Management Services.

282.0051(2),The (3),council andshall (7)comply orwith adopt alternative standards based on best practices and industry standards that allow for the interoperabilityrequirements of opens. data within the enterprise.

(2) If20.052 theexcept Departmentas ofotherwise Legalprovided Affairs, the Department of Financial Services, or the Department of Agriculture and Consumer Services adopts alternative standards in lieuthis ofsection. the enterprise architecture standards in s.

282.0051,(b) The suchcouncil agency shall notifyconsist the Governor, the President of the Senate,following andmembers: Speaker of the House of Representatives in writing before the adoption of the alternative standards and annually thereafter, until such agency adopts the enterprise architecture standards in s.

282.0051.1. Four members appointed by the Governor.

The2. One notificationmember mustappointed includeby the following:President of the Senate.

(a) A3. One detailedmember planappointed ofby howthe suchSpeaker agencyof will comply with the interoperabilityHouse requirementsof referencedRepresentatives. in this chapter.

(b) An4. One estimatedmember costappointed andby timethe differenceChief betweenJustice adheringof to the enterpriseSupreme architectureCourt. or choosing alternative standards.

(c) A5. The detaileddirector securityof riskthe assessmentOffice of adoptingPolicy alternativeand standardsBudget versusin adoptingthe Executive Office of the enterpriseGovernor, architecture.or the person acting in the director’s capacity should the position be vacant.

(d) Certification6. The bySecretary theof agencyManagement headServices, or the agencyperson head’sacting designatedin representative that the agency’ssecretary’s strategiccapacity andshould operationalthe informationposition technologybe securityvacant. plans as required by s.

282.318(4)7. The includestate provisionschief relatedinformation toofficer, interoperability.or the person acting in the state chief information officer’s capacity should the position be vacant.

(3) The8. The Departmentchief ofinformation Legalofficer Affairs,of the Department of Financial Services, or the Departmentperson ofacting Agriculturein and Consumer Services may contract with the departmentchief toinformation provideofficer’s orcapacity performshould any of the servicesposition andbe functionsvacant. described in s.

282.0051.9. The chief information officer of the Department of Legal Affairs, or the person acting in the chief information officer’s capacity should the position be vacant.

(4)(a) This10. The sectionchief information officer of the Department of Agriculture and Consumer Services, or s.the person acting in the chief information officer’s capacity should the position be vacant.

282.0051(2)(a) The doesappointments notmade requireby the DepartmentGovernor, the President of Legalthe Affairs,Senate, the DepartmentSpeaker of Financial Services, or the DepartmentHouse of AgricultureRepresentatives, and Consumerthe ServicesChief toJustice integrateof withthe anySupreme informationCourt technologyare outsidefor itsterms ownof department4 oryears. contract with a credential service provider.

(b) TheHowever, Floridafor Digital Service may not retrieve or publish data without a data sharing agreement in place between the Floridapurpose Digital Service and the Department of Legalproviding Affairs,staggered theterms: Department of Financial Services, or the Department of Agriculture and Consumer Services, and may contract with the department to provide or perform any of the services and functions described in s.

1. The appointments made by the Governor, the President of the Senate, and the Speaker of the House of Representatives are for initial terms of 2 years.

2. The appointment made by the Chief Justice is for an initial term of 3 years.

(b) A vacancy on the council among members appointed under subparagraph (1)(b)1., subparagraph (1)(b)2., subparagraph (1)(b)3., or subparagraph (1)(b)4.

shall be filled in the same manner as the original appointment for the remainder of the unexpired term.

(c) The council shall elect a chair from among its members.

(d) The council shall meet at least semiannually, beginning October 1, 2020, to discuss implementation, management, and coordination of the enterprise architecture as defined in s.

282.0041;

identify potential issues and threats with specific use cases;

and recommend proactive solutions.

The council may conduct its meetings through teleconferences or other similar means The Department of Legal Affairs, the Department of Financial Services, and the Department of Agriculture and Consumer Services shall adopt the standards established in s.

282.0051(2), (3), and (7) or adopt alternative standards based on best practices and industry standards, and may contract with the department to provide or perform any of the services and functions described in s.

(a) Designate a state chief information security officer who shall be appointed by and report to the state chief information officer of the Florida Digital Service and is in the Senior Management Service.

(a) “Business(a) “Commission” entity” means athe domesticFinancial corporationServices orCommission. other organized domestic entity with a physical presence, other than that of a registered office or agent or virtual mailbox, in this state.

(b) “Commission”(b) “Consumer” means a person in this state, whether a natural person or a business entity, who purchases, uses, receives, or enters into an agreement to purchase, use, or receive an innovative financial product or service made available through the Financial ServicesTechnology Commission.Sandbox.

(c) “Consumer”(c) “Financial meansproduct aor personservice” inmeans this state, whether a naturalproduct person or aservice businessrelated entity,to whofinance, purchases,including uses,securities, receives,consumer credit, or entersmoney intotransmission, anwhich agreementis traditionally subject to purchase,general use,law or receiverule anrequirements innovativein financialthe productprovisions orenumerated servicein madeparagraph available(7)(a) throughand which is under the Financialjurisdiction Technologyof Sandbox.the office.

(d) “Control(d) “Financial person”Technology Sandbox” means anthe individual,program acreated partnership,in athis corporation,section awhich trust,allows ora otherperson organizationto thatmake possessesan theinnovative power,financial directlyproduct or indirectly,service available to directconsumers through the managementprovisions orenumerated policiesin ofparagraph (7)(a) during a company,sandbox whetherperiod through ownershipan ofexception securities,to bygeneral contract,laws or througha otherwaiver means.of rule requirements, or portions thereof, as specified in this section.

A(e) “Innovative” personmeans isnew presumedor toemerging controltechnology, aor companynew if,uses withof respectexisting totechnology, which provides a particularproduct, company,service, thatbusiness person:model, or delivery mechanism to the public.

1. Is(f) “Office” ameans, director,unless athe generalcontext partner,clearly orindicates anotherwise, officerthe exercisingOffice executiveof responsibilityFinancial orRegulation. having similar status or functions;

2. Directly(g) “Sandbox orperiod” indirectlymeans maythe voteperiod, 10initially percentnot orlonger morethan of24 amonths, classin ofwhich a voting security or sell or direct the saleoffice ofhas: 10 percent or more of a class of voting securities;

or 3. In the case of a partnership, may receive upon dissolution or has contributed 10 percent or more of the capital.

(e) “Financial product or service” means a product or service related to a consumer finance loan, as defined in s.

516.01, or a money transmitter and payment instrument seller, as defined in s.

560.103, including mediums of exchange that are in electronic or digital form, which is subject to general law or corresponding rule requirements in the sections enumerated in paragraph (4)(a) and which is under the jurisdiction of the office.

(f) “Financial Technology Sandbox” means the program created in this section which allows a licensee to make an innovative financial product or service available to consumers as a person who makes and collects consumer finance loans, as defined in s.

516.01, or as a money transmitter or payment instrument seller, as defined in s.

560.103, during a sandbox period through an exception to general laws or a waiver of rule requirements, or portions thereof, as specified in this section.

(g) “Innovative” means new or emerging technology, or new uses of existing technology, which provides a product, service, business model, or delivery mechanism to the public and which is not known to have a comparable offering in this state outside the Financial Technology Sandbox.

(h) “Licensee” means a person who has been approved by the office to participate in the Financial Technology Sandbox.

(i) “Office” means, unless the context clearly indicates otherwise, the Office of Financial Regulation.

(j) “Sandbox period” means the period, initially not longer than 24 months, in which the office has:

2. Granted the licenseeperson who makes the innovative financial product or service available an exception to general law or a waiver of the corresponding rule requirements, as determined by the office, so that the authorization under subparagraph 1.

(4) EXCEPTIONS(4) FINANCIAL TOTECHNOLOGY GENERALSANDBOX LAWAPPLICATION; AND WAIVERS OF RULE REQUIREMENTS.— (a) Notwithstanding any other law, upon approval of a Financial Technology Sandbox application, the office shall grant an applicant a license and a waiver of a requirement, or a portion thereof, which is imposed by rule as authorized by any of the following provisions of general law, if all of the conditions in paragraph (b) are met.

IfSTANDARDS theFOR applicationAPPROVAL.— is(a) Before approvedfiling foran aapplication personto whoenter otherwisethe wouldFinancial beTechnology subjectSandbox, toa chaptersubstantially 516affected orperson chaptermay 560,seek thea followingdeclaratory provisionsstatement arepursuant not applicable to thes. licensee:

1. Section120.565 516.03,regarding except for the applicationapplicability feeof for a license,statute, therule, investigationor fee,agency evidenceorder ofto liquid assets of at least $25,000, and the office’spetitioner’s authorityparticular toset make an investigation of thecircumstances. facts concerning the applicant’s background as provided in s.

516.03(1).(b) Before making an innovative financial product or service available to consumers in the Financial Technology Sandbox, a person must file an application with the office.

The officecommission mayshall prorateprescribe theby licenserule renewalthe feesform forand anmanner extensionof grantedthe underapplication. subsection (7).

2. Section1. In 516.05,the exceptapplication, the person must specify the general law or rule requirements for s.which an exception or a waiver is sought and the reasons why these requirements prevent the innovative financial product or service from being made available to consumers.

516.05(4),2. The (5),application andmust (7)also (9).contain the information specified in paragraph (e).

3. Section(c) A 560.109,business toentity thefiling extentan thatapplication itunder requiresthis thesection officemust tobe examinea domestic corporation or other organized domestic entity with a licenseephysical atpresence, leastother oncethan everythat 5of years.a registered office or agent or virtual mailbox, in this state.

4. Section(d) Before 560.118,a exceptperson forapplies s.on behalf of a business entity intending to make an innovative financial product or service available to consumers, the person must obtain the consent of the business entity.

560.118(1).(e) The office shall approve or deny in writing a Financial Technology Sandbox application within 60 days after receiving the completed application.

5. Section 560.125(1), to the extent that subsection would prohibit a licensee from engaging in the business of a money services business during the sandbox period;

and s.

560.125(2), to the extent that subsection would prohibit a licensee from appointing an authorized vendor during the sandbox period.

6. Section 560.128.

7. Section 560.141, except for s.

560.141(1)(a)3., 8., 9., and 10.

and (1)(b), (c), and (d).

8. Section 560.142, except that the office may prorate, but may not entirely waive, the license renewal fees provided in ss.

560.142 and 560.143 for an extension granted under subsection (7).

9. Section 560.143(2), to the extent necessary for proration of the renewal fee under subparagraph 8.

10. Section 560.204(1), to the extent that subsection would prohibit a licensee from engaging in, or advertising it engages in, the selling or issuing of payment instruments or in the activity of a money transmitter during the sandbox period.

11. Section 560.205, except for s.

560.205(1), (3), and (4).

12. Section 560.208, except for s.

560.208(3)-(6).

13. Section 560.209, except that the office may modify, but may not entirely waive, the net worth, corporate surety bond, and collateral deposit amounts required under that section.

The modified amounts must be in such lower amounts that the office determines to be commensurate with the considerations under paragraph (5)(d) and the maximum number of consumers authorized to receive the financial product or service under this section.

(b) The office may grant, during a sandbox period, an exception of a requirement, or a portion thereof, imposed by a general law or waiver of a corresponding rule in any section enumerated in paragraph (a) to a licensee, if all of the following conditions are met:

1. The general law or corresponding rule currently prevents the innovative financial product or service from being made available to consumers.

2. The exceptions or rule waivers are not broader than necessary to accomplish the purposes and standards specified in this section, as determined by the office.

3. No provision relating to the liability of an incorporator, a director, or an officer of the applicant is eligible for a waiver.

4. The other requirements of this section are met.

(5) FINANCIAL TECHNOLOGY SANDBOX APPLICATION;

STANDARDS FOR APPROVAL.— (a) Before filing an application for licensure under this section, a substantially affected person may seek a declaratory statement pursuant to s.

120.565 regarding the applicability of a statute, a rule, or an agency order to the petitioner’s particular set of circumstances.

(b) Before making an innovative financial product or service available to consumers in the Financial Technology Sandbox, a person must file an application for licensure with the office.

The commission shall, by rule, prescribe the form and manner of the application.

1. In the application, the person must specify the general law or rule requirements for which an exception or waiver is sought and the reasons why these requirements prevent the innovative financial product or service from being made available to consumers.

2. The application also must contain the information specified in paragraph (d).

(c)1. A business entity may file an application for licensure.

2. Before a person applies on behalf of a business entity intending to make an innovative financial product or service available to consumers, the person must obtain the consent of the business entity.

(d) The office shall approve or deny in writing a Financial Technology Sandbox application within 60 days after receiving the completed application.

In deciding whether to approve or deny an applicationapplication, for licensure, the office must consider each of the following:

3. The business plan proposed by the applicant, including companya information,statement marketregarding analysis,the andapplicant’s financialcurrent projectionsand orproposed procapitalization. forma financial statements.

5. If any control person substantially involved in the development, operation, or management of the applicant’s innovative financial product or service has pled no contest to, has been convicted or found guilty of, or is currently under investigation for, fraud, a state or federal securities violation, aany property-based offense, or aany crime involving moral turpitude or dishonest dealing, thetheir application to the Financial Technology Sandbox mustwill be denied.

7. The financial responsibility of any controlperson person.substantially involved in the development, operation, or management of the applicant’s innovative financial product or service.

(e) The(f) The office may not approve an application if:

or 2. Any control person substantially involved in the development, operation, or management of the applicant’s innovative financial product or service was substantially involved in such with another Financial Technology Sandbox applicant whose application was approved and whose application related to a substantially similar financial product or service.

(f) Upon(g) Upon approval of an application, the office shall specify the general law or rule requirements, or portions thereof, for which an exception or arule waiver is granted during the sandbox period and the length of the initial sandbox period, not to exceed 24 months.

(6) OPERATION(5) OPERATION OF THE FINANCIAL TECHNOLOGY SANDBOX.— (a) A licenseeperson underwhose thisFinancial sectionTechnology Sandbox application is approved may make an innovative financial product or service available to consumers during the sandbox period.

(b) The office,office may, on a case-by-case basis,basis mayand specifyafter theconsultation maximumwith numberthe ofperson consumerswho authorizedmakes tothe receive an innovative financial product or service,service afteravailable consultationto withconsumers, specify the personmaximum whonumber makesof theconsumers financialauthorized productto orreceive servicean availableinnovative tofinancial consumers.product or service.

The office may not authorize more than 15,000 consumers to receive the financial product or service until the licenseeperson who makes the financial product or service available to consumers has filed the first report required under subsection (8).

After the filing of thatthe report, if the licenseeperson demonstrates adequate financial capitalization, risk management processes,process, and management oversight, the office may authorize up to 25,000 consumers to receive the financial product or service.

(c)1. Before a consumer purchases, uses, receives, or enters into an agreement to purchase, use, or receive an innovative financial product or service through the Financial Technology Sandbox, the licenseeperson making the financial product or service available must provide a written statement of all of the following to the consumer:

c. That thethis state does not endorse the financial product or service.

e. That the licenseeperson making the financial product or service available to consumers is not immune from civil liability for any losses or damages caused by the financial product or service.

g. The contact information for the officeoffice, and notification that suspected legal violations, complaints, or other comments related to the financial product or service may be submitted to the office.

2. The written statement must contain an acknowledgementacknowledgment from the consumer, which must be retained for the duration of the sandbox period by the licenseeperson making the financial product or service available.

(d) The office may enter into an agreement with a state, federal, or foreign regulatory agency to allow personspersons: who make an innovative financial product or service available in this state through the Financial Technology Sandbox to make their products or services available in other jurisdictions.

The1. Who commissionmake shallan adoptinnovative rulesfinancial toproduct implementor service available in this paragraph.state through the Financial Technology Sandbox to make their products or services available in other jurisdictions.

(e) The2. Who officeoperate mayin examinesimilar thefinancial recordstechnology ofsandboxes ain licenseeother atjurisdictions anyto time,make withinnovative orfinancial withoutproducts priorand notice.services available in this state under the standards of this section.

(7) EXTENSIONS(e)1. A ANDperson CONCLUSIONwhose OFFinancial SANDBOXTechnology PERIOD.—Sandbox (a) Aapplication licenseeis mayapproved applyby for an extension of the initialoffice sandboxshall periodmaintain forcomprehensive uprecords relating to 12the additionalinnovative monthsfinancial forproduct aor purposeservice. specified in subparagraph (b)1.

The person shall keep these records for at least 5 years after the conclusion of the sandbox period.

The commission may specify by rule additional records requirements.

2. The office may examine the records maintained under subparagraph 1.

at any time, with or without notice.

(6) EXTENSIONS AND CONCLUSION OF SANDBOX PERIOD.— (a) A person who is authorized to make an innovative financial product or service available to consumers may apply for an extension of the initial sandbox period for up to 12 additional months for a purpose specified in subparagraph (b)1.

In deciding to approve or deny an application for extension of the sandbox period, the office must, at a minimum, consider the current status of the factors previously considered under paragraph (5)(d).(4)(e).

(c) At least 30 days before the conclusion of the initial sandbox period or the extension, whichever is later, a licenseeperson who makes an innovative financial product or service available shall provide written notification to consumers regarding the conclusion of the initial sandbox period or the extension and may not make the financial product or service available to any new consumers after the conclusion of the initial sandbox period or the extension, whichever is later, until legal authority outside of the Financial Technology Sandbox exists for the licensee to make the financial product or service available to consumers.

After the conclusion of the sandbox period or the extension, whichever is later, the licenseeperson who makes the innovative financial product or service available may:

(8) REPORT.—A(7) EXCEPTIONS licenseeTO shallGENERAL submitLAW AND WAIVERS OF RULE REQUIREMENTS.— (a) Notwithstanding any other provision of law, upon approval of a reportFinancial toTechnology Sandbox application, the office twicemay grant an applicant a yearwaiver of a requirement, or a portion thereof, which is imposed by rule as prescribedauthorized by commissionany rule.of the following provisions of general law, if all of the conditions in paragraph (b) are met.

If the application is approved for a person who otherwise would be subject to the provisions of chapter 560, chapter 516, chapter 517, chapter 520, or chapter 537, the following provisions shall not be applicable to the approved sandbox participant:

1. Section 560.1105.

2. Section 560.118.

3. Section 560.125, except for s.

560.125(2).

4. Section 560.128.

5. Section 560.1401, except for s.

560.1401(2)-(4).

6. Section 560.141, except for s.

560.141(1)(b)-(d).

7. Section 560.142, except that the office may prorate the license renewal fees provided in ss.

560.142 and 560.143 for an extension granted under subsection (6).

8. Section 560.143(2), to the extent necessary for proration of the renewal fee under subparagraph 7.

9. Section 560.205, except for s.

560.205(1) and (3).

10. Section 560.208, except for s.

560.208(3)-(6).

11. Section 560.209, except that the office may modify the net worth, corporate surety bond, and collateral deposit amounts required under s.

560.209.

The modified amounts must be in such lower amounts that the office determines to be commensurate with the considerations under paragraph (4)(e) and the maximum number of consumers authorized to receive the financial product or service under this section.

12. Section 516.03, except for the license and investigation fee.

The office may prorate the license renewal fees for an extension granted under subsection (6).

The office may not waive the evidence of liquid assets of at least $25,000.

13. Section 516.05, except that the office may make an investigation of the facts concerning the applicant’s background.

14. Section 516.12.

15. Section 516.19.

16. Section 517.07.

17. Section 517.12.

18. Section 517.121.

19. Section 520.03, except for the application fee.

The office may prorate the license renewal fees for an extension granted under subsection (6).

20. Section 520.12.

21. Section 520.25.

22. Section 520.32, except for the application fee.

The office may prorate the license renewal fees for an extension granted under subsection (6).

23. Section 520.39.

24. Section 520.52, except for the application fee.

The office may prorate the license renewal fees for an extension granted under subsection (6).

25. Section 520.57.

26. Section 520.63, except for the application fee.

The office may prorate the license renewal fees for an extension granted under subsection (6).

27. Section 520.997.

28. Section 520.98.

29. Section 537.004, except for s.

537.004(2) and (5).

The office may prorate the license renewal fees for an extension granted under subsection (6).

30. Section 537.005, except that the office may modify the corporate surety bond amount required by s.

537.005.

The modified amount must be in such lower amount that the office determines to be commensurate with the considerations under paragraph (4)(e) and the maximum number of consumers authorized to receive the product or service under this section.

31. Section 537.007.

32. Section 537.009.

33. Section 537.015.

(b) During a sandbox period, the exceptions granted in paragraph (a) are applicable if all of the following conditions are met:

1. The general law or corresponding rule currently prevents the innovative financial product or service to be made available to consumers.

2. The exceptions or rule waivers are not broader than necessary to accomplish the purposes and standards specified in this section, as determined by the office.

3. No provision relating to the liability of an incorporator, director, or officer of the applicant is eligible for a waiver.

4. The other requirements of this section are met.

(8) REPORT.—A person authorized to make an innovative financial product or service available to consumers under this section shall submit a report to the office twice a year as prescribed by commission rule.

(9) CONSTRUCTION.—A person whose Financial Technology Sandbox application is approved isshall be deemed licensed under this section and is subject to chapter 516 or chapter 560 with the applicable exceptions to general law or waiver of the rule requirements ofspecified chapterunder 516subsection or(7), chapterunless 560the specifiedperson’s underauthorization paragraphto (4)(a),make unless the person’sfinancial licenseproduct or service available to consumers under this section has been revoked or suspended.

Notwithstanding(10) VIOLATIONS s.AND PENALTIES.— (a) A person who makes an innovative financial product or service available to consumers in the Financial Technology Sandbox is:

560.204(2), a licensee may not engage in activities authorized under part III of chapter 560.

(10) VIOLATIONS AND PENALTIES.— (a) A licensee who makes an innovative financial product or service available to consumers in the Financial Technology Sandbox is:

2. Subject to all criminal statutes and any other statute not specifically excepted under paragraphsubsection (4)(a).(7).

(b)1. The office may, by order, revoke or suspend aauthorization licensegranted ofto a person to make an innovative financial product or service available to consumers if:

or d. After consultation with the licensee,person, the office determines that continued testing of the innovative financial product or service would:

(c) The office may refer any suspected violation of law to an appropriate state or federal agency for investigation, prosecution, civil penalties, and other appropriate enforcement action.actions.

(d) If service of process on a person making an innovative financial product or service available to consumers in the Financial Technology Sandbox is not feasible, service on the office isshall be deemed service on such person.

(b) The office may issue all necessary orders to enforce this section and may enforce thesethe orders in accordance with chapter 120 or in any court of competent jurisdiction.

Section 12. For12. Except theas 2020-2021otherwise fiscalexpressly year,provided the sum of $50,000 in nonrecurringthis fundsact, isthis appropriatedact fromshall thetake Administrativeeffect TrustJuly Fund1, to2020. the Office of Financial Regulation to implement s.

559.952, Florida Statutes, as created by this act.

Section 13. Except as otherwise expressly provided in this act, this act shall take effect July 1, 2020.