HB 1087 — Pub. Rec./Office of Financial Regulation

119.07(1) and s.

24(a), Art.

I of the State Constitution after the investigation or examination ceases to be active to the extent that disclosure would:

(a) Jeopardize the integrity of another active investigation;

(b) Reveal personal financial information;

(c) Reveal the identity of a confidential source;

or (d) Reveal investigative techniques or procedures.

(7) Subsections (1), (2), and (4) are subject to the Open Government Sunset Review Act in accordance with s.

119.15 and are repealed on October 2, 2031, unless reviewed and saved from repeal through reenactment by the Legislature.

(1) The Legislature finds allthat it is a public necessity that personal identifying information of a member or payee of the following:Florida Retirement System Pension Plan or any other state-administered retirement system held by the Division of Retirement within the Department of Management Services or the State Board of Administration be made exempt from s.

(a)119.07(1), ItPage is2 a public necessity that all information concerning an investigation or examination of a3 moneyCODING: services business conducted by the Office of Financial Regulation pursuant to chapter 560, Florida Statutes, including a consumer complaint, be made confidential and exempt from s.

119.07(1), Florida Statutes, and s.

24(a), Article I of the State Constitution until the investigation or examination ceases to be active.

The Legislature further finds that such information should remain confidential and exempt from s.

119.07(1), Florida Page 4 of 20 CODING:

hb1087-02-c2hb1087-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/CS/HBCS/HB 1087 2026 Florida Statutes, and s.

24(a), Article I of the State Constitution after the investigation or examination ceases to be active if its disclosure would jeopardize the office's investigations or examinations by revealing techniques or procedures or otherwise reveal information that is being used in another investigation or examinations, or if disclosure would reveal personal financial information or a confidential source.

(b) It is a public necessity that trade secrets or personal financial information obtained by the office in the course of an investigation or examination pursuant to chapter 560, Florida Statutes, be made confidential and exempt from s.

119.07(1), Florida Statutes, and s.

24(a), Article I of the State Constitution, unless an administrative law judge or circuit judge determines that the release of personal financial information to the public is in the interest of justice.

(2) Information specified in paragraphs (1)(a) and (b) is held by the office in conjunction with its investigations and examinations of money services businesses, which include qualified payment stablecoin issuers, as defined in s.

560.103, Florida Statutes, as amended by chapter 2025-100, Laws of Florida.

Qualified payment stablecoin issuers are thus subject to investigation or examination by the office.

As a result, the office may receive sensitive personal and financial information relating to such entities in conjunction with its duties under chapter 560, Florida Statutes.

An exemption from public records Page 5 of 20 CODING:

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hb1087-02-c2 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/CS/HB 1087 2026 requirements provides the same protections to qualified payment stablecoin issuers as are afforded to other money services businesses, thereby preventing any disadvantage to these similarly regulated entities in comparison to other entities currently classified as money services businesses.

An exemption from public records requirements for reports of examinations, operations, or condition, including working papers, is necessary to ensure the office's ability to effectively and efficiently administer its examination and investigation duties.

Examination and investigation are essential components of financial institutions regulation;

they deter fraud and ensure the safety and soundness of the financial system.

Examinations and investigations also provide a means of early detection of violations, allowing for corrective action to be taken before any harm can be done.

Release of such information could compromise the office's examinations or investigations, reveal investigative techniques, or result in the disclosure of an individual's personal financial information.

Such disclosure could also result in the release of inaccurate information, which could harm the subject of the examination or investigation, or otherwise impair commerce relating to money services businesses.

The Legislature finds that there is little public benefit derived from access to such information during the office's examinations or investigations, and that the exemption is narrowly tailored to allow for release except where Page 6 of 20 CODING:

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hb1087-02-c2 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/CS/HB 1087 2026 the public benefit is outweighed by harm to either the office's investigations or examinations or to individuals whose personal financial information may be disclosed.

Section 3.

Subsection (15) is added to section 655.057, Florida Statutes, and subsections (1) through (4), (6), and (10) of that section are reenacted, to read:

655.057 Records;

limited restrictions upon public access.— (1) Except as otherwise provided in this section and except for such portions thereof which are otherwise public record, all records and information relating to an investigation by the office are confidential and exempt from s.

119.07(1) and s.

I of the State Constitution until such investigation is completed or ceases to be active.

For purposes of this subsection, an investigation is considered "active" while such investigation is being conducted by the office with a reasonable, good faith belief that it may lead to the filing of administrative, civil, or criminal proceedings.

An investigation does not cease to be active if the office is proceeding with reasonable dispatch, and there is a good faith belief that action may be initiated by the office or other administrative or law enforcement agency.

After an investigation is completed or ceases to be active, portions of the records relating to the investigation are confidential and exempt from s.

119.07(1) and s.

24(a), Art.

I of the State Constitution to the extent that disclosure would:

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hb1087-02-c2 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/CS/HB 1087 2026 (a) Jeopardize the integrity of another active investigation;

(b) Impair the safety and soundness of the financial institution;

(c) Reveal personal financial information;

(d) Reveal the identity of a confidential source;

(e) Defame or cause unwarranted damage to the good name or reputation of an individual or jeopardize the safety of an individual;

or (f) Reveal investigative techniques or procedures.

(2) Except as otherwise provided in this section and except for such portions thereof which are public record, reports of examinations, operations, or condition, including working papers, or portions thereof, prepared by, or for the use of, the office or any state or federal agency responsible for the regulation or supervision of financial institutions in this state are confidential and exempt from s.

119.07(1) and s.

24(a), Art.

However,The release of such reportspersonal oridentifying papersinformation orcould portionsallow thereofpredatory mayindividuals beand releasedorganizations to:to target retirement plan members and payees for financial exploitation or fraud.

(a)In Theaddition, financialpersonal institutionidentifying underinformation examination;of Florida Retirement System Investment Plan members is already exempt from public records requirements and extending similar protections promotes uniform treatment of personal identifying information for all Florida Retirement System members and payees.

(b)For Anythese holdingreasons, companythe ofLegislature whichfinds thethat financialit institution is a subsidiary;public necessity to exempt such information from public records requirements.

(c)Section Proposed3. purchasers if necessary to protect the continued financial viability of the financial institution, upon prior approval by the board of directors of such institution;

PageThis 8act ofshall 20take CODING:effect July 1, 2026.

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hb1087-02-c2hb1087-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/CS/HB 1087 2026 (d) Persons proposing in good faith to acquire a controlling interest in or to merge with the financial institution, upon prior approval by the board of directors of such financial institution;

(e) Any officer, director, committee member, employee, attorney, auditor, or independent auditor officially connected with the financial institution, holding company, proposed purchaser, or person seeking to acquire a controlling interest in or merge with the financial institution;

or (f) A fidelity insurance company, upon approval of the financial institution's board of directors.

However, a fidelity insurance company may receive only that portion of an examination report relating to a claim or investigation being conducted by such fidelity insurance company.

(g) Examination, operation, or condition reports of a financial institution shall be released by the office within 1 year after the appointment of a liquidator, receiver, or conservator to the financial institution.

However, any portion of such reports which discloses the identities of depositors, bondholders, members, borrowers, or stockholders, other than directors, officers, or controlling stockholders of the institution, shall remain confidential and exempt from s.

119.07(1) and s.

24(a), Art.

I of the State Constitution.

Any confidential information or records obtained from the office Page 9 of 20 CODING:

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hb1087-02-c2 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/CS/HB 1087 2026 pursuant to this subsection shall be maintained as confidential and exempt from s.

119.07(1) and s.

24(a), Art.

I of the State Constitution.

(3) Except as otherwise provided in this section and except for those portions that are otherwise public record, after an investigation relating to an informal enforcement action is completed or ceases to be active, informal enforcement actions are confidential and exempt from s.

119.07(1) and s.

24(a), Art.

I of the State Constitution to the extent that disclosure would:

(a) Jeopardize the integrity of another active investigation.

(b) Impair the safety and soundness of the financial institution.

(c) Reveal personal financial information.

(d) Reveal the identity of a confidential source.

(e) Defame or cause unwarranted damage to the good name or reputation of an individual or jeopardize the safety of an individual.

(f) Reveal investigative techniques or procedures.

(4) Except as otherwise provided in this section and except for those portions that are otherwise public record, trade secrets as defined in s.

688.002 which comply with s.

655.0591 and which are held by the office in accordance with its statutory duties with respect to the financial institutions Page 10 of 20 CODING:

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hb1087-02-c2 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/CS/HB 1087 2026 codes are confidential and exempt from s.

119.07(1) and s.

24(a), Art.

I of the State Constitution.

(6) This section does not prevent or restrict:

(a) Publishing reports that are required to be submitted to the office pursuant to s.

655.045(2) or required by applicable federal statutes or regulations to be published.

(b) Furnishing records or information to any other state, federal, or foreign agency responsible for the regulation or supervision of financial institutions.

(c) Disclosing or publishing summaries of the condition of financial institutions and general economic and similar statistics and data, provided that the identity of a particular financial institution is not disclosed.

(d) Reporting any suspected criminal activity, with supporting documents and information, to appropriate law enforcement and prosecutorial agencies.

(e) Furnishing information upon request to the Chief Financial Officer or the Division of Treasury of the Department of Financial Services regarding the financial condition of any financial institution that is, or has applied to be, designated as a qualified public depository pursuant to chapter 280.

(f) Furnishing information to Federal Home Loan Banks regarding its member institutions pursuant to an information sharing agreement between the Federal Home Loan Banks and the office.

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hb1087-02-c2 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/CS/HB 1087 2026 Any confidential information or records obtained from the office pursuant to this subsection shall be maintained as confidential and exempt from s.

119.07(1) and s.

24(a), Art.

I of the State Constitution.

(10) Materials supplied to the office or to employees of any financial institution by other state or federal governmental agencies remain the property of the submitting agency or the corporation, and any document request must be made to the appropriate agency.

Any confidential documents supplied to the office or to employees of any financial institution by other state or federal governmental agencies are confidential and exempt from s.

119.07(1) and s.

24(a), Art.

I of the State Constitution.

Such information shall be made public only with the consent of such agency or the corporation.

(15) Subsections (1)-(4), (6), and (10) are subject to the Open Government Sunset Review Act in accordance with s.

119.15 and are repealed October 2, 2031, unless reviewed and saved from repeal through reenactment by the Legislature.

Section 4.

(1) The Legislature finds that it is a public necessity that all records and information relating to an investigation by the Office of Financial Regulation undertaken pursuant to chapter 655, Florida Statutes, be made confidential and exempt from s.

119.07(1), Florida Statutes, and s.

24(a), Article I of the State Constitution until the investigation Page 12 of 20 CODING:

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hb1087-02-c2 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/CS/HB 1087 2026 ceases to be active.

The Legislature further finds that such information should remain confidential and exempt from s.

119.07(1), Florida Statutes, and s.

24(a), Article I of the State Constitution after the investigation ceases to be active if its disclosure would jeopardize the office's investigations by revealing techniques or procedures, or otherwise reveal information that is being used in another investigation;

reveal personal financial information or a confidential source;

or defame or cause unwarranted damage to an individual's reputation or jeopardize his or her safety.

(2) Information specified in s.

655.057(1)-(4), (6), and (10), Florida Statutes, is held by the office in conjunction with examinations and investigations of trust companies which may include records concerning payment stablecoin issuer products or services offered by such trust companies, as authorized in s.

658.997, Florida Statutes.

As a result, the office may receive sensitive personal and financial information relating to such trust companies in conjunction with its duties under chapter 655, Florida Statutes.

An exemption from public records requirements provides the same protections to trust companies that are qualified payment stablecoin issuers as are afforded to other financial institutions, thereby preventing any disadvantage to these similarly regulated entities in comparison to other entities currently classified as financial institutions.

An exemption from public records requirements for Page 13 of 20 CODING:

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hb1087-02-c2 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/CS/HB 1087 2026 reports of examinations, operations, or condition, including working papers, is necessary to ensure the office's ability to effectively and efficiently administer its examination and investigation duties.

Examination and investigation are essential components of financial institutions regulation;

they deter fraud and ensure the safety and soundness of the financial system.

Examinations and investigations also provide a means of early detection of violations, allowing for corrective action to be taken before any harm can be done.

(3) The Legislature finds that it is a public necessity to make confidential and exempt from s.

119.07(1), Florida Statutes, and s.

24(a), Article I of the State Constitution records and information relating to an examination or investigation by the Office of Financial Regulation;

portions of records relating to a completed or inactive examination or investigation by the office which would jeopardize the integrity of another active examination or investigation, impair the safety and soundness of the financial institution, reveal personal financial information, reveal the identity of a confidential source, defame or cause unwarranted damage to the good name or reputation of an individual or jeopardize the safety of an individual, or reveal investigative techniques or procedures;

reports of examinations, operations, or conditions, including working papers, or portions thereof, prepared by, or for the use of, the office or any state or federal agency Page 14 of 20 CODING:

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hb1087-02-c2 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/CS/HB 1087 2026 responsible for the regulation or supervision of financial institutions in this state, until 1 year after the appointment of a liquidator;

any portion of such reports which discloses the identities of depositors, bondholders, members, borrowers, or stockholders, other than directors, officers, or controlling stockholders of the institution;

trade secrets held by the office in accordance with its statutory duties under chapter 655, Florida Statutes, unless an administrative law judge or circuit judge determines that the release of personal financial information to the public is in the interest of justice;

and materials supplied to the office or to employees of any financial institution by other state or federal governmental agencies.

(4) Release of information specified in s.

655.057(1)-(4), (6), and (10), Florida Statutes, could compromise the office's examinations and investigations, reveal investigative techniques, result in the disclosure of an individual's personal financial information, or defame or cause unwarranted damage to the good name or reputation of an individual or entity or jeopardize his or her safety.

Such disclosure could also result in the spread of inaccurate information, which could harm the subject of the examination or investigation, or otherwise impair commerce conducted by financial institutions in this state.

Any portion of a record or information relating to an examination or investigation which reveals personal financial information or Page 15 of 20 CODING:

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hb1087-02-c2 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/CS/HB 1087 2026 the identity of a confidential source may defame, or cause unwarranted damage to the good name or reputation of, those individuals, or jeopardize their safety.

(5) A trade secret derives independent economic value, actual or potential, from not being generally known to, and not readily ascertainable by, other persons who can obtain economic value from the disclosure or use of the trade secret.

Without an exemption for a trade secret held by the office in accordance with its duties prescribed by chapter 655, Florida Statutes, that trade secret becomes a public record when received and must be divulged upon request.

Divulging a trade secret under the public records law would give business competitors an unfair advantage and destroy the value of that property, causing a financial loss to the person or entity submitting the trade secret and weakening the position of that person or entity in the marketplace.

(6) The Legislature finds that there is little public benefit derived from access to such information during the office's examinations or investigations, and that the exemption is narrowly tailored to allow for release except where the public benefit is outweighed by harm to individuals or institutions, when the disclosure would jeopardize other examinations or investigations, reveal the office's investigative techniques or procedures, or expose personal financial information or a confidential source.

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hb1087-02-c2 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/CS/HB 1087 2026 Section 5.

Subsection (7) of section 655.50, Florida Statutes, is amended, and paragraph (d) of subsection (5) of this section is reenacted, to read:

655.50 Florida Control of Money Laundering and Terrorist Financing in Financial Institutions Act.— (5) A financial institution shall keep a record of each financial transaction occurring in this state known to it which involves currency or other monetary instrument, as the commission prescribes by rule, has a value greater than $10,000, and involves the proceeds of specified unlawful activity, or is designed to evade the reporting requirements of this section, chapter 896, or similar state or federal law, or which the financial institution reasonably believes is suspicious activity.

Each financial institution shall maintain appropriate procedures to ensure compliance with this section, chapter 896, and other similar state or federal law.

Any report of suspicious activity made pursuant to this subsection is entitled to the same confidentiality provided under 31 C.F.R.

s.

1020.320, whether the report or information pertaining to or identifying the report is in the possession or control of the office or the reporting institution.

(d) Each financial institution shall file a report of the records required under this subsection with the office.

Each report shall be filed at such time and must contain such information as the commission requires by rule.

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hb1087-02-c2 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/CS/HB 1087 2026 (7)(a) All reports and records filed with the office pursuant to this section are confidential and exempt from s.

119.07(1) and s.

24(a), Art.

I of the State Constitution.

However, the office shall provide any report filed pursuant to this section, or information contained therein, to federal, state, and local law enforcement and prosecutorial agencies, and any federal or state agency responsible for the regulation or supervision of financial institutions.

(b) This subsection is subject to the Open Government Sunset Review Act in accordance with s.

119.15 and is repealed October 2, 2031, unless reviewed and saved from repeal through reenactment by the Legislature.

Section 6.

(1) The Legislature finds that it is a public necessity that all reports and records filed with the Office of Financial Regulation be made confidential and exempt from s.

119.07(1), Florida Statutes, and s.

24(a), Article I of the State Constitution unless disclosure is requested by a federal, state, or local law enforcement or prosecutorial agency or any federal or state agency responsible for the regulation or supervision of financial institutions.

Information regarding potential money laundering or terrorism must be safeguarded to prevent the potential offender from being tipped off or circumventing an investigation conducted by the office, and disclosure of such information could harm the office's investigations.

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hb1087-02-c2 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/CS/HB 1087 2026 (2) These reports and records are held by the office in conjunction with its duties pursuant to 31 U.S.C.

s.

5313 and 31 C.F.R.

part 1020 and its examinations or investigations of trust companies' transactions involving monetary instruments concerning payment stablecoin products or services offered by such companies, as authorized in s.

658.997, Florida Statutes, to include any transactions involving payment stablecoin products or services offered by such financial institutions.

As a result, the office may receive sensitive personal and financial information relating to such entities in conjunction with its duties under chapter 655, Florida Statutes.

An exemption from public records requirements provides the same protections to trust companies that hold a certificate of authority as a qualified payment stablecoin issuer as are afforded to other financial institutions, thereby preventing any disadvantage to these similarly regulated entities in comparison to other entities currently classified as financial institutions.

An exemption from public records requirements for reports and records submitted to the office is necessary to ensure the office's ability to effectively and efficiently administer its investigation duties.

Examination and investigation are essential components of financial institutions regulation;

they deter fraud and ensure the safety and soundness of the financial system.

Examinations and investigations also provide a means of early detection of violations, allowing for Page 19 of 20 CODING:

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hb1087-02-c2 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/CS/HB 1087 2026 corrective action to be taken before any harm can be done.

Section 7.

This act shall take effect on the same date that HB 175 or similar legislation takes effect, if such legislation is adopted in the same legislative session or an extension thereof and becomes a law.

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hb1087-02-c2