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SB 988 — Securities
Last action — Laid on Table, companion bill(s) passed, see CS/CS/HB 379 (Ch. 2025-28)
No card. One bill, free forever — alerts when it moves.
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✓Introduced
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2In Committee
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3Passed Senate
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4Passed House
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5To Executive
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6Enacted
This bill died with 2025 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.
Summary
Securities; Revising the circumstances under which securities transactions are exempt from registration requirements; revising the filing requirements for securities issuers under the Florida Invest Local Exemption law; revising the list of persons who must submit fingerprints for live-scan processing for registration applications; defining the term “restitution order”, etc.
Bill Text
What changed in the latest version
952 added · 957 removed952 line(s) added, 957 removed.
Florida Senate - 2025 CS for CS for SB 988 By the CommitteesCommittee on FiscalBanking Policy;and Insurance;
and BankingSenator andTruenow Insurance;597-02253-25 2025988c1 A bill to be entitled An act relating to securities;
and Senator Truenow 594-03700-25 2025988c2 A bill to be entitled An act relating to securities;
defining the termsterm “owner”“owner”; and “shareholder”;
Florida Senate - 2025 CS for CS for SB 988 594-03700-25597-02253-25 2025988c22025988c1 circumstances;
Present subsections (6) through (9), (10), (11), (12), (13) through (17), (18), (19), (20) through (25), (26), and (27) of section 517.021, Florida Statutes, are redesignated as subsections (7) through (10), (12), (14), (15), (17) through (21), (25), (26), (28) through (33), (35),(36), and (36),(37), respectively, new subsections (6), (11), (13), (16), (22), (23), (24), and(27), (27)(34), and subsection(35) (34) are added to that section, and present subsections (11) and (15) of that section are amended, to read:
Florida Senate - 2025 CS for CS for SB 988 594-03700-25597-02253-25 2025988c22025988c1 517.021 Definitions.—When used in this chapter, unless the context otherwise indicates, the following terms have the following respective meanings:
Florida Senate - 2025 CS for CS for SB 988 594-03700-25597-02253-25 2025988c22025988c1 s.
(34) “Trust”“Shareholder” hasmeans thea sameperson meaningwho asowns at least one share of a corporation and whose ownership is reflected in s.the records of the corporation.
(35) “Trust” has the same meaning as in s.
however,Page such4 transactionsof are40 subjectCODING: to s.
517.301:
(7) The offer or sale of securities, solely in connection with the transfer of ownership of an eligible privately held Page 4 of 40 CODING:
Florida Senate - 2025 CS for CS for SB 988 594-03700-25597-02253-25 2025988c22025988c1 company,however, throughsuch atransactions mergerare andsubject acquisitionto broker in accordance with s.
517.301:
(7) The offer or sale of securities, solely in connection with the transfer of ownership of an eligible privately held company, through a merger and acquisition broker in accordance with s.
301(c) of the Small Business Investment Act of 1958, as amended, or rural business investmentPage company5 asof defined40 inCODING: s.
384A of the Consolidated Farm and Rural Development Act.
(e) A plan established and maintained by a state, a Page 5 of 40 CODING:
Florida Senate - 2025 CS for CS for SB 988 594-03700-25597-02253-25 2025988c22025988c1 political subdivision thereof, or any agency or instrumentality of a state or a political subdivision, for the benefit of its employees, if such plan has total assets in excess of $5 million, an employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 if the investment decisioncompany is made by a plan fiduciary, as describeddefined in s.
384A of the Consolidated Farm and Rural Development Act.
(e) A plan established and maintained by a state, a political subdivision thereof, or any agency or instrumentality of a state or a political subdivision, for the benefit of its employees, if such plan has total assets in excess of $5 million, an employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 if the investment decision is made by a plan fiduciary, as described in s.
(i)Page A6 family office as defined in Securities and Exchange Commission Rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940,40 17CODING: C.F.R.
s.
275.202(a)(11)(G)-1, as amended, Page 6 of 40 CODING:
Florida Senate - 2025 CS for CS for SB 988 594-03700-25597-02253-25 2025988c22025988c1 provided(i) that:A family office as defined in Securities and Exchange Commission Rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940, 17 C.F.R.
s.
275.202(a)(11)(G)-1, as amended, provided that:
provided that, at the time ofPage the7 transaction,of the40 followingCODING: conditions in paragraphs (a), (b), and (c) and either paragraph (d) or paragraph (e) are met:
(a) The issuer of the security is actually engaged in Page 7 of 40 CODING:
Florida Senate - 2025 CS for CS for SB 988 594-03700-25597-02253-25 2025988c22025988c1 businessof andthe istransaction, not in the organizationalfollowing stageconditions or in bankruptcyparagraphs or(a), receivership(b), and is(c) notand aeither blankparagraph check,(d) blind pool, or shellparagraph company(e) whoseare primarymet: plan of business is to engage in a merger or combination of the business with, or an acquisition of, an unidentified person.
(a) The issuer of the security is actually engaged in business and is not in the organizational stage or in bankruptcy or receivership and is not a blank check, blind pool, or shell company whose primary plan of business is to engage in a merger or combination of the business with, or an acquisition of, an unidentified person.
and 4.Page 8 of 40 CODING:
An audited income statement for each of the issuer’s immediately preceding 2 fiscal years, or for the period of existence of the issuer, if in existence for less than 2 years Page 8 of 40 CODING:
Florida Senate - 2025 CS for CS for SB 988 594-03700-25597-02253-25 2025988c22025988c1 or,4. in the case of a reorganization or merger in which the parties to the reorganization or merger had such audited income statement, a pro forma income statement.
An audited income statement for each of the issuer’s immediately preceding 2 fiscal years, or for the period of existence of the issuer, if in existence for less than 2 years or, in the case of a reorganization or merger in which the parties to the reorganization or merger had such audited income statement, a pro forma income statement.
(20)(a) A nonissuer transaction in an outstanding security by or through a dealer registered or exempt from registration under this chapter, if, at the time of the transaction, all of Page 9 of 40 CODING:
Florida Senate - 2025 CS for CS for SB 988 594-03700-25597-02253-25 2025988c22025988c1 (20)(a) A nonissuer transaction in an outstanding security by or through a dealer registered or exempt from registration under this chapter, if, at the time of the transaction, all of the following conditions are met true:
8.
Listing in Securities and Exchange Commission Regulation S Rule 902, 17 C.F.R.
Show all 180 changed lines (140 more)
s.
230.902, as amended.
Florida Senate - 2025 CS for CS for SB 988 594-03700-25597-02253-25 2025988c22025988c1 For8. purposes of this subsection, Canada, together with its provinces and territories, is designated as a foreign jurisdiction, and Toronto Stock Exchange, Inc., is designated as a securities exchange.
Listing in Securities and Exchange Commission Regulation S Rule 902, 17 C.F.R.
s.
230.902, as amended.
For purposes of this subsection, Canada, together with its provinces and territories, is designated as a foreign jurisdiction, and Toronto Stock Exchange, Inc., is designated as a securities exchange.
517.0614 Integration of offerings.— (2) The integration analysis required by subsection (1) is not required if any of the following nonexclusive safe harbors Page 11 of 40 CODING:
Florida Senate - 2025 CS for CS for SB 988 594-03700-25597-02253-25 2025988c22025988c1 517.0614 Integration of offerings.— (2) The integration analysis required by subsection (1) is not required if any of the following nonexclusive safe harbors apply:
a director, an executive officer, or other officer of the issuer participating in the offering;
230.506(d), as amended, doesPage not12 applyof to40 anyCODING: other person or entity listed in such rule.
Section 6.
Subsection (2) of section 517.075, Florida Page 12 of 40 CODING:
Florida Senate - 2025 CS for CS for SB 988 594-03700-25597-02253-25 2025988c22025988c1 Statutes,does isnot amendedapply to read:any other person or entity listed in such rule.
Section 6.
Subsection (2) of section 517.075, Florida Statutes, is amended to read:
For purposes of this paragraph, an issuer includes an issuer’sPage director,13 officer, general partner, manager or managing member, trustee, or a person owning at least 10 percent of the40 ownershipCODING: interests of the issuer;
a promoter or selling agent Page 13 of 40 CODING:
Florida Senate - 2025 CS for CS for SB 988 594-03700-25597-02253-25 2025988c22025988c1 issuer’s director, officer, general partner, manager or managing member, trustee, or a person owning at least 10 percent of the securitiesownership tointerests beof offered;the issuer;
a promoter or selling agent of the securities to be offered;
Present subsections (7) through (22) of section 517.12, Florida Statutes, are redesignated as subsections (8) through (23), respectively, a new subsection (7) is added to that section, and subsection (6), present subsection (10), paragraph (b) of present subsection (14), and present Page 14 of 40 CODING:
Florida Senate - 2025 CS for CS for SB 988 594-03700-25597-02253-25 2025988c22025988c1 through (23), respectively, a new subsection (7) is added to that section, and subsection (6), present subsection (10), paragraph (b) of present subsection (14), and present subsections (19), (20), and (21) of that section are amended, to read:
The commission may waive, by rule, the requirement that applicants, including any direct owners, principals, or indirect owners that are required to be reported on Form BD or Form ADV pursuant to subsection (14), submit fingerprints or the requirement that Page 15 of 40 CODING:
Florida Senate - 2025 CS for CS for SB 988 594-03700-25597-02253-25 2025988c22025988c1 including any direct owners, principals, or indirect owners that are required to be reported on Form BD or Form ADV pursuant to subsection (14), submit fingerprints or the requirement that such fingerprints be processed by the Department of Law Enforcement or the Federal Bureau of Investigation.
The following natural persons shall submit a full setPage of16 fingerprints to the Department of Law40 EnforcementCODING: or to a vendor, an entity, or an agency authorized under s.
943.053(13) for live-scan processing in accordance with rules adopted by the Page 16 of 40 CODING:
Florida Senate - 2025 CS for CS for SB 988 594-03700-25597-02253-25 2025988c22025988c1 commission:set of fingerprints to the Department of Law Enforcement or to a vendor, entity, or agency authorized under s.
943.053(13) for live-scan processing in accordance with rules adopted by the commission:
With respect to each owner who owns at least 5 percent of a dealer or investment adviser applicant thatwhich is a corporation, partnership, trust, or limited liability company, each natural person who is a 25 percent or more owner or trustee of such entity, and each natural person who is a 25 percent or more owner or trustee at each level up the chain of ownership up to, but not including, an entity subject to s.
A shareholder who owns a percentage of a class of voting securities of a dealer or an investment adviser applicant, and includes any person who owns, beneficially owns, has the right to vote on, or has the power to sell or direct the sale of, the percentage of a class of a voting security of the dealer or investment adviser applicant specified in sub-subparagraph 1.c.
or sub-subparagraph 1.d.
For purposes of this sub-subparagraph, a person beneficiallyPage owns17 anyof securities:40 CODING:
(I) That are owned by the shareholder’s child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, Page 17 of 40 CODING:
Florida Senate - 2025 CS for CS for SB 988 594-03700-25597-02253-25 2025988c22025988c1 mother-in-law,beneficially father-in-law,owns son-in-law,any daughter-in-law,securities: brother-in-law, or sister-in-law, sharing the same residence;
(I) That are owned by the shareholder’s child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, sharing the same residence;
3.
For purposes of this subsection, the term “shareholder” means a person who owns at least one share of a corporation and whose ownership is reflected in the records of the corporation.
Florida Senate - 2025 CS for CS for SB 988 594-03700-25597-02253-25 2025988c22025988c1 be borne by the person subject to the criminal history record check.
Florida Senate - 2025 CS for CS for SB 988 594-03700-25597-02253-25 2025988c22025988c1 dealer, investment adviser, or associated person who has not renewed a registration by the time the current registration expires may request reinstatement of such registration by filing with the office, on or before January 31 of the year following the year of expiration, such information as may be required by the commission, together with payment of the fee required in paragraph (10)(a) (9)(a) for dealers, investment advisers, or associated persons and a late fee equal to the amount of such fee.
Florida Senate - 2025 CS for CS for SB 988 594-03700-25597-02253-25 2025988c22025988c1 A registrant seeking such fee waiver must submit proof, in a form prescribed by commission rule, that the registrant meets one of the qualifications in this paragraph.
Florida Senate - 2025 CS for CS for SB 988 594-03700-25597-02253-25 2025988c22025988c1 (a) The application must contain such information as the commission or office may require concerning:
Florida Senate - 2025 CS for CS for SB 988 594-03700-25597-02253-25 2025988c22025988c1 history background check, and a federal criminal history background check must be conducted through the Federal Bureau of Investigation.
Florida Senate - 2025 CS for CS for SB 988 594-03700-25597-02253-25 2025988c22025988c1 refusal of an application under s.
The following natural persons must submit a full set of fingerprints to the Department of Law Enforcement or to a vendor, an entity, or an agency authorized under s.
or sub-subparagraph 1.d.
For purposes of this Page 24 of 40 CODING:
Florida Senate - 2025 CS for CS for SB 988 594-03700-25597-02253-25 2025988c22025988c1 purposes of this sub-subparagraph, a person beneficially owns any securities:
A member of a limited liability company who has the right to receive upon dissolution, or has contributed, a percentage of the capital of an intermediary applicant, andand, all limited liability company managers of an intermediary applicant.
3.
For purposes of this subsection, the term “shareholder” means a person who owns at least one share of a corporation and whose ownership is reflected in the records of the corporation.
943.053(13) to submit fingerprints electronically to the Department of Law Enforcement shall submit the fingerprints to the department for state processing, and the department shall forward the fingerprints to the Federal Bureau of Investigation Pagefor 25national ofprocessing. 40 CODING:
(e) Fees for state and federal fingerprint processing must be borne by the person subject to the criminal history record check.
The state cost for fingerprint processing is as provided Page 25 of 40 CODING:
Florida Senate - 2025 CS for CS for SB 988 594-03700-25597-02253-25 2025988c22025988c1 forin nationals. processing.
(e) Fees for state and federal fingerprint processing must be borne by the person subject to the criminal history record check.
The state cost for fingerprint processing is as provided in s.
Each director, officer, manager or managing member, control person of the issuer, any person occupying a similar status or performing a similar function, and each person holding more than 20 percent of the ownership Pageinterests 26 of 40the CODING:intermediary is subject to this requirement.
(i)(e) If the office finds that the applicant has complied with the applicable registration provisions of this chapter and the rules adopted thereunder, it shall register the applicant.
Page 26 of 40 CODING:
Florida Senate - 2025 CS for CS for SB 988 594-03700-25597-02253-25 2025988c22025988c1 interestsThe registration of theeach intermediary isexpires subjecton toDecember this31 requirement.of the year the registration became effective unless the registrant renews his or her registration on or before that date.
(i)(e) If the office finds that the applicant has complied with the applicable registration provisions of this chapter and the rules adopted thereunder, it shall register the applicant.
The registration of each intermediary expires on December 31 of the year the registration became effective unless the registrant renews his or her registration on or before that date.
Actions under this subsection constitute activity under the insurance agent’s Pagelicense 27for purposes of 40ss. CODING:
Words stricken are deletions;
words underlined are additions.
Florida Senate - 2025 CS for CS for SB 988 594-03700-25 2025988c2 license for purposes of ss.
2.Page 27 of 40 CODING:
Words stricken are deletions;
words underlined are additions.
Florida Senate - 2025 CS for SB 988 597-02253-25 2025988c1 2.
“Eligible privately held company” means a privately Pageheld 28company that meets all of 40the CODING:following conditions:
a.
The company does not have any class of securities which is registered, or which is required to be registered, with the United States Securities and Exchange Commission under the Page 28 of 40 CODING:
Florida Senate - 2025 CS for CS for SB 988 594-03700-25597-02253-25 2025988c22025988c1 heldSecurities companyExchange thatAct meets all of the1934, following15 conditions:U.S.C.
a.
The company does not have any class of securities which is registered, or which is required to be registered, with the United States Securities and Exchange Commission under the Securities Exchange Act of 1934, 15 U.S.C.
“Merger and acquisition broker” means a any broker and any person associated with a broker engaged in the business of effecting securities transactions solely in connection with the transfer of ownership of an eligible privately held company, regardless of whether the that broker acts on behalf of a seller Page 29 of 40 CODING:
Florida Senate - 2025 CS for CS for SB 988 594-03700-25597-02253-25 2025988c22025988c1 any person associated with a broker engaged in the business of effecting securities transactions solely in connection with the transfer of ownership of an eligible privately held company, regardless of whether the that broker acts on behalf of a seller or buyer, through the purchase, sale, exchange, issuance, repurchase, or redemption of, or a business combination involving, securities or assets of the eligible privately held company.
After the transaction is completed, any person who acquires securities or assets of the eligible privately held Pagecompany, 30acting alone or in concert, will be a control person of 40the CODING:eligible privately held company or will be a control person for the business conducted with the assets of the eligible privately held company.;
and Page 30 of 40 CODING:
Florida Senate - 2025 CS for CS for SB 988 594-03700-25597-02253-25 2025988c22025988c1 company,2. acting alone or in concert, will be a control person of the eligible privately held company or will be a control person for the business conducted with the assets of the eligible privately held company.;
and 2.
a balance sheet dated not more than 120 days Pagebefore 31the date of 40the CODING:exchange offer;
and information pertaining to the management, business, results of operations for the period covered by the foregoing financial statements, and material loss contingencies of the issuer.
Page 31 of 40 CODING:
Florida Senate - 2025 CS for CS for SB 988 594-03700-25597-02253-25 2025988c22025988c1 before(c) theA datemerger ofand theacquisition exchangebroker offer;engaged in a transaction exempt under s.
and information pertaining to the management, business, results of operations for the period covered by the foregoing financial statements, and material loss contingencies of the issuer.
(c) A merger and acquisition broker engaged in a transaction exempt under s.
Pagea. 32 of 40 CODING:
Words stricken are deletions;
words underlined are additions.
Florida Senate - 2025 CS for CS for SB 988 594-03700-25 2025988c2 a.
6.Page 32 of 40 CODING:
Words stricken are deletions;
words underlined are additions.
Florida Senate - 2025 CS for SB 988 597-02253-25 2025988c1 6.
Page6. 33 of 40 CODING:
Words stricken are deletions;
words underlined are additions.
Florida Senate - 2025 CS for CS for SB 988 594-03700-25 2025988c2 6.
15(b)(4)(H) ofPage the33 Securities Exchange Act of 1934,40 15CODING: U.S.C.
Words stricken are deletions;
words underlined are additions.
Florida Senate - 2025 CS for SB 988 597-02253-25 2025988c1 of the Securities Exchange Act of 1934, 15 U.S.C.
517.12(9) and (10) for associated persons must be part of the regular registration Pagelicense 34fee ofand 40must CODING:be transferred to or deposited in the Securities Guaranty Fund.
(3) A person is eligible for payment from the Securities Guaranty Fund if the person:
Page 34 of 40 CODING:
Florida Senate - 2025 CS for CS for SB 988 594-03700-25597-02253-25 2025988c22025988c1 license(a)1. fee and must be transferred to or deposited in the Securities Guaranty Fund.
(3) A person is eligible for payment from the Securities Guaranty Fund if the person:
(a)1.
Page(5) 35An eligible person, or a receiver on behalf of 40the CODING:eligible person, seeking payment from the Securities Guaranty Fund must file with the office a written application on a form that the commission may prescribe by rule.
The commission may Page 35 of 40 CODING:
Florida Senate - 2025 CS for CS for SB 988 594-03700-25597-02253-25 2025988c22025988c1 (5)adopt Anby eligiblerule person,procedures orfor afiling receiverdocuments onby behalfelectronic ofmeans, theprovided eligiblethat person,such seekingprocedures paymentprovide from the Securitiesoffice Guaranty Fund must file with the officeinformation aand writtendata applicationrequired on a form that the commission may prescribe by rule.this section.
The commission may adopt by rule procedures for filing documents by electronic means, provided that such procedures provide the office with the information and data required by this section.
That the eligible person has made all reasonable searches and inquiries to ascertain whether the judgment debtor or person ordered to pay restitution possesses real or personal Pageproperty 36or other assets subject to being sold or applied in satisfaction of 40the CODING:final judgment or restitution order and, by the eligible person’s search, that the eligible person has not discovered any property or assets.
Page 36 of 40 CODING:
Florida Senate - 2025 CS for CS for SB 988 594-03700-25597-02253-25 2025988c22025988c1 property2. or other assets subject to being sold or applied in satisfaction of the final judgment or restitution order and, by the eligible person’s search, that the eligible person has not discovered any property or assets.
2.
Page517.061, 37s. of 40 CODING:
517.0611, or s.
517.0612, to misrepresent that such security or person business entity has been guaranteed, sponsored, recommended, or approved by the state or an agency or officer of the state or by the United States or an agency or Page 37 of 40 CODING:
Florida Senate - 2025 CS for CS for SB 988 594-03700-25597-02253-25 2025988c22025988c1 517.061,officer s.of the United States.
517.0611, or s.
517.0612, to misrepresent that such security or person business entity has been guaranteed, sponsored, recommended, or approved by the state or an agency or officer of the state or by the United States or an agency or officer of the United States.
Subsection (1) of section 517.211, Florida PageStatutes, 38is ofamended 40to CODING:read:
Words stricken are deletions;
words underlined are additions.
Florida Senate - 2025 CS for CS for SB 988 594-03700-25 2025988c2 Statutes, is amended to read:
517.12(1),Page (3),38 (4),of (9),40 (11),CODING: (13), (16), or (18) s.
Words stricken are deletions;
words underlined are additions.
Florida Senate - 2025 CS for SB 988 597-02253-25 2025988c1 517.12(1), (3), (4), (9), (11), (13), (16), or (18) s.
55.03, for the period from the date of payment by the purchaser to the date of Pagerepayment, 39less the amount of 40any CODING:income received by the purchaser on the security.
Words stricken are deletions;
words underlined are additions.
Florida Senate - 2025 CS for CS for SB 988 594-03700-25 2025988c2 repayment, less the amount of any income received by the purchaser on the security.
517.315Page Fees.—All39 fees of any40 natureCODING: collected by the office pursuant to this chapter shall be disbursed as follows:
Words stricken are deletions;
words underlined are additions.
Florida Senate - 2025 CS for SB 988 597-02253-25 2025988c1 517.315 Fees.—All fees of any nature collected by the office pursuant to this chapter shall be disbursed as follows:
Show all 180 changed rows (140 more)
View plain text versions (3)
- S 988 c1 View text pdf
- S 988 c2 View text Current pdf
- Introduced S 988 Filed pdf
AI-generated reading aid from the bill's amendatory text — verify against the official bill.
The bill revises various definitions and provisions related to securities transactions, including exemptions and registration processes under Florida law.
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Section 517.021
present subsections (6) through (9), (10), (11), (12), (13) through (17), (18), (19), (20) through (25), (26), and (27)→ new subsections (6), (11), (13), (16), (22), (23), (24), and (27) and subsection (34)Renumbers and adds new definitions related to securities.
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Section 517.061
the registration provisions of s. 517.07 do not apply to any of the following transactions; however, such transactions are subject to s. 517.301:→ the registration provisions of s. 517.07 do not apply to any of the following transactions:Clarifies that certain transactions are exempt from registration.
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Section 517.061
offer or sale of securities, solely in connection with the transfer of ownership of an eligible privately held company, through a merger and acquisition broker in accordance with s. 517.12(22)→ offer or sale of securities, solely in connection with the transfer of ownership of an eligible privately held company, through a merger and acquisition broker in accordance with s. 517.12(21)Updates the reference to alignment of subsections for merger and acquisition broker transactions.
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Section 517.061
7 through 11, 12, 18, 19, and 20→ 7, 9, and 11 to 15Alters the structure and references of exemptions.
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Section 517.061
The offer or sale of securities to a bank, trust company, savings institution, insurance company, dealer, investment company as defined in the Investment Company Act of 1940, 15 U.S.C. s. 80a-3, as amended...→ The offer or sale of securities to: A bank, trust company, savings institution, insurance company, dealer, investment company as defined in the Investment Company Act of 1940, 15 U.S.C. s. 80a-3, as amended, pension or profit-sharing trust, or qualified institutional buyer, whether any of such entities is acting in its individual or fiduciary capacity.Broadens the list of entities eligible for securities offers or sales exemption.
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Section 517.081
revising the requirements for securities registration applications;
Alters the requirements for registration applications.
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Section 517.12
providing fees for fingerprint processing;
Establishes fees for fingerprint processing in registration applications.
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Section 517.131
defining the term 'restitution order';
Adds a definition for restitution order.
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Section 517.301
specifying a prohibition against certain misrepresentations in a person issuing and selling securities;
Introduces new prohibitions against misrepresentation in securities transactions.
Action History
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Laid on Table, companion bill(s) passed, see CS/CS/HB 379 (Ch. 2025-28)
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Substituted CS/CS/HB 379
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Read 2nd time
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CS/CS by Fiscal Policy read 1st time
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Placed on Special Order Calendar, 04/24/25
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Placed on Calendar, on 2nd reading
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Pending reference review -under Rule 4.7(2) - (Committee Substitute)
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CS/CS by- Fiscal Policy; YEAS 16 NAYS 0
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On Committee agenda-- Fiscal Policy, 04/17/25, 9:00 am, 412 Knott Building
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Now in Fiscal Policy
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Favorable by Appropriations Committee on Agriculture, Environment, and General Government; YEAS 11 NAYS 0
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On Committee agenda-- Appropriations Committee on Agriculture, Environment, and General Government, 04/10/25, 11:00 am, 412 Knott Building
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CS by Banking and Insurance read 1st time
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Now in Appropriations Committee on Agriculture, Environment, and General Government
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Pending reference review under Rule 4.7(2) - (Committee Substitute)
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CS by Banking and Insurance; YEAS 10 NAYS 0
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On Committee agenda-- Banking and Insurance, 03/10/25, 1:30 pm, 412 Knott Building
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Introduced
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Referred to Banking and Insurance; Appropriations Committee on Agriculture, Environment, and General Government; Fiscal Policy
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Filed
Sponsors
- Keith L. Truenow · Primary
- Banking and Insurance · Primary
- Fiscal Policy · Primary
Sponsorship breakdown
Export CSV (upgrade) →3 sponsors · 0 co-sponsors · 161 not signed on
Sponsors (3)
- Truenow, Keith L. Republican
- Banking and Insurance
- Fiscal Policy
Co-sponsors (0)
None.
Not signed on (161)
161 members have not signed on to this bill.
Show all 161 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Votes
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Democrat | 4 | 0 | 0 | 1 |
| Republican | 11 | 0 | 0 | 2 |
| Unaffiliated | 1 | 0 | 0 | 0 |
| Total | 16 | 0 | 0 | 3 |
| % of votes cast | 84% | 0% | 0% | 16% |
How each member voted (19)
| Member | Party | Vote |
|---|---|---|
| Ingoglia | — | Yea |
| Arrington, Kristen Aston | Democrat | Yea |
| Bernard, Mack | Democrat | Yea |
| Davis, Tracie | Democrat | Yea |
| Jones, Shevrin D. "Shev" | Democrat | Not Voting |
| Osgood, Rosalind | Democrat | Yea |
| Boyd, Jim | Republican | Yea |
| Bradley, Jennifer | Republican | Yea |
| Burton, Colleen | Republican | Yea |
| Calatayud, Alexis | Republican | Not Voting |
| Gaetz, Don | Republican | Yea |
| Gruters, Joe | Republican | Yea |
| Leek, Thomas J. "Tom" | Republican | Yea |
| Passidomo, Kathleen | Republican | Yea |
| Rodriguez, Ana Maria | Republican | Yea |
| Simon, Corey | Republican | Yea |
| Truenow, Keith L. | Republican | Yea |
| Vacant | Republican | Yea |
| Yarborough, Clay | Republican | Not Voting |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Democrat | 3 | 0 | 0 | 0 |
| Republican | 6 | 0 | 0 | 1 |
| Unaffiliated | 1 | 0 | 0 | 0 |
| No Party Affiliation | 1 | 0 | 0 | 0 |
| Total | 11 | 0 | 0 | 1 |
| % of votes cast | 92% | 0% | 0% | 8% |
How each member voted (12)
| Member | Party | Vote |
|---|---|---|
| Collins | — | Yea |
| Arrington, Kristen Aston | Democrat | Yea |
| Berman, Lori | Democrat | Yea |
| Sharief, Barbara | Democrat | Yea |
| Pizzo, Jason W. B. | No Party Affiliation | Yea |
| Brodeur, Jason | Republican | Yea |
| Burton, Colleen | Republican | Yea |
| DiCeglie, Nick | Republican | Yea |
| Grall, Erin | Republican | Not Voting |
| McClain, Stan | Republican | Yea |
| Rodriguez, Ana Maria | Republican | Yea |
| Truenow, Keith L. | Republican | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Republican | 6 | 0 | 0 | 0 |
| Democrat | 2 | 0 | 0 | 0 |
| No Party Affiliation | 1 | 0 | 0 | 0 |
| Unaffiliated | 1 | 0 | 0 | 0 |
| Total | 10 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (10)
| Member | Party | Vote |
|---|---|---|
| Ingoglia | — | Yea |
| Osgood, Rosalind | Democrat | Yea |
| Sharief, Barbara | Democrat | Yea |
| Pizzo, Jason W. B. | No Party Affiliation | Yea |
| Boyd, Jim | Republican | Yea |
| Burton, Colleen | Republican | Yea |
| Hooper, Ed | Republican | Yea |
| Martin, Jonathan | Republican | Yea |
| Passidomo, Kathleen | Republican | Yea |
| Truenow, Keith L. | Republican | Yea |
Subjects
Frequently asked questions
- What does SB 988 do?
- Securities; Revising the circumstances under which securities transactions are exempt from registration requirements; revising the filing requirements for securities issuers under the Florida Invest Local Exemption law; revising the list of persons who must submit fingerprints for live-scan processing for registration applications; defining the term “restitution order”, etc.
- Who sponsors SB 988?
- SB 988 is sponsored by Truenow, Keith L. (Republican), Banking and Insurance, and Fiscal Policy.
- What is the current status of SB 988?
- This bill died with 2025 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
- Where can I track SB 988?
- Track SB 988 free on One Click Politics — get push/email alerts when it moves.
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Last checked for changes 2 months ago · updated continuously
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