SB 1440 — CS/CS/SB 1440: Public Records/Office of Financial Regulation

words underlined are additions.

Florida Senate - 2026 CS for CS for SB 1440 595-03186-26 20261440c2 (4) INFORMATION SECURITY;

119.15 and shall stand repealedPage on2 Octoberof 2,12 2031,CODING: unless reviewed and saved from repeal through reenactment by the Legislature.

Words stricken are deletions;

words underlined are additions.

Florida Senate - 2026 CS for SB 1440 597-02293-26 20261440c1 repealed on October 2, 2031, unless reviewed and saved from repeal through reenactment by the Legislature.

Disclosure of such information could also place affected individuals at heightened risk of identity theft and financial Pagefraud 4while ofrevealing 37trade CODING:secrets, proprietary data, and technical safeguards that could be exploited by malicious actors.

Words stricken are deletions;

words underlined are additions.

Florida Senate - 2026 CS for CS for SB 1440 595-03186-26 20261440c2 fraud while revealing trade secrets, proprietary data, and technical safeguards that could be exploited by malicious actors.

494.00123, Florida Statutes, or through an investigation by the office or a law enforcementPage agency3 of a12 cybersecurityCODING: event pursuant to s.

494.00123, Florida Statutes, be made confidential and exempt from s.

119.07(1), Florida Statutes, and s.

24(a), Article I of the State Constitution.

Section 3.

Paragraph (b) of subsection (1) of section 517.2015, Florida Statutes, is amended, and subsection (4) is added to that section, to read:

517.2015 Confidentiality of information relating to investigations and examinations.— (1) (b) Except as necessary for the office to enforce the provisions of this chapter, a consumer complaint, a report of financial exploitation, and other information relative to an investigation or examination shall remain confidential and exempt from s.

119.07(1) and s.

24(a), Art.

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

1.

Jeopardize the integrity of another active investigation Page 5 of 37 CODING:

Florida Senate - 2026 CS for CS for SB 1440 595-03186-26597-02293-26 20261440c220261440c1 orenforcement examination.agency of a cybersecurity event pursuant to s.

2.494.00123, Florida Statutes, be made confidential and exempt from s.

Reveal the name, address, telephone number, social security number, or any other identifying number or information of any complainant, customer, specified adult as defined in s.

517.34(1), or account holder.

3.

Disclose the identity of a confidential source.

4.

Disclose investigative techniques or procedures.

5.

Reveal a trade secret as defined in s.

688.002.

6.

Disclose financial information or personal health or medical conditions of a complainant, customer, or specified adult as defined in s.

517.34(1).

(4) Paragraph (1)(b) 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 4.

The Legislature finds that it is a public necessity that information in the possession of the Office of Financial Regulation arising from a report of financial exploitation under s.

517.34, Florida Statutes, concerning the financial exploitation of specified adults be made confidential and exempt from s.

TheSection exemptions3. from public records requirements provided under s.

517.2015Subsection (1)(b),(7) Floridaof Statutes,section are560.129, necessaryFlorida toStatutes, ensureis therenumbered office’sas abilitysubsection to(8), administerand itsa regulatorynew dutiessubsection while(7) preventingis unwarrantedadded damage to thethat goodsection, nameto orread: reputation of a specified adult or jeopardizing his or her safety.

Such560.129 disclosureConfidentiality.— could(7) alsoAll resultinformation inreceived by the spreadoffice ofpursuant inaccurateto information,s. which could harm the specified adult.

The Legislature finds that the release of Page 6 of 37 CODING:

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Florida Senate - 2026 CS for CS for SB 1440 595-03186-26 20261440c2 information in a report of financial exploitation under s.

517.34, Florida Statutes, which contains sensitive personal nonfinancial information related to the physical and mental health or condition of the exploited person could result in the disclosure of personal health and medical conditions, as well as the further targeting and exploitation of the specified adult.

Section 5.

Present subsection (7) of section 560.129, Florida Statutes, is redesignated as subsection (9), new subsections (7) and (8) are added to that section, and subsections (1), (2), and (4) of that section are reenacted, to read:

560.129 Confidentiality.— (1) Except as otherwise provided in this section, all information concerning an investigation or examination conducted by the office pursuant to this chapter, including any customer complaint received by the office or the Department of Financial Services, is confidential and exempt from s.

119.07(1) and s.

24(a), Art.

I of the State Constitution until the investigation or examination ceases to be active.

For purposes of this section, an investigation or examination is considered “active” so long as the office or any other administrative, regulatory, or law enforcement agency of any jurisdiction is proceeding with reasonable dispatch and has a reasonable good faith belief that action may be initiated by the office or other administrative, regulatory, or law enforcement agency.

(2) All information obtained by the office in the course of its investigation or examination which is a trade secret, as defined in s.

688.002, or which is personal financial information shall remain confidential and exempt from s.

Page 7 of 37 CODING:

Words stricken are deletions;

words underlined are additions.

Florida Senate - 2026 CS for CS for SB 1440 595-03186-26 20261440c2 119.07(1) and s.

24(a), Art.

I of the State Constitution.

If any administrative, civil, or criminal proceeding against a money services business, its authorized vendor, or an affiliated party is initiated and the office seeks to use matter that a licensee believes to be a trade secret or personal financial information, such records shall be subject to an in camera review by the administrative law judge, if the matter is before the Division of Administrative Hearings, or a judge of any court of this state, any other state, or the United States, as appropriate, for the purpose of determining if the matter is a trade secret or is personal financial information.

If it is determined that the matter is a trade secret, the matter shall remain confidential.

If it is determined that the matter is personal financial information, the matter shall remain confidential unless the administrative law judge or judge determines that, in the interests of justice, the matter should become public.

(4) Except as necessary for the office or any other administrative, regulatory, or law enforcement agency of any jurisdiction to enforce the provisions of this chapter or the law of any other state or the United States, a consumer complaint and other information concerning an investigation or examination shall remain confidential and exempt from s.

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 Page 8 of 37 CODING:

Words stricken are deletions;

words underlined are additions.

Florida Senate - 2026 CS for CS for SB 1440 595-03186-26 20261440c2 (d) Reveal investigative techniques or procedures.

(7) All information received by the office related to cybersecurity incidents, security breaches, or an information security program notification or required submission pursuant to s.

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

InformationThis receivedexemption as a result of an investigation by the office or a law enforcement agency shall remainbe confidentialconstrued andin exemptconformity untilwith suchs. time as the investigation is completed or ceases to be active.

Information that is exempt as a result of an investigation shall be construed in conformity with s.

(8)Section Subsections4. (1), (2), and (4) are subject to the Open Government Sunset Review Act in accordance with s.

119.15The andLegislature shallfinds standthat repealedit onis Octobera 2,public 2031,necessity unlessthat reviewedinformation related to cybersecurity incidents, data breaches, and savedinformation fromsecurity repealprograms throughsubmitted reenactmentto or obtained by the Legislature.Office of Financial Regulation be made confidential and exempt from public disclosure.

SectionPremature 6.or unrestricted release of such information could compromise ongoing investigations, expose system vulnerabilities, and hinder the office’s ability to protect consumers and regulate money services businesses effectively.

(1)Disclosure Thecould Legislaturealso findsplace allaffected individuals at heightened risk of theidentity following:theft and financial fraud while revealing trade secrets, proprietary Page 4 of 12 CODING:

(a) It is a public necessity that all information concerning an investigation or examination of a money 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 Page 9 of 37 CODING:

Florida Senate - 2026 CS for CS for SB 1440 595-03186-26597-02293-26 20261440c220261440c1 shoulddata, remainand confidentialtechnical andsafeguards exemptthat fromcould s.be exploited by malicious actors.

119.07(1), 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 by revealing techniques or procedures or otherwise reveal information that is being used in another investigation, 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.

(c) It is a public necessity that information related to cybersecurity incidents, data breaches, and information security programs submitted to or obtained by the Office of Financial Regulation be made confidential and exempt from public disclosure.

(2) Information specified in subsection (1) is held by the office in conjunction with its investigations and examinations of money services businesses, which includes documents relating to cybersecurity incidents, data breaches, and information security programs.

Premature or unrestricted release of such information could compromise ongoing investigations, expose system vulnerabilities, and hinder the office’s ability to protect consumers and regulate money services businesses Page 10 of 37 CODING:

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words underlined are additions.

Florida Senate - 2026 CS for CS for SB 1440 595-03186-26 20261440c2 effectively.

Disclosure could also place affected individuals at heightened risk of identity theft and financial fraud while revealing trade secrets, proprietary data, and technical safeguards that could be exploited by malicious actors.

Section 7.5.

Present subsection (7) of section 560.129, Florida Statutes, is redesignated as subsection (8), a new subsection (7) is added to that section, and subsections (1), (2), and (4) of that section are reenacted, to read:

560.129 Confidentiality.— (1) Except as otherwise provided in this section, all information concerning an investigation or examination conducted by the office pursuant to this chapter, including any customer complaint received by the office or the Department of Financial Services, is confidential and exempt from s.

119.07(1) and s.

24(a), Art.

I of the State Constitution until the investigation or examination ceases to be active.

For purposes of this section, an investigation or examination is considered “active” so long as the office or any other administrative, regulatory, or law enforcement agency of any jurisdiction is proceeding with reasonable dispatch and has a reasonable good faith belief that action may be initiated by the office or other administrative, regulatory, or law enforcement agency.

(2) All information obtained by the office in the course of its investigation or examination which is a trade secret, as defined in s.

688.002, or which is personal financial Page 11 of 37 CODING:

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words underlined are additions.

Florida Senate - 2026 CS for CS for SB 1440 595-03186-26 20261440c2 information shall remain confidential and exempt from s.

119.07(1) and s.

24(a), Art.

I of the State Constitution.

If any administrative, civil, or criminal proceeding against a money services business, its authorized vendor, or an affiliated party is initiated and the office seeks to use matter that a licensee believes to be a trade secret or personal financial information, such records shall be subject to an in camera review by the administrative law judge, if the matter is before the Division of Administrative Hearings, or a judge of any court of this state, any other state, or the United States, as appropriate, for the purpose of determining if the matter is a trade secret or is personal financial information.

If it is determined that the matter is a trade secret, the matter shall remain confidential.

If it is determined that the matter is personal financial information, the matter shall remain confidential unless the administrative law judge or judge determines that, in the interests of justice, the matter should become public.

(4) Except as necessary for the office or any other administrative, regulatory, or law enforcement agency of any jurisdiction to enforce the provisions of this chapter or the law of any other state or the United States, a consumer complaint and other information concerning an investigation or examination shall remain confidential and exempt from s.

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;

Page 12 of 37 CODING:

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words underlined are additions.

Florida Senate - 2026 CS for CS for SB 1440 595-03186-26 20261440c2 (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 shall stand repealed on October 2, 2031, unless reviewed and saved from repeal through reenactment by the Legislature.

Section 8.

Effective upon becoming a law, notwithstanding section 5 of this act, if section 3 of this act becomes law, the amendment to s.

560.129(7), Florida Statutes, in section 5 of this act may not take effect.

Section 9.

(1) The Legislature finds all of the following:

(a) It is a public necessity that all information concerning an investigation or examination of a money 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 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 by revealing techniques or procedures or otherwise reveal information that is being used in another investigation, 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 Page 13 of 37 CODING:

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Florida Senate - 2026 CS for CS for SB 1440 595-03186-26 20261440c2 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 virtual currency kiosk businesses, as defined in s.

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

Virtual currency kiosk businesses 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 requirements provides the same protections to virtual currency kiosk businesses 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 Page 14 of 37 CODING:

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Florida Senate - 2026 CS for CS for SB 1440 595-03186-26 20261440c2 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 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.

(3) This section shall take effect on the same date that SB 198 or similar legislation takes effect, if such legislation is adopted in the same legislative session or an extension thereof and becomes a law.

Section 10.

(1) The Legislature finds all of the following:

(a) It is a public necessity that all information concerning an investigation or examination of a money 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 Page 15 of 37 CODING:

Words stricken are deletions;

words underlined are additions.

Florida Senate - 2026 CS for CS for SB 1440 595-03186-26 20261440c2 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 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 requirements provides the same protections to qualified payment stablecoin issuers as are afforded to other money services businesses, thereby preventing any disadvantage to these Page 16 of 37 CODING:

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words underlined are additions.

Florida Senate - 2026 CS for CS for SB 1440 595-03186-26 20261440c2 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 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.

(3) This section shall take effect on the same date that SB 314 or similar legislation takes effect, if such legislation is adopted in the same legislative session or an extension thereof and becomes a law.

Page 17 of 37 CODING:

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words underlined are additions.

Florida Senate - 2026 CS for CS for SB 1440 595-03186-26 20261440c2 Section 11.

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

Information received by the office pursuant to an investigation by the office or a law enforcement agency under this section shall remain confidential and exempt until such time as the investigation is completed or ceases to be active.

For print, publication, or broadcast if the office determines that such release would assist in notifying the public or locating or identifying a person that the office believes to be a victim of a data breach or improper disposal of customerPage records,5 exceptof that12 informationCODING: made confidential and exempt by paragraph (c) may not be released pursuant to this subparagraph;

or Page 18 of 37 CODING:

Florida Senate - 2026 CS for CS for SB 1440 595-03186-26597-02293-26 20261440c220261440c1 3.customer records, except that information made confidential and exempt by paragraph (c) may not be released pursuant to this subparagraph;

or 3.

b.Page 6 of 12 CODING:

The term “proprietary information” includes:

(I) Trade secrets as defined in s.

688.002.

(II) Competitive interests, the disclosure of which would Page 19 of 37 CODING:

Florida Senate - 2026 CS for CS for SB 1440 595-03186-26597-02293-26 20261440c220261440c1 impairb. the competitive business of the financial institution that is the subject of the information.

(d)The As used in this subsection, the term “customerincludes: records” means any material, regardless of the physical form, on which personal information is recorded or preserved by any means, including, but not limited to, written or spoken words, graphically depicted, printed, or electromagnetically transmitted, which is provided by an individual in this state to a financial institution for the purpose of purchasing or leasing a product or obtaining a service.

(I) Trade secrets as defined in s.

688.002.

(II) Competitive interests, the disclosure of which would impair the competitive business of the financial institution that is the subject of the information.

(d) As used in this subsection, the term “customer records” means any material, regardless of the physical form, on which personal information is recorded or preserved by any means, including, but not limited to, written or spoken words, graphically depicted, printed, or electromagnetically transmitted which are provided by an individual in this state to a financial institution for the purpose of purchasing or leasing a product or obtaining a service.

Section 12.6.

The premature release of such information could frustrate or thwart the investigationPage and7 impair the ability of the12 officeCODING: to effectively and efficiently administer s.

655.0171, Florida Statutes.

In addition, release of such information before Page 20 of 37 CODING:

Florida Senate - 2026 CS for CS for SB 1440 595-03186-26597-02293-26 20261440c220261440c1 completioninvestigation and impair the ability of anthe activeoffice investigationto couldeffectively jeopardizeand theefficiently ongoingadminister investigation.s.

655.0171, Florida Statutes.

In addition, release of such information before completion of an active investigation could jeopardize the ongoing investigation.

The release of such report or information could compromise the security of current financial institutions and make those financial institutions susceptible to future data breaches.Page 8 of 12 CODING:

Release of such report or information could result in the identification of vulnerabilities and further breaches of that system.

Page 21 of 37 CODING:

Florida Senate - 2026 CS for CS for SB 1440 595-03186-26597-02293-26 20261440c220261440c1 (5)breaches. Notices received by the office and information received during an investigation of a data breach are likely to contain proprietary information, including trade secrets, about the security of the breached system.

Release of such report or information could result in the identification of vulnerabilities and further breaches of that system.

(5) Notices received by the office and information received during an investigation of a data breach are likely to contain proprietary information, including trade secrets, about the security of the breached system.

Release of such information could give business competitors an unfair advantage in the marketplace and weaken the position of the financial institution supplying the proprietary information.information in the marketplace.

Section 13.7.

2.Page 9 of 12 CODING:

A driver license number, a passport number, a military identification number, or any other number or code issued on a government document used to verify identity.

Page 22 of 37 CODING:

Florida Senate - 2026 CS for CS for SB 1440 595-03186-26597-02293-26 20261440c220261440c1 3.2.

A driver license number, a passport number, a military identification number, or any other number or code issued on a government document used to verify identity.

3.

119.15 and is repealed October 2, 2031 2029, unless reviewed and saved from repeal through reenactment by the Legislature.

Section 14.8.

(1)(a) The Legislature finds that it is a public necessity that information received by the Office of Financial Regulation pursuant to an application for authority to organizePage a10 newof state12 creditCODING: union under chapter 657, Florida Statutes, be made confidential and exempt from s.

119.07(1), Florida Statutes, and s.

24(a), Article I of the State Page 23 of 37 CODING:

Florida Senate - 2026 CS for CS for SB 1440 595-03186-26597-02293-26 20261440c220261440c1 Constitutionorganize toa thenew extentstate thatcredit disclosureunion wouldunder reveal:chapter 657, Florida Statutes, be made confidential and exempt from s.

119.07(1), Florida Statutes, and s.

24(a), Article I of the State Constitution to the extent that disclosure would reveal:

The exemptions from public records requirements provided under subsection (1) are necessary to ensure the office’s ability to administer its regulatoryPage duties11 while preventing unwarranted damage to the proposed state credit unions or certain proposed officers or proposed directors of new12 stateCODING: credit unions in this state.

The Page 24 of 37 CODING:

Florida Senate - 2026 CS for CS for SB 1440 595-03186-26597-02293-26 20261440c220261440c1 releaseregulatory ofduties informationwhile thatpreventing couldunwarranted leaddamage to the identificationproposed of an individual involved in the potential establishment of a new state credit unionunions mayor subjectcertain suchproposed individualofficers to retribution and jeopardize his or herproposed currentdirectors employmentof with,new orstate participationcredit unions in thethis affairsstate. of, another financial institution.

The release of information that could lead to the identification of an individual involved in the potential establishment of a new state credit union may subject such individual to retribution and jeopardize his or her current employment with, or participation in the affairs of, another financial institution.

Section 15.9.

EffectiveThis act shall take effect on the same date that SB 314540 or similar legislation takes effect, if such legislation is adopted in the same legislative session or an extension thereof and becomes a law,law. 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:

655.057Page Records;12 of 12 CODING:

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.

24(a), Art.

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 Page 25 of 37 CODING:

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words underlined are additions.

Florida Senate - 2026 CS for CS for SB 1440 595-03186-26 20261440c2 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:

(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.

I of the State Constitution.

However, such reports Page 26 of 37 CODING:

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words underlined are additions.

Florida Senate - 2026 CS for CS for SB 1440 595-03186-26 20261440c2 or papers or portions thereof may be released to:

(a) The financial institution under examination;

(b) Any holding company of which the financial institution is a subsidiary;

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

(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.

Page 27 of 37 CODING:

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words underlined are additions.

Florida Senate - 2026 CS for CS for SB 1440 595-03186-26 20261440c2 119.07(1) and s.

24(a), Art.

I of the State Constitution.

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.

(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 codes are confidential and exempt from s.

119.07(1) and s.

24(a), Art.

I of the State Constitution.

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Florida Senate - 2026 CS for CS for SB 1440 595-03186-26 20261440c2 (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.

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 Page 29 of 37 CODING:

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Florida Senate - 2026 CS for CS for SB 1440 595-03186-26 20261440c2 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 16.

(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 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.

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Florida Senate - 2026 CS for CS for SB 1440 595-03186-26 20261440c2 (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 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 Page 31 of 37 CODING:

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Florida Senate - 2026 CS for CS for SB 1440 595-03186-26 20261440c2 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 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 Page 32 of 37 CODING:

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Florida Senate - 2026 CS for CS for SB 1440 595-03186-26 20261440c2 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 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 Page 33 of 37 CODING:

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Florida Senate - 2026 CS for CS for SB 1440 595-03186-26 20261440c2 examinations or investigations, reveal the office’s investigative techniques or procedures, or expose personal financial information or a confidential source.

(7) This section shall take effect on the same date that SB 314 or similar legislation takes effect, if such legislation is adopted in the same legislative session or an extension thereof and becomes a law.

Section 17.

Effective on the same date that SB 314 or similar legislation takes effect, if such legislation is adopted in the same legislative session or an extension thereof and becomes a law, 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 Page 34 of 37 CODING:

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Florida Senate - 2026 CS for CS for SB 1440 595-03186-26 20261440c2 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.

(7) 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.

Section 18.

(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.

(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 Page 35 of 37 CODING:

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Florida Senate - 2026 CS for CS for SB 1440 595-03186-26 20261440c2 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 corrective action to be taken before any harm can be done.

(3) This section shall take effect on the same date that SB 314 or similar legislation takes effect, if such legislation is adopted in the same legislative session or an extension thereof and becomes a law.

Section 19.

Except as otherwise expressly provided in this Page 36 of 37 CODING:

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Florida Senate - 2026 CS for CS for SB 1440 595-03186-26 20261440c2 act and except for this section, which shall take effect upon becoming a law, this act shall take effect on the same date that SB 540 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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