Bill Text: FL S1874 | 2020 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Fees/Office of Financial Regulation/Financial Technology Sandbox Applications

Spectrum: Bipartisan Bill

Status: (Failed) 2020-03-14 - Died in Appropriations [S1874 Detail]

Download: Florida-2020-S1874-Introduced.html

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       Florida Senate - 2020                                    SB 1874
       
       
        
       By Senator Hutson
       
       
       
       
       
       7-01643A-20                                           20201874__
    1                        A bill to be entitled                      
    2         An act relating to fees; amending s. 559.952, F.S.;
    3         requiring the Financial Technology Sandbox
    4         applications with the Office of Financial Regulation
    5         to be accompanied by a fee; requiring the office to
    6         deposit such fees into a trust fund; requiring
    7         applicants and specified individuals to bear the costs
    8         of fingerprint processing for the applications;
    9         providing a contingent effective date.
   10          
   11  Be It Enacted by the Legislature of the State of Florida:
   12  
   13         Section 1. Paragraphs (a) and (d) of subsection (5) of
   14  section 559.952, Florida Statutes, as created in SB ____, 2020
   15  Regular Session, are amended to read:
   16         559.952 Financial Technology Sandbox Act.—
   17         (5) FINANCIAL TECHNOLOGY SANDBOX APPLICATION; STANDARDS FOR
   18  APPROVAL; CONSUMER PROTECTION BOND.—
   19         (a) Before making an innovative financial product or
   20  service available to consumers in the Financial Technology
   21  Sandbox, a person must file an application with the
   22  commissioner. The commissioner shall, by rule, prescribe the
   23  form and manner of the application.
   24         1. In the application, the person must specify the general
   25  law or rule requirements for which a waiver is sought, and the
   26  reasons why these requirements prohibit the innovative financial
   27  product or service from being made available to consumers.
   28         2. The application must also contain the information
   29  specified in subparagraphs (e)1.-7. and must be accompanied by a
   30  fee that is equivalent to the statutory fee required in the
   31  applicable license provision being waived. The fee shall be
   32  deposited into the appropriate trust fund of the office.
   33         (d) The applicant must submit fingerprints for each
   34  individual filing an application under this section and each
   35  individual who is substantially involved in the development,
   36  operation, or management of the innovative financial product or
   37  service for live-scan processing in accordance with rules
   38  adopted by the office.
   39         1. The fingerprints may be submitted through a third-party
   40  vendor authorized by the Department of Law Enforcement to
   41  provide live-scan fingerprinting.
   42         2. The Department of Law Enforcement must conduct the state
   43  criminal history background check, and a federal criminal
   44  history background check must be conducted through the Federal
   45  Bureau of Investigation.
   46         3. All fingerprints submitted to the Department of Law
   47  Enforcement must be submitted electronically and entered into
   48  the statewide automated fingerprint identification system
   49  established in s. 943.05(2)(b) and available for use in
   50  accordance with s. 943.05(2)(g) and (h). The office shall pay an
   51  annual fee to the Department of Law Enforcement to participate
   52  in the system and shall inform the Department of Law Enforcement
   53  of any person whose fingerprints no longer must be retained.
   54         4. The costs of fingerprint processing, including the cost
   55  of retaining the fingerprints, shall be borne by the person
   56  subject to the background check.
   57         5.4. The office shall review the results of the state and
   58  federal criminal history background checks and determine whether
   59  the applicant meets the office’s requirements.
   60         6.5. For purposes of this paragraph, fingerprints are not
   61  required to be submitted if the applicant is a publicly traded
   62  corporation or is exempted under s. 560.104(1). The term
   63  “publicly traded” means a stock is currently traded on a
   64  national securities exchange registered with the Securities and
   65  Exchange Commission or traded on an exchange in a country other
   66  than the United States which is regulated by a regulator
   67  equivalent to the Securities and Exchange Commission and the
   68  disclosure and reporting requirements of such regulator are
   69  substantially similar to those of the Securities and Exchange
   70  Commission.
   71         Section 2. This act shall take effect on the same date that
   72  SB ____ or similar legislation takes effect, if such legislation
   73  is adopted in the same legislative session or an extension
   74  thereof and becomes a law.