F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
HB 699 2024
1 A bill to be entitled
2 An act relating to public records; amending s. 17.45,
3 F.S.; providing a public records exemption for records
4 of accounts in bullion depositories and of
5 transactions, deposits, and withdrawals associated
6 with such accounts; providing for future legislative
7 review and repeal of the exemption; providing
8 statement of public necessity; providing a contingent
9 effective date.
10
11 Be It Enacted by the Legislature of the State of Florida:
12
13 Section 1. Paragraph (b) of subsection (3) of section
14 17.45, Florida Statutes, as created by HB 697, 2024, is amended
15 to read:
16 17.45 Gold and silver as legal tender; state bullion
17 depositories; gold and silver electronic currency.—
18 (3) BULLION DEPOSITORY.—
19 (b) Depository accounts; state use of depositories.—
20 1. A person, including, but not limited to, an individual,
21 a corporation, a partnership, a company, an association, a
22 trust, an estate, and a governmental entity, may establish a
23 depository account by entering into a depository agreement with
24 a depository.
25 2. A depository account holder may purchase, sell,
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26 deposit, or withdraw bullion through the holder's account in
27 accordance with this section and any rule adopted thereunder. A
28 depository must have processes and systems to facilitate timely
29 bullion purchases, sales, deposits, and withdrawals, which may
30 include, but are not limited to:
31 a. Physical deposits and withdrawals to and from the
32 depository's physical location, or a partner organization such
33 as a major mint or refiner capable of providing bullion that
34 meets standards established by the department; and
35 b. Electronic systems that meet current industry standards
36 for the purchase and sale of bullion for depository account
37 holders that cannot or choose not to travel to the physical
38 location.
39 3. State agencies, counties, municipalities, and other
40 governmental entities may use a depository for storing bullion.
41 The State Treasury may deposit a portion of its funds into a
42 depository in the form of bullion, and such bullion is
43 considered part of the state's official financial reserves. The
44 department shall develop guidelines for the state's use of
45 depositories.
46 4.a. The administrator shall maintain a record of all
47 depository accounts and all transactions, deposits, and
48 withdrawals associated with each account. Such records shall be
49 provided to the department within 5 business days after the
50 department's request. All records shall be kept and maintained,
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51 at a minimum, on an approved state computer system for a period
52 of at least 7 years and 1 day.
53 b. The administrator and the department shall ensure that
54 all the records described in sub-subparagraph a. remain
55 confidential and exempt from s. 119.07(1) and s. 24(a ), Art. I
56 of the State Constitution. This sub-subparagraph is subject to
57 the Open Government Sunset Review Act in accordance with s.
58 119.15 and shall stand repealed on October 2, 2029, unless
59 reviewed and saved from repeal through reenactment by the
60 Legislature.
61 Section 2. (1) The Legislature finds that it is a public
62 necessity that records of all accounts in the state bullion
63 depositories established in s. 17.45, Florida Statutes, and of
64 all transactions, deposits, and withdrawals associated with such
65 accounts be made confidential and exempt from s. 119.07(1),
66 Florida Statutes, and s. 24(a), Article I of the State
67 Constitution. The confidentiality and exemption from public
68 records requirements of such records serve as crucial safeguards
69 against the increasing threats of identity theft, financial
70 fraud, and other related crimes. Such confidentiality and
71 exemption could prevent unauthorized access to personal
72 financial data, thereby safeguarding account holders against
73 undue scrutiny, preserving their financial autonomy, and
74 reducing their vulnerability to malicious activities.
75 (2) Public confidence in the state's financial
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76 institutions is essential for their effective functioning. The
77 assurance of confidentiality and exemption from public access of
78 financial and personal records of customers of the state's
79 financial institutions is key to preserving this trust, ensuring
80 that Floridians feel secure in their financial interactions with
81 the state. The confidentiality and exemption also ensure strict
82 adherence to existing data protection legislation and reflect
83 the state's commitment to enforce statutory requirements
84 regarding the handling and security of personal information.
85 Furthermore, such confidentiality and exemption could prevent
86 the potential misuse of sensitive information which might
87 otherwise lead to market manipulation or other forms of economic
88 disruption. Therefore, the Legislature finds that keeping the
89 records of all accounts in the state bullion depositories and of
90 all transactions, deposits, and withdrawals associated with such
91 accounts confidential and exempt from s. 119.07(1), Florida
92 Statutes, and s. 24(a), Article I of the State Constitution is
93 not only a reflection of the state's dedication to protecting
94 its residents but also a necessary measure for ensuring the
95 security and integrity of the financial system.
96 Section 3. This act shall take effect on the same date
97 that HB 697 or similar legislation takes effect, if such
98 legislation is adopted in the same legislative session or an
99 extension thereof and becomes a law.
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