This bill amends various sections of Florida Statutes to improve collaboration between the Department of Children and Families and the Office of Financial Regulation in addressing suspected financial exploitation of vulnerable adults. It mandates that the Department provide copies of relevant reports to the Office within 15 days, allowing the Office to utilize these reports for its investigations. The bill also extends confidentiality provisions to the Office and its employees and allows for a memorandum of agreement to facilitate cooperation between the two agencies. Additionally, it introduces new requirements for loan originators, mortgage brokers, and lenders to establish comprehensive information security programs, including incident response plans and compliance measures to protect customer information.

Furthermore, the bill revises definitions related to investment advisers and outlines their obligations, including conditions for delaying transactions involving adults suspected of financial exploitation. It establishes new reporting requirements for employees who suspect financial exploitation, detailing the information that must be included in such reports. The bill also enhances data security measures for financial institutions, requiring them to notify relevant parties of security breaches affecting 500 or more individuals within specified timeframes. Other provisions include penalties for non-compliance with notification requirements and adjustments to the qualifications for directors of financial institutions. The bill is set to take effect on July 1, 2026.

Statutes affected:
S 540 Filed: 559.952, 655.045, 657.005, 657.024, 658.33, 662.141, 517.12
S 540 c1: 517.061, 655.045, 657.005, 657.024, 658.33, 662.141, 517.12
S 540 c2: 517.061, 517.201, 560.309, 560.405, 560.406, 657.005, 657.024, 658.33, 662.141, 517.12
S 540 c3: 517.061, 517.201, 560.309, 560.405, 560.406, 657.005, 657.024, 658.33, 662.141, 517.12