Bill > S0540

Introduced Session

An act relating to the Office of Financial Regulation; amending s. 415.106, F.S.; requiring the Department of Children and Families to cooperate with and seek cooperation from the Office of Financial Regulation concerning certain protective investigations of suspected financial exploitation of specified adults; requiring the department to provide copies of certain suspected financial exploitation reports to the office within a certain timeframe; authorizing the department to provide copies of certain records at the request of the office within a specified timeframe; authorizing the office to use such reports or records as required or authorized in certain provisions; specifying that certain confidentiality provisions that apply to the department apply to the records of the office and its employees and agents; authorizing the department and the office to enter into a specified memorandum of agreement; amending s. 415.107, F.S.; revising the persons, officials, and agencies granted access to certain records relating to vulnerable adults; creating s. 494.00123, F.S.; defining terms; requiring loan originators, mortgage brokers, and mortgage lenders to develop, implement, and maintain comprehensive written information security programs for the protection of information systems and nonpublic personal information; providing requirements for such programs; requiring loan originators, mortgage brokers, and mortgage lenders to establish written incident response plans for specified purposes; providing requirements for such plans; providing applicability; providing compliance requirements under specified circumstances; requiring loan originators, mortgage brokers, and mortgage lenders to maintain copies of information security programs for a specified timeframe and to make them available to the office under certain circumstances; specifying requirements for notices of security breaches; providing construction; requiring the Financial Services Commission to adopt rules; amending s. 494.00255, F.S.; providing additional acts that constitute a ground for specified disciplinary actions against loan originators and mortgage brokers; amending s. 517.021, F.S.; revising the definition of the term “investment adviser”; defining terms; amending s. 517.061, F.S.; defining terms; amending s. 517.201, F.S.; authorizing the office to make investigations and examinations to aid the Department of Children and Families with certain protective investigations; authorizing the office to consider or use certain information as part of certain investigations and examinations; amending s. 517.34, F.S.; revising the information required to be contained in the form by which a dealer or investment advisor notifies the office of certain delayed disbursements or transactions of funds or securities; providing construction; creating s. 520.135, F.S.; specifying that the rights and obligations of parties with respect to a surrendered or repossessed motor vehicle are exclusively governed by certain provisions; amending s. 560.114, F.S.; specifying the entities that are subject to certain disciplinary actions and penalties; revising the list of actions by money services businesses which constitute grounds for certain disciplinary actions and penalties; specifying requirements for emergency suspension orders that suspend money services business licenses; providing that an emergency suspension order is effective when the licensee against whom the order is directed has actual or constructive knowledge of the order; requiring the office to institute timely proceedings after issuance of an emergency suspension order; authorizing a licensee subject to an emergency suspension order to seek judicial review; requiring, rather than authorizing, the office to suspend licenses of money services businesses under certain circumstances; creating s. 560.1311, F.S.; defining terms; requiring money services businesses to develop, implement, and maintain comprehensive written information security programs for the protection of information systems and nonpublic personal information; specifying requirements for such programs; requiring money services businesses to establish written incident response plans for specified purposes; specifying requirements for such plans; providing applicability; specifying compliance requirements under specified circumstances; requiring money services businesses to maintain copies of information security programs for a specified timeframe and to make them available to the office under certain circumstances; specifying requirements for notices of security breaches; providing construction; requiring the commission to adopt rules; amending s. 560.309, F.S.; providing that licensees must comply with the Fair Debt Collections Practices Act only if the licensees meet certain criteria; amending s. 560.405, F.S.; requiring that redemptions transacted using a debit card be treated the same as redemptions transacted using cash; prohibiting redemption through a credit card transaction; amending s. 560.406, F.S.; providing that licensees must comply with the Fair Debt Collections Practices Act only if the licensees meet certain criteria; creating s. 655.0171, F.S.; defining terms; requiring financial institutions to take measures to protect and secure certain data that contain personal information; providing requirements for notices of security breaches to the office, the Department of Legal Affairs, certain individuals, and certain credit reporting agencies; amending s. 655.032, F.S.; authorizing the office to consider or use certain information as part of certain investigations or other actions; amending s. 655.045, F.S.; authorizing the office to consider or use certain information as part of certain investigations or other actions; revising the timeline for the mailing of payment for salary and travel expenses of certain field staff; amending s. 657.005, F.S.; revising requirements for permission to organize credit unions; amending s. 657.024, F.S.; authorizing meetings of credit union members to be held virtually without an in-person quorum and authorizing virtual attendance to satisfy quorum requirements under certain circumstances; amending s. 657.042, F.S.; removing provisions that impose limitations on investments in real estate and equipment for credit unions; amending s. 658.21, F.S.; revising requirements and factors for approving applications for organizing banks and trust companies; amending s. 658.33, F.S.; revising requirements for directors of certain banks and trust companies; amending s. 662.141, F.S.; revising the timeline for the mailing of payment for the salary and travel expenses of certain field staff; amending s. 517.12, F.S.; conforming a cross-reference; providing an effective date.

AI Summary

Committee Categories

Jonathan Martin (R)*, 

Other Sponsors (3)

In Messages (on 02/25/2026)

Official Document