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Bill

SB 1216

Cybersecurity of Mortgage Brokers and Lenders and Money Services Businesses

2025 Regular Session Introduced by Nick DiCeglie

Bill requires mortgage brokers, lenders, and money services businesses to implement specific cybersecurity protections and breach notifications to shield customer financial data from theft and fraud.

Died in Banking and Insurance
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WeVote Research Nonpartisan
Bill Summary · SB 1216

Legislative bill overview

SB 1216 would establish cybersecurity requirements and standards for mortgage brokers, lenders, and money services businesses operating in Florida. The bill aimed to mandate specific data protection protocols, breach notification procedures, and security frameworks to safeguard customer financial information and transactions in these sectors.

Why is this important

Mortgage brokers, lenders, and money services businesses handle highly sensitive personal and financial data that makes them attractive targets for cybercriminals. Establishing state-level cybersecurity standards could reduce identity theft, fraud, and financial losses for consumers while clarifying compliance obligations for businesses operating across multiple states with varying regulations.

Potential points of contention

  • Regulatory burden vs. compliance: Small mortgage brokers and money services businesses may face significant costs implementing new cybersecurity infrastructure, potentially creating competitive disadvantages compared to larger firms already maintaining robust systems
  • Federal preemption concerns: Existing federal cybersecurity frameworks (Gramm-Leach-Bliley Act, regulations from the Consumer Financial Protection Bureau) may overlap with state requirements, creating confusion about which standards apply
  • Technical specificity: Cybersecurity standards that are too prescriptive may quickly become outdated as threats evolve, while overly vague standards may prove unenforceable

Compiled from official sources — confirm details with the bill’s official record.

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