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SB 7008

OGSR/Financial Technology Sandbox

2025 Regular Session Introduced by Barbara Sharief

SB 7008 preserves confidential treatment of OFR records for Florida’s Financial Technology Sandbox, keeping proprietary info and testing plans exempt from public disclosure.

Laid on Table, companion bill(s) passed, see HB 7003 (Ch. 2025-20)
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Bill Summary · SB 7008

SB 7008 — OGSR / Financial Technology Sandbox (Summary)

Status: Laid on Table (companion HB 7003 passed — Ch. 2025-20)
Introduced: March 3 / March 10, 2025 (committee filings); filed Nov. 20, 2025 (later Senate action)
Sponsor(s): Banking and Insurance Committee; Sen. Sharief (as reported)
Effective date (if enacted): October 1, 2025

Purpose / Intent

SB 7008 continues (saves from repeal) a public-records exemption for certain proprietary information submitted to the Office of Financial Regulation (OFR) in connection with Florida’s Financial Technology Sandbox. The bill responds to the Open Government Sunset Review Act requirement to reenact exemptions the Legislature finds necessary to preserve confidential treatment of sensitive business information submitted by fintech innovators.

Key provisions

  • Retains (removes scheduled repeal of) the existing confidential-and-exempt status for specified information held by the OFR related to Financial Technology Sandbox participants. Specifically, the bill protects from public disclosure:
    • The applicant’s explanation why applicable statutes or rules would prevent an innovative financial product or service from being made available to consumers (i.e., reasons for seeking an exception or waiver).
    • Certain information submitted to the OFR for consideration of a Sandbox application (proprietary/business information).
    • Information submitted to evaluate whether an applicant’s plan to test, monitor, and assess the product or service is sufficient.
  • Leaves in place requirements governing when and how such confidential information may be released (i.e., remains “confidential and exempt” under Florida law rather than fully public).

Who is affected

  • Office of Financial Regulation — continues to hold certain Sandbox-related records as confidential and exempt; may incur redaction costs responding to public-records requests.
  • Fintech applicants / private companies participating in the Financial Technology Sandbox — proprietary business information and testing/monitoring plans will remain protected from public disclosure.
  • Public records requesters and open-government advocates — access to certain documents will remain restricted.
  • Consumers / general public — indirect effect in that protections may encourage fintech firms to share sensitive business information with OFR to participate in regulatory testing.

Fiscal and operational impacts

  • The bill is not expected to materially affect state or local government revenues or expenditures.
  • Agencies may incur modest costs for redacting records when responding to public-records requests.

Legislative and procedural notes

  • The bill was favorably reported out of the Banking & Insurance Committee (YEAS 10, NAYS 0), Governmental Oversight & Accountability (YEAS 7, NAYS 0), and Rules (YEAS 24, NAYS 0).
  • SB 7008 was substituted by, and laid on the table after passage of, companion HB 7003 (Chapter 2025-20), meaning the House companion became law and SB 7008 was not further advanced as the vehicle.
  • Under the Open Government Sunset Review Act, the affected exemption originally stood scheduled to repeal October 2, 2025 unless reenacted; this bill removes that scheduled repeal (i.e., preserves the exemption).

This summary focuses on the substantive change: continued confidential treatment of specified OFR records submitted under Florida’s Financial Technology Sandbox framework.

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

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