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Committee advances securities bill tightening disclosure, fingerprint requirements
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Summary
SB 988, which revises exemptions and filing obligations under Florida's local-investment securities laws and clarifies fingerprint/live-scan procedures for registration, passed the Banking and Insurance Committee as amended; sponsors said the measure strengthens background checks and investor protections.
Senate Bill 988, which updates the conditions under which certain securities transactions are exempt from registration and clarifies filing obligations for issuers, passed the Senate Banking and Insurance Committee with a committee substitute.
Sponsor Senator Truenau told the committee the bill modernizes the Invest Local exemption process, streamlines filing requirements and narrows overly broad definitions. A strike-all committee substitute and a subsequent amendment (barcode 573800, later confirmed as the amendment adopted) added provisions revising who must submit fingerprints for live-scan processing as part of registration and clarified terms affecting investor protections. The sponsor said the changes would strengthen background checks and investor protection and allow the Office of Financial Regulation (OFR) to continue processing fingerprints and FBI matching.
Representatives of the Florida Security Dealers Association, the Office of Financial Regulation and the Florida Bankers Association were recorded as waiving in support. Committee members asked technical questions about an amendment provision that extends certain timing windows (a senator asked about changing a 10-day period to 30 days in a disbursement context); the sponsor said he would follow up with details.
After debate closed, the committee adopted the amendment by voice vote and reported SB 988 favorably with committee substitute. On the roll call, Senators Boyd, Burton, Hooper, Martin, Osgood, Passadomo, Trunell, Vice Chair Sharif and Sharon Golia recorded affirmative votes and the committee reported the bill favorably with committee substitute.
The bill will take effect upon becoming law and being signed by the governor, the sponsor said in committee. The committee record indicates the bill is intended to streamline compliance and improve OFR’s ability to perform background checks for dealer and adviser registrations.
