This week, Florida House Bill 1391 passed unanimously on the floor of the Florida House of Representatives and the Florida Senate.
OFR Commissioner Russell C. Weigel, III, said, “Promoting innovation in the area of financial technology is one of many exciting initiatives taking place at OFR. I thank Governor Ron DeSantis and CFO Jimmy Patronis for supporting FinTech innovators, embracing new ideas, and ensuring Florida will remain a top destination for companies seeking opportunities to grow. I also thank our sponsors, Senator Travis Hutson and Representative James Grant, for their unwavering support.”
The bill creates the Financial Technology Sandbox, within the Office of Financial Regulation, enabling financial technology innovators to test new products and services within the consumer finance, payment instruments sellers, and money transmitter programs.
The Florida Office of Financial Regulation provides regulatory oversight for Florida’s financial services providers. Our mission is to protect Floridians, promote a safe and sound financial marketplace, and contribute to the growth of Florida’s economy with smart, efficient and effective regulation of the financial services industry.