Bill Text: FL S1320 | 2014 | Regular Session | Enrolled

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Bill Title: Public Records/Office of Financial Regulation

Spectrum: Slight Partisan Bill (? 2-1)

Status: (Passed) 2014-06-13 - Chapter No. 2014-102, companion bill(s) passed, see CS/SB 1238 (Ch. 2014-97) [S1320 Detail]

Download: Florida-2014-S1320-Enrolled.html

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       ENROLLED
       2014 Legislature                           CS for CS for SB 1320
       
       
       
       
       
       
                                                             20141320er
    1  
    2         An act relating to public records; creating s.
    3         662.148, F.S.; providing definitions; providing an
    4         exemption from public records requirements for certain
    5         information held by the Office of Financial Regulation
    6         relating to a family trust company, licensed family
    7         trust company, or foreign licensed family trust
    8         company; providing for the authorized release of
    9         certain information by the office; authorizing the
   10         publication of certain information; providing a
   11         penalty; providing for future legislative review and
   12         repeal of the exemption; providing a statement of
   13         public necessity; providing a contingent effective
   14         date.
   15          
   16  Be It Enacted by the Legislature of the State of Florida:
   17  
   18         Section 1. Section 662.148, Florida Statutes, is created
   19  and incorporated into chapter 662, Florida Statutes, as created
   20  by SB 1238, 2014 Regular Session, to read:
   21         662.148 Public records exemption.—
   22         (1) DEFINITIONS.—As used in this section, the term:
   23         (a) “Reports of examinations, operations, or conditions”
   24  means records submitted to or prepared by the office as part of
   25  the office’s duties performed pursuant to s. 655.012 or s.
   26  655.045(1).
   27         (b) “Working papers” means the records of the procedure
   28  followed, the tests performed, the information obtained, and the
   29  conclusions reached in an examination under s. 655.032 or s.
   30  655.045. The term also includes books and records.
   31         (2) PUBLIC RECORDS EXEMPTION.—The following information
   32  held by the office is confidential and exempt from s. 119.07(1)
   33  and s. 24(a), Art. I of the State Constitution:
   34         (a) Any personal identifying information appearing in
   35  records relating to a registration, an application, or an annual
   36  certification of a family trust company, licensed family trust
   37  company, or foreign licensed family trust company.
   38         (b) Any personal identifying information appearing in
   39  records relating to an examination of a family trust company,
   40  licensed family trust company, or foreign licensed family trust
   41  company.
   42         (c) Any personal identifying information appearing in
   43  reports of examinations, operations, or conditions of a family
   44  trust company, licensed family trust company, or foreign
   45  licensed family trust company, including working papers.
   46         (d) Any portion of a list of names of the shareholders or
   47  members of a family trust company, licensed family trust
   48  company, or foreign licensed family trust company.
   49         (e) Information received by the office from a person from
   50  another state or nation or the Federal Government which is
   51  otherwise confidential or exempt pursuant to the laws of that
   52  state or nation or pursuant to federal law.
   53         (f) An emergency cease and desist order issued under s.
   54  662.143 until the emergency order is made permanent unless the
   55  office finds that such confidentiality will result in
   56  substantial risk of financial loss to the public.
   57         (3) AUTHORIZED RELEASE OF CONFIDENTIAL AND EXEMPT
   58  INFORMATION.—Information made confidential and exempt under
   59  subsection (2) may be disclosed by the office:
   60         (a) To the authorized representative or representatives of
   61  the family trust company, licensed family trust company, or
   62  foreign licensed family trust company under examination. The
   63  authorized representative or representatives shall be identified
   64  in a resolution or by written consent of the board of directors
   65  if the trust company is a corporation, or of the managers if the
   66  trust company is a limited liability company.
   67         (b) To a fidelity insurance company, upon written consent
   68  of the trust company’s board of directors if a corporation, or
   69  its managers if a limited liability company.
   70         (c) To an independent auditor, upon written consent of the
   71  trust company’s board of directors if a corporation, or its
   72  managers if a limited liability company.
   73         (d) To a liquidator, receiver, or conservator for a family
   74  trust company, licensed family trust company, or foreign
   75  licensed family trust company if a liquidator, receiver, or
   76  conservator is appointed. However, any portion of the
   77  information which discloses the identity of a bondholder,
   78  customer, family member, member, or stockholder must be redacted
   79  by the office before releasing such portion to the liquidator,
   80  receiver, or conservator.
   81         (e) To any other state, federal, or foreign agency
   82  responsible for the regulation or supervision of family trust
   83  companies, licensed family trust companies, or foreign licensed
   84  family trust companies.
   85         (f) To a law enforcement agency in the furtherance of the
   86  agency’s official duties and responsibilities.
   87         (g) To the appropriate law enforcement or prosecutorial
   88  agency for the purpose of reporting any suspected criminal
   89  activity.
   90         (h) Pursuant to a legislative subpoena. A legislative body
   91  or committee that receives records or information pursuant to
   92  such a subpoena must maintain the confidential status of such
   93  records or information, except in a case involving the
   94  investigation of charges against a public official subject to
   95  impeachment or removal, in which case records or information
   96  shall only be disclosed to the extent necessary as determined by
   97  such legislative body or committee.
   98         (4) PUBLICATION OF INFORMATION.—This section does not
   99  prevent or restrict the publication of:
  100         (a) A report required by federal law.
  101         (b) The name of the family trust company, licensed family
  102  trust company, or foreign licensed family trust company and the
  103  name and address of the registered agent of that company.
  104         (5) PENALTY.—A person who willfully discloses information
  105  made confidential and exempt by this section commits a felony of
  106  the third degree, punishable as provided in s. 775.082, s.
  107  775.083, or s. 775.084.
  108         (6) OPEN GOVERNMENT SUNSET REVIEW.—This section is subject
  109  to the Open Government Sunset Review Act in accordance with s.
  110  119.15 and is repealed on October 2, 2019, unless reviewed and
  111  saved from repeal through reenactment by the Legislature.
  112         Section 2. The Legislature finds that it is a public
  113  necessity that personal identifying information contained in
  114  records held by the Office of Financial Regulation which pertain
  115  to a family trust company, licensed family trust company, or
  116  foreign licensed family trust company relating to registration
  117  or certification; an examination; reports of examinations,
  118  operations, or conditions, including working papers; any portion
  119  of a list of the names of shareholders or members; information
  120  received by the Office of Financial Regulation from a person
  121  from another state or nation or the Federal Government which is
  122  otherwise confidential or exempt pursuant to the laws of that
  123  jurisdiction; or an emergency cease and desist order be made
  124  confidential and exempt from s. 119.07(1), Florida Statutes, and
  125  s. 24(a), Article I of the State Constitution. This exemption is
  126  necessary because:
  127         (1) Financial information and lists of names of family
  128  members, qualified participants, and shareholders, if available
  129  for public access could jeopardize the financial safety of the
  130  family members who are the subject of the information. Families
  131  with a high net worth are frequently the targets of criminal
  132  predators seeking access to their assets. It is important that
  133  the exposure of such families and family members to threats of
  134  extortion, kidnapping, and other crimes not be increased.
  135  Placing family names, private family business records and
  136  methodologies into the public domain would increase the security
  137  risk that a family could become the target of criminal activity.
  138         (2) Public disclosure of an examination, report of
  139  examination, or emergency cease and desist order could expose
  140  families to security risks, and could defame or cause
  141  unwarranted damage to the good name or reputation of the family
  142  that is the subject of the information.
  143         (3) Family trust companies often provide a consolidated
  144  structure for the ownership of an operating business owned by
  145  multiple family members. Placing those private business
  146  operations and methods in the public domain could jeopardize
  147  their business assets, methodologies, and practices.
  148         Section 3. This act shall take effect on the same date that
  149  SB 1238 or similar legislation takes effect, if such legislation
  150  is adopted in the same legislative session or an extension
  151  thereof and becomes law.