Florida Senate - 2005 COMMITTEE AMENDMENT
Bill No. SB 698
Barcode 112530
CHAMBER ACTION
Senate House
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11 The Committee on Banking and Insurance (Posey) recommended the
12 following amendment:
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14 Senate Amendment
15 On page 3, line 5, through
16 page 4, line 27, delete those lines
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18 and insert:
19 Section 2. (1) The Legislature finds that it is a
20 public necessity that information held by the Office of
21 Financial Regulation of the Financial Services Commission
22 pursuant to an investigation or examination conducted under
23 chapter 516, Florida Statutes, be made confidential and exempt
24 from section 119.07(1), Florida Statutes, and Section 24(a),
25 Article I of the State Constitution until the investigation or
26 examination is completed or ceases to be active or, if the
27 office submits the information to any law enforcement agency,
28 administrative agency, or regulatory organization for further
29 investigation, until that agency's or organization's
30 investigation is completed or ceases to be active. The
31 Legislature further finds that it is a public necessity that
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Florida Senate - 2005 COMMITTEE AMENDMENT
Bill No. SB 698
Barcode 112530
1 information that, if released, would jeopardize the integrity
2 of another active investigation or examination; reveal the
3 name, address, telephone number, social security number, or
4 any other identifying information concerning any complainant,
5 customer, or account holder; disclose the identity of a
6 confidential source; disclose investigative techniques or
7 procedures; or reveal a trade secret as defined in section
8 688.002, Florida Statutes, remain exempt and confidential once
9 an investigation or examination is completed or ceases to be
10 active.
11 (2) An investigation or examination conducted by the
12 office may lead to the filing of an administrative, civil, or
13 criminal proceeding or to the denial or conditionally granting
14 of a license, registration, or permit. The release of
15 investigative or examination information before the
16 investigation or examination is completed or ceases to be
17 active could jeopardize the integrity of such active
18 investigation or examination or could jeopardize the integrity
19 of an active investigation or examination conducted by a law
20 enforcement agency, administrative agency, or regulatory
21 organization at the request of the office.
22 (3) Investigations and examinations conducted by the
23 office frequently involve the gathering of personal, sensitive
24 information concerning complainants, customers, account
25 holders, and confidential sources. The office may not
26 otherwise have this identifying information, including the
27 name, address, telephone number, and social security number of
28 such persons, in its possession but for the investigation or
29 examination. Because of the sensitive nature of the
30 information gathered, the disclosure of such information could
31 cause unwarranted damage to such persons by facilitating
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Florida Senate - 2005 COMMITTEE AMENDMENT
Bill No. SB 698
Barcode 112530
1 identity theft or by jeopardizing their safety.
2 (4) Revealing investigative techniques or procedures
3 may inhibit the effective and efficient administration of the
4 office in conducting investigations or examinations.
5 Revelation of such techniques or procedures could allow a
6 person to hide or conceal violations of law that would
7 otherwise have been discovered during an investigation or
8 examination. Thus the office's ability to perform an effective
9 and efficient investigation or examination could be hindered.
10 (5) It is sometimes necessary for the office to review
11 trade secrets as part of an ongoing investigation or
12 examination. Public disclosure of trade secrets may cause
13 injury to the affected entity in the marketplace. The release
14 of trade secrets could create an unfair competitive advantage
15 for persons receiving such information, which would adversely
16 affect the business under investigation or examination. The
17 public-records exemption for trade secrets will provide the
18 office with the necessary tools to perform its function while
19 maintaining adequate confidentiality of sensitive information.
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