Florida Senate - 2014 COMMITTEE AMENDMENT
Bill No. SB 1320
Ì564280"Î564280
LEGISLATIVE ACTION
Senate . House
Comm: RCS .
03/25/2014 .
.
.
.
—————————————————————————————————————————————————————————————————
—————————————————————————————————————————————————————————————————
following:
1 Senate Amendment (with title amendment)
2
3 Delete everything after the enacting clause
4 and insert:
5 Section 1. Section 662.148, Florida Statutes, is created
6 and assigned to part IV of chapter 662, Florida Statutes, as
7 created by HB 1267, 2014 Regular Session, to read:
8 662.148 Public records exemption; records relating to
9 family trust companies, licensed family trust companies, and
10 foreign licensed family trust companies.—
11 (1) PUBLIC RECORDS EXEMPTION.—The following information
12 held by the office is confidential and exempt from s. 119.07(1)
13 and s. 24(a), Art. I of the State Constitution:
14 (a) Records relating to a registration, an application, or
15 an annual certification of a family trust company, licensed
16 family trust company, or foreign licensed family trust company.
17 (b) Records relating to an examination of a family trust
18 company, licensed family trust company, or foreign licensed
19 family trust company.
20 (c) Reports of examinations, operations, or conditions of a
21 family trust company, licensed family trust company, or foreign
22 licensed family trust company, including working papers.
23 (d) Any portion of a list of names of the shareholders or
24 members of a family trust company, licensed family trust
25 company, or foreign licensed family trust company.
26 (e) Information received by the office from a person from
27 another state or nation or the Federal Government which is
28 otherwise confidential or exempt pursuant to the laws of that
29 state or nation or pursuant to federal law.
30 (f) An emergency cease and desist order under s. 662.143
31 until the emergency order is made permanent unless the office
32 finds that such confidentiality will result in substantial risk
33 of financial loss to the public.
34 (2) DEFINITIONS.—As used in this section, the term:
35 (a) “Reports of examinations, operations, or conditions”
36 means records submitted to or prepared by the office as part of
37 the office’s duties performed pursuant to s. 655.012 or s.
38 655.045(1).
39 (b) “Working papers” means the records of the procedure
40 followed, the tests performed, the information obtained, and the
41 conclusions reached in an examination under s. 655.032 or s.
42 655.045. The term also includes books and records.
43 (3) AUTHORIZED RELEASE OF CONFIDENTIAL AND EXEMPT
44 INFORMATION.—Information made confidential and exempt under
45 subsection (1) may be disclosed by the office to:
46 (a) The authorized representative or representatives of the
47 family trust company, licensed family trust company, or foreign
48 licensed family trust company under examination. The authorized
49 representative or representatives shall be identified in a
50 resolution or by written consent of the board of directors, if
51 the trust company is a corporation, or of the managers, if the
52 trust company is a limited liability company.
53 (b) A fidelity insurance company, upon written consent of
54 the trust company’s board of directors, if a corporation, or its
55 managers, if a limited liability company.
56 (c) An independent auditor, upon written consent of the
57 trust company’s board of directors, if a corporation, or its
58 managers, if a limited liability company.
59 (d) A liquidator, receiver, or conservator for a family
60 trust company, licensed family trust company, or foreign
61 licensed family trust company in the event of the appointment of
62 the liquidator, receiver, or conservator. However, any portion
63 of the information which discloses the identity of a bondholder,
64 customer, family member, member, or stockholder must be redacted
65 by the office before the release of such portion to the
66 liquidator, receiver, or conservator.
67 (e) Any other state, federal, or foreign agency responsible
68 for the regulation or supervision of family trust companies,
69 licensed family trust companies, or foreign licensed family
70 trust companies.
71 (f) A law enforcement agency in the furtherance of the
72 agency’s official duties and responsibilities.
73 (4) PUBLICATION OF INFORMATION.—This section does not
74 prevent or restrict the publication of:
75 (a) A report required by federal law.
76 (b) The name of the family trust company, licensed family
77 trust company, or foreign licensed family trust company and the
78 name and address of the registered agent of that company.
79 (5) PENALTY.—A person who willfully discloses information
80 made confidential and exempt by this section commits a felony of
81 the third degree, punishable as provided in s. 775.082, s.
82 775.083, or s. 775.084.
83 (6) OPEN GOVERNMENT SUNSET REVIEW.—This section is subject
84 to the Open Government Sunset Review Act in accordance with s.
85 119.15 and shall stand repealed on October 2, 2019, unless
86 reviewed and saved from repeal through reenactment by the
87 Legislature.
88 Section 2. Subsections (1) through (4) of section 662.147,
89 Florida Statutes, as created by HB 1267, 2014 Regular Session,
90 are renumbered as subsections (3) through (6), respectively, and
91 new subsections (1) and (2) are added to that section, to read:
92 662.147 Records relating to the office examination; limited
93 restrictions on public access.—
94 (1) The public records exemptions contained in s. 662.148
95 do not prevent or restrict the office from:
96 (a) Furnishing records or information to any other state,
97 federal, or foreign agency responsible for the regulation or
98 supervision of family trust companies, licensed family trust
99 companies, or foreign licensed family trust companies.
100 (b) Reporting any suspected criminal activity, with
101 supporting documents and information, to appropriate law
102 enforcement and prosecutorial agencies.
103 (2) Confidential records and information furnished pursuant
104 to a legislative subpoena shall be kept confidential by the
105 legislative body or committee that received the records or
106 information, except in a case involving the investigation of
107 charges against a public official subject to impeachment or
108 removal, in which case disclosure of the information shall be
109 only to the extent necessary as determined by the legislative
110 body or committee.
111 Section 3. Paragraphs (d), (e), and (f) of subsection (1)
112 of section 662.146, Florida Statutes, as created by HB 1267,
113 2014 Regular Session, are redesignated as paragraphs (e), (f),
114 and (g), respectively, and a new paragraph (d) is added to that
115 subsection, to read:
116 662.146 Confidentiality of books and records.—
117 (1) The books and records of a family trust company,
118 licensed family trust company, and foreign licensed family trust
119 company are confidential and shall be made available for
120 inspection and examination only:
121 (d) As compelled by legislative subpoena as provided by
122 law, in which case s. 662.147 applies;
123 Section 4. The Legislature finds that it is a public
124 necessity that records held by the Office of Financial
125 Regulation which pertain to a family trust company, licensed
126 family trust company, or foreign licensed family trust company
127 relating to registration or certification; an examination;
128 reports of examinations, operations, or conditions, including
129 working papers; any portion of a list of the names of
130 shareholders or members; information received by the Office of
131 Financial Regulation from a person from another state or nation
132 or the Federal Government which is otherwise confidential or
133 exempt pursuant to the laws of that jurisdiction; or an
134 emergency cease and desist order be made confidential and exempt
135 from s. 119.07(1), Florida Statutes, and s. 24(a), Article I of
136 the State Constitution. This exemption is necessary because:
137 (1) No public interest is served by granting public access
138 to family trust company records, and no protection is afforded
139 to the public or the state by allowing public access to private
140 financial records. Additionally, a family trust company is
141 prohibited from serving or marketing its services to the general
142 public in any way; therefore, no public interests are involved.
143 (2) Families with a high net worth are frequently the
144 targets of criminal predators seeking access to their assets. It
145 is important that the exposure of such families to threats of
146 extortion, kidnapping, and other crimes not be increased.
147 Placing family business records and methodologies in the public
148 domain would increase the security risk that a family could
149 become the target of criminal activity.
150 (3) Family trust companies often provide a consolidated
151 structure for the ownership of an operating business owned by
152 multiple family members. Placing those private business
153 operations and methods in the public domain could jeopardize
154 their business assets, methodologies, and practices.
155 Section 5. This act shall take effect on the same date that
156 HB 1267 or similar legislation takes effect, if such legislation
157 is adopted in the same legislative session or an extension
158 thereof and becomes law.
159
160 ================= T I T L E A M E N D M E N T ================
161 And the title is amended as follows:
162 Delete everything before the enacting clause
163 and insert:
164 A bill to be entitled
165 An act relating to public records; creating s.
166 662.148, F.S.; providing an exemption from public
167 records requirements for certain information held by
168 the Office of Financial Regulation relating to a
169 family trust company, licensed family trust company,
170 or foreign licensed family trust company; providing
171 definitions; providing for the authorized release of
172 certain information by the office; authorizing the
173 publication of certain information; providing a
174 penalty; providing for future legislative review and
175 repeal of the exemption; amending s. 662.147, F.S.;
176 providing for additional authorized release of certain
177 information by the office; providing for production of
178 certain confidential records pursuant to legislative
179 subpoenas; amending s. 662.146, F.S.; providing for
180 production of certain confidential records pursuant to
181 legislative subpoenas; providing a statement of public
182 necessity; providing a contingent effective date.