Florida Senate - 2014 COMMITTEE AMENDMENT
Bill No. CS for SB 1278
Ì673018'Î673018
LEGISLATIVE ACTION
Senate . House
Comm: RCS .
03/26/2014 .
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(Hays) recommended the following:
1 Senate Amendment
2
3 Delete lines 25 - 263
4 and insert:
5 119.07(1) until such investigation is completed or ceases to be
6 active. For purposes of this subsection, an investigation is
7 considered “active” while such investigation is being conducted
8 by the office with a reasonable, good faith belief that it may
9 lead to the filing of administrative, civil, or criminal
10 proceedings. An investigation does not cease to be active if the
11 office is proceeding with reasonable dispatch, and there is a
12 good faith belief that action may be initiated by the office or
13 other administrative or law enforcement agency. After an
14 investigation is completed or ceases to be active, portions of
15 the such records relating to the investigation are shall be
16 confidential and exempt from the provisions of s. 119.07(1) to
17 the extent that disclosure would:
18 (a) Jeopardize the integrity of another active
19 investigation;
20 (b) Impair the safety and soundness of the financial
21 institution;
22 (c) Reveal personal financial information;
23 (d) Reveal the identity of a confidential source;
24 (e) Defame or cause unwarranted damage to the good name or
25 reputation of an individual or jeopardize the safety of an
26 individual; or
27 (f) Reveal investigative techniques or procedures.
28 (2) Except as otherwise provided in this section and except
29 for such portions thereof which are public record, reports of
30 examinations, operations, or condition, including working
31 papers, or portions thereof, prepared by, or for the use of, the
32 office or any state or federal agency responsible for the
33 regulation or supervision of financial institutions in this
34 state are confidential and exempt from the provisions of s.
35 119.07(1). However, such reports or papers or portions thereof
36 may be released to:
37 (a) The financial institution under examination;
38 (b) Any holding company of which the financial institution
39 is a subsidiary;
40 (c) Proposed purchasers if necessary to protect the
41 continued financial viability of the financial institution, upon
42 prior approval by the board of directors of such institution;
43 (d) Persons proposing in good faith to acquire a
44 controlling interest in or to merge with the financial
45 institution, upon prior approval by the board of directors of
46 such financial institution;
47 (e) Any officer, director, committee member, employee,
48 attorney, auditor, or independent auditor officially connected
49 with the financial institution, holding company, proposed
50 purchaser, or person seeking to acquire a controlling interest
51 in or merge with the financial institution; or
52 (f) A fidelity insurance company, upon approval of the
53 financial institution’s board of directors. However, a fidelity
54 insurance company may receive only that portion of an
55 examination report relating to a claim or investigation being
56 conducted by such fidelity insurance company.
57 (g) Examination, operation, or condition reports of a
58 financial institution shall be released by the office within 1
59 year after the appointment of a liquidator, receiver, or
60 conservator to the such financial institution. However, any
61 portion of such reports which discloses the identities of
62 depositors, bondholders, members, borrowers, or stockholders,
63 other than directors, officers, or controlling stockholders of
64 the institution, shall remain confidential and exempt from the
65 provisions of s. 119.07(1).
66
67 Any confidential information or records obtained from the office
68 pursuant to this paragraph shall be maintained as confidential
69 and exempt from the provisions of s. 119.07(1).
70 (3) Except as otherwise provided in this section and except
71 for those portions that are otherwise public record, after an
72 investigation relating to an informal enforcement action is
73 completed or ceases to be active, informal enforcement actions
74 are confidential and exempt from s. 119.07(1) and s. 24(a), Art.
75 I of the State Constitution to the extent that disclosure would:
76 (a) Jeopardize the integrity of another active
77 investigation.
78 (b) Impair the safety and soundness of the financial
79 institution.
80 (c) Reveal personal financial information.
81 (d) Reveal the identity of a confidential source.
82 (e) Defame or cause unwarranted damage to the good name or
83 reputation of an individual or jeopardize the safety of an
84 individual.
85 (f) Reveal investigative techniques or procedures.
86 (4) Except as otherwise provided in this section and except
87 for those portions that are otherwise public record, trade
88 secrets as defined in s. 688.002 which comply with s. 655.0591
89 and which are held by the office in accordance with its
90 statutory duties with respect to the financial institutions
91 codes are confidential and exempt from s. 119.07(1) and s.
92 24(a), Art. I of the State Constitution.
93 (5)(3) The provisions of This section does do not prevent
94 or restrict:
95 (a) Publishing reports required to be submitted to the
96 office pursuant to s. 655.045(2)(a) or required by applicable
97 federal statutes or regulations to be published.
98 (b) Furnishing records or information to any other state,
99 federal, or foreign agency responsible for the regulation or
100 supervision of financial institutions, including Federal Home
101 Loan Banks.
102 (c) Disclosing or publishing summaries of the condition of
103 financial institutions and general economic and similar
104 statistics and data, provided that the identity of a particular
105 financial institution is not disclosed.
106 (d) Reporting any suspected criminal activity, with
107 supporting documents and information, to appropriate law
108 enforcement and prosecutorial agencies.
109 (e) Furnishing information upon request to the Chief
110 Financial Officer or the Division of Treasury of the Department
111 of Financial Services regarding the financial condition of any
112 financial institution that is, or has applied to be, designated
113 as a qualified public depository pursuant to chapter 280.
114
115 Any confidential information or records obtained from the office
116 pursuant to this subsection shall be maintained as confidential
117 and exempt from the provisions of s. 119.07(1).
118 (6)(a)(4)(a) Orders of courts or of administrative law
119 judges for the production of confidential records or information
120 shall provide for inspection in camera by the court or the
121 administrative law judge and, after the court or administrative
122 law judge has made a determination that the documents requested
123 are relevant or would likely lead to the discovery of admissible
124 evidence, such said documents shall be subject to further orders
125 by the court or the administrative law judge to protect the
126 confidentiality thereof. An Any order directing the release of
127 information is shall be immediately reviewable, and a petition
128 by the office for review of such order shall automatically stays
129 stay further proceedings in the trial court or the
130 administrative hearing until the disposition of such petition by
131 the reviewing court. If any other party files such a petition
132 for review, it operates will operate as a stay of such
133 proceedings only upon order of the reviewing court.
134 (b) Confidential records and information furnished pursuant
135 to a legislative subpoena shall be kept confidential by the
136 legislative body or committee that which received the records or
137 information, except in a case involving investigation of charges
138 against a public official subject to impeachment or removal.,
139 and then Disclosure of such information shall be only to the
140 extent determined necessary by the legislative body or committee
141 to be necessary.
142 (7)(5) Every credit union and mutual association shall
143 maintain, in the principal office where its business is
144 transacted, full and correct records of the names and residences
145 of all the members of the credit union or mutual association.
146 Such records are shall be subject to the inspection of all the
147 members of the credit union or mutual association, and the
148 officers authorized to assess taxes under state authority,
149 during business hours of each business day. A current list of
150 members shall be made available to the office’s examiners for
151 their inspection and, upon the request of the office, shall be
152 submitted to the office. Except as otherwise provided in this
153 subsection, the list of the members of the credit union or
154 mutual association is confidential and exempt from the
155 provisions of s. 119.07(1).
156 (8)(6) Every bank, trust company, and stock association
157 shall maintain, in the principal office where its business is
158 transacted, full and complete records of the names and
159 residences of all the shareholders of the bank, trust company,
160 or stock association and the number of shares held by each. Such
161 records are shall be subject to the inspection of all the
162 shareholders of the bank, trust company, or stock association,
163 and the officers authorized to assess taxes under state
164 authority, during business hours of each banking day. A current
165 list of shareholders shall be made available to the office’s
166 examiners for their inspection and, upon the request of the
167 office, shall be submitted to the office. Except as otherwise
168 provided in this subsection, any portion of this list which
169 reveals the identities of the shareholders is confidential and
170 exempt from the provisions of s. 119.07(1).
171 (9)(7) Materials supplied to the office or to employees of
172 any financial institution by other state or federal governmental
173 agencies, federal or state, shall remain the property of the
174 submitting agency or the corporation, and any document request
175 must be made to the appropriate agency. Any confidential
176 documents supplied to the office or to employees of any
177 financial institution by other state or federal governmental
178 agencies are, federal or state, shall be confidential and exempt
179 from the provisions of s. 119.07(1). Such information shall be
180 made public only with the consent of such agency or the
181 corporation.
182 (10)(8) Examination reports, investigatory records,
183 applications, and related information compiled by the office, or
184 photographic copies thereof, shall be retained by the office for
185 a period of at least 10 years.
186 (11)(9) A copy of any document on file with the office
187 which is certified by the office as being a true copy may be
188 introduced in evidence as if it were the original. The
189 commission shall establish a schedule of fees for preparing true
190 copies of documents.
191 (12) For purposes of this section, the term:
192 (a) “Examination report” means records submitted to or
193 prepared by the office as part of the office’s duties performed
194 pursuant to s. 655.012 or s. 655.045(1).
195 (b) “Informal enforcement action” means a board resolution,
196 a document of resolution, or an agreement in writing between the
197 office and a financial institution which:
198 1. The office imposes on an institution when the office
199 considers the administrative enforcement guidelines in s.
200 655.031 and determines that a formal enforcement action is not
201 an appropriate administrative remedy;
202 2. Sets forth a program of corrective action to address one
203 or more safety and soundness deficiencies and violations of law
204 or rule at the institution; and
205 3. Is not subject to enforcement by imposition of an
206 administrative fine pursuant to s. 655.041.
207 (c) “Personal financial information” means:
208 1. Information relating to the existence, nature, source,
209 or amount of a person’s personal income, expenses, or debt.
210 2. Information relating to a person’s financial
211 transactions of any kind.
212 3. Information relating to the existence, identification,
213 nature, or value of a person’s assets, liabilities, or net
214 worth.
215 (d) “Working papers” means the records of the procedures
216 followed, the tests performed, the information obtained, and the
217 conclusions reached in an examination or investigation performed
218 under s. 655.032 or s. 655.045. Working papers include planning
219 documentation, work programs, analyses, memoranda, letters of
220 confirmation and representation, abstracts of the books and
221 records of a financial institution as defined in s. 655.005(1),
222 and schedules or commentaries prepared or obtained in the course
223 of such examination or investigation.
224 (13)(10) A Any person who willfully discloses information
225 made confidential by this section commits is guilty of a felony
226 of the third degree, punishable as provided in s. 775.082, s.
227 775.083, or s. 775.084.
228 (14) Subsections (3) and (4) are subject to the Open
229 Government Sunset Review Act in accordance with s. 119.15 and
230 are repealed on October 2, 2019, unless reviewed and saved from
231 repeal through reenactment by the Legislature.
232 Section 2. (1) The Legislature finds that it is a public
233 necessity that informal enforcement actions and trade secrets,
234 as defined in s. 688.002, Florida Statutes, be kept confidential
235 and exempt