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.