Section 362.1115

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 362

Effective - 28 Aug 2017   

  362.1115.  Information exempt from sunshine law — disclosure, when — violation, penalty. — 1.  The following information held by the secretary is confidential and exempt from chapter 610:

  (1)  Any personal identifying information appearing in records relating to a registration or an annual certification of a family trust company;

  (2)  Any personal identifying information appearing in records relating to an examination of a family trust company;

  (3)  Any personal identifying information appearing in reports of examinations, operations, or conditions of a family trust company, including working papers;

  (4)  Any portion of a list of names of the shareholders or members of a family trust company;

  (5)  Information received by the secretary from a person from another state or nation or the federal government that is otherwise confidential or exempt under the laws of such state or nation or under federal law; and

  (6)  An emergency cease and desist order issued under section 362.1090 until the emergency order is made permanent, unless the secretary finds that such confidentiality will result in substantial risk of financial loss to the public.

  2.  Information made confidential and exempt under subsection 1 of this section may be disclosed by the secretary to:

  (1)  The authorized representative or representatives of the family trust company under examination.  The authorized representative or representatives shall be identified in a resolution or by written consent of the board of directors if a corporation or the managers if a limited liability company;

  (2)  A fidelity insurance company upon written consent of the family trust company's board of directors if a corporation or its managers if a limited liability company;

  (3)  An independent auditor upon written consent of the family trust company's board of directors if a corporation or its managers if a limited liability company;

  (4)  A liquidator, receiver, or conservator if appointed.  However, any portion of the information that discloses the identity of a bondholder, customer, family member, member, or stockholder shall be redacted by the secretary before releasing such information;

  (5)  Any other state, federal, or foreign agency responsible for the regulation or supervision of family trust companies;

  (6)  A law enforcement agency in the furtherance of such agency's official duties and responsibilities;

  (7)  The appropriate law enforcement or prosecutorial agency for the purpose of reporting any suspected criminal activity; or

  (8)  Comply with a legislative subpoena.  A legislative body or committee that receives records or information pursuant to such subpoena shall maintain the confidential status of such records or information.  However, in a case involving the investigation of charges against a public official subject to impeachment or removal, records or information may be disclosed to the extent necessary as determined by the legislative body or committee.

  3.  This section shall not prevent or restrict the publication of:

  (1)  A report required by federal law; or

  (2)  The name of the family trust company and the address of its registered agent.

  4.  The willful disclosure of information made confidential and exempt by this section is a class E felony.

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(L. 2017 H.B. 292)