Bill Text: MS SB2230 | 2011 | Regular Session | Engrossed

Mississippi Senate Bill 2230 (Prior Session Legislation)

Bill Title: Mississippi Securities Act of 2010; clarify nonpublic nature of certain personal information obtained during investigations.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2011-03-02 - Died In Committee [SB2230 Detail]

Download: Mississippi-2011-SB2230-Engrossed.html

MISSISSIPPI LEGISLATURE

2011 Regular Session

To: Judiciary, Division B

By: Senator(s) Fillingane

Senate Bill 2230

(As Passed the Senate)

AN ACT TO AMEND SECTION 75-71-607, MISSISSIPPI CODE OF 1972, TO CLARIFY THAT CERTAIN PERSONAL INFORMATION CONCERNING PERSONS BEING INVESTIGATED THAT IS OBTAINED BY THE SECRETARY OF STATE IN THE COURSE OF INVESTIGATION CONDUCTED UNDER THE MISSISSIPPI SECURITIES ACT OF 2010 IS NOT A PUBLIC RECORD SUBJECT TO DISCLOSURE; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 75-71-607, Mississippi Code of 1972, is amended as follows:

75-71-607. (a) Presumption of public records. Except as otherwise provided in subsection (b), records obtained by the administrator or filed under this chapter, including a record contained in or filed with a registration statement, application, notice filing, or report, are public records and are available for public examination under such rules as the administrator prescribes.

(b) Nonpublic records. The following records are not public records, are not available for public examination under subsection (a), and are exempt from the requirements of the Mississippi Public Records Act of 1983. No such information may be disclosed by the Secretary of State or any of the Secretary's officers or employees unless necessary or appropriate in connection with a particular investigation or proceeding under this chapter or for any law enforcement purpose;

(1) A record obtained by the administrator in connection with an audit or inspection under Section 75-71-411(d), an investigation under Section 75-71-602 or an examination under this chapter;

(2) A part of a record filed in connection with a registration statement under Section 75-71-301 and Sections 75-71-303 through 75-71-305 or a record under Section 75-71-411(d) that contains trade secrets or confidential information if the person filing the registration statement or report has asserted a claim of confidentiality or privilege that is authorized by law;

(3) A record that is not required to be provided to the administrator or filed under this chapter and is provided to the administrator only on the condition that the record will not be subject to public examination or disclosure;

(4) A nonpublic record received from a person specified in Section 75-71-608(a);

(5) Any social security number, residential address unless used as a business address, and residential telephone number unless used as a business telephone number, contained in a record that is filed; and

(6) A record obtained by the administrator through a designee of the administrator that a rule or order under this chapter determines has been:

(A) Expunged from the administrator's records by the designee; or

(B) Determined to be nonpublic or nondisclosable by that designee if the administrator finds the determination to be in the public interest and for the protection of investors.

(c) Administrator discretion to disclose. If disclosure is for the purpose of a civil, administrative, or criminal investigation, action, or proceeding or to a person specified in Section 75-71-608(a), the administrator may disclose a record obtained in connection with an audit or inspection under Section 75-71-411(d) or a record obtained in connection with an investigation under Section 75-71-602.

Information in the possession of, filed with, or obtained by the Secretary of State in connection with any investigation or examination under this chapter shall be confidential and exempt from the requirements of the Mississippi Public Records Act of 1983. No such information may be disclosed by the Secretary of State or any of his officers or employees unless necessary or appropriate in connection with a particular investigation or proceeding under this chapter or for any law enforcement purpose.

SECTION 2. This act shall take effect and be in force from and after its passage.