House Engrossed

State of Arizona House of Representatives Fifty-first Legislature First Regular Session 2013

HOUSE BILL 2551

 

AN ACT

 

amending title 6, Arizona Revised Statutes, by adding chapter 18; providing for the delayed repeal of title 6, chapter 18, Arizona Revised Statutes, as added by this act; relating to financial institutions.

 

 

(TEXT OF BILL BEGINS ON NEXT PAGE)

 

Be it enacted by the Legislature of the State of Arizona:

Section 1.  Title 6, Arizona Revised Statutes, is amended by adding chapter 18, to read:

CHAPTER 18

FINANCIAL RECORDS DISCLOSURE

ARTICLE 1.  GENERAL PROVISIONS

START_STATUTE6-1801.  Definitions

In this article, unless the context otherwise requires:

1.  "Customer" means any person or the person's representative who uses a service of a financial institution, who maintains an account with a financial institution or for whom a financial institution is acting as a fiduciary relating to an account maintained in the customer's name.

2.  "Financial record" means any original of, or any copy or the electronic format of, any record held by a financial institution or any information derived from the record pertaining to a customer's account or relationship with the financial institution.

3.  "Government authority" means any agency, board, commission or department of this state, any county or municipality of this state or any officer, employee, representative or agent of an agency, board, commission or department of this state or of a county or municipality of this state.

4.  "Supervisory agency" means any state, county or municipal agency, board, commission or department that has legal authority to examine the financial condition or business operations of a financial institution. END_STATUTE

Sec. 2.  Financial institutions; record disclosure; study committee

A.  The financial institutions record disclosure study committee is established consisting of the following members:

1.  The director of the Arizona department of administration or the director's designee.  The director or the director's designee shall serve as the chairperson of the committee.

2.  Two members from financial institutions located in this state who have regulatory functions with respect to a financial institution.  The president of the senate and the speaker of the house of representatives shall each appoint one member.

3.  One public member who is appointed by the speaker of the house of representatives.

4.  Two county attorneys or their designees who are appointed by the governor.

5.  One corporation commissioner or the commissioner's designee appointed by the governor.

6.  Two nonvoting advisory members who are not counted for the purpose of determining the presence of a quorum. The president of the senate and the speaker of the house of representatives shall each appoint one member.

B.  The committee shall:

1.  Study the effect of the release and disclosure of a customer's financial records from a financial institution to any government authority.

2.  On or before November 30, 2013, submit a written report of its findings and recommendations to the governor, the president of the senate and the speaker of the house of representatives and provide a copy of this report to the secretary of state.

C.  Committee members are not eligible for compensation or reimbursement of expenses.

D.  This section is repealed from and after December 31, 2013.

Sec. 3.  Delayed repeal

Title 6, chapter 18, Arizona Revised Statutes, as added by this act, is repealed from and after December 31, 2013.