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Statement by CFO Sink on the House Committee on Financial Institutions’ Unanimous Passage of the Annuity Fraud Bill

3/20/2008

CONTACT:  Tara Klimek or Kevin Cate
(850) 413-2842  
 
TALLAHASSEE— Florida Chief Financial Officer Alex Sink today applauded the Florida House Committee on Financial Institutions for unanimously passing House Bill 1003, sponsored by State Representative Clay Ford (R-Pensacola), which addresses annuity fraud and strengthens penalties against agents who target Floridians, especially seniors and the mentally disabled. 
 
“Deceitful, manipulative agents are not welcome in our state,” said CFO Alex Sink. “I thank Rep. Clay Ford and his House colleagues for their support of this good legislation to provide harsher punishments for those who commit financial crimes upon Floridians.”
 
HB 1003 will now proceed to the House Jobs and Entrepreneurship Council, before heading to the House Floor.  The Senate Companion, PCS/SB 2082, is sponsored by State Senator Michael “Mike” Bennett (R-Naples) and was passed by the Senate Banking and Insurance Committee Tuesday.
 
As a statewide elected officer of the Florida Cabinet, Chief Financial Officer Alex Sink  oversees the Department of Financial Services, a multi-division state agency responsible for management of state funds and unclaimed property, assisting consumers who request information and help related to financial services, and investigating financial fraud. CFO Sink also serves as the State Fire Marshal.