§ 19-14.10-15 - Confidentiality.
SECTION 19-14.10-15
§ 19-14.10-15 Confidentiality. – In order to promote more effective regulation and reduce regulatory burdenthrough supervisory information sharing:
(1) Except as otherwise provided in public law 110-289,§ 1512, the requirements under any Federal law or chapter 2 of title 38 ofthe general laws of Rhode Island regarding the privacy or confidentiality ofany information or material provided to the nationwide mortgage licensingsystem and registry, and any privilege arising under Federal or state law(including the rules of any Federal or state court) with respect to suchinformation or material, shall continue to apply to such information ormaterial after the information or material has been disclosed to the nationwidemortgage licensing system and registry. Such information and material may beshared with all state and Federal regulatory officials with mortgage industryoversight authority without the loss of privilege or the loss ofconfidentiality protections provided by Federal or said chapter 2 of Title 38of the general laws of Rhode Island.
(2) For these purposes, the director or the director'sdesignee is authorized to enter agreements or sharing arrangements with othergovernmental agencies, the Conference of State Bank Supervisors, the AmericanAssociation of Residential Mortgage Regulators or other associationsrepresenting governmental agencies as established by rule, regulation or orderof the director or the director's designee.
(3) Information or material that is subject to a privilege orconfidentiality under subsection (a) of this section shall not be subject to:
(i) Disclosure under any Federal or state law governing thedisclosure to the public of information held by an officer or an agency of theFederal government or the respective state; or
(ii) Subpoena or discovery, or admission into evidence, inany private civil action or administrative process, unless with respect to anyprivilege held by the nationwide mortgage licensing system and registry withrespect to such information or material, the person to whom such information ormaterial pertains waives, in whole or in part, in the discretion of suchperson, that privilege.
(4) Section 19-4-3 relating to the disclosure of confidentialsupervisory information or any information or material described in thissection that is inconsistent with this section shall be superseded by therequirements of this section.
(5) This section shall not apply with respect to theinformation or material relating to the employment history of, and publiclyadjudicated disciplinary and enforcement actions against, mortgage loanoriginators that is included in the nationwide mortgage licensing system andregistry for access by the public.