Print
The Vermont Statutes Online
Title
08
:
Banking and Insurance
Chapter
079
:
MONEY SERVICES
Subchapter
009
:
NATIONWIDE LICENSING SYSTEM
§
2561. Confidentiality
In order to
promote more effective regulation and reduce regulatory burden through
supervisory information sharing:
(1) The privacy
or confidentiality of any information or material provided to the Nationwide
Mortgage Licensing System and Registry and any privilege arising under federal
or state law (including the rules of any federal or state court) with respect
to such information or material shall continue to apply to such information or
material after the information or material has been disclosed to the Nationwide
Mortgage Licensing System and Registry. Such information and material may be
shared with all state and federal regulatory officials with oversight authority
without the loss of privilege or the loss of confidentiality protections
provided by federal law or state law.
(2) To carry out
the purpose of this section, the Commissioner is authorized to enter agreements
or sharing arrangements with other governmental agencies, the Conference of
State Bank Supervisors, the American Association of Residential Mortgage
Regulators, or other associations representing governmental agencies.
(3) Information
or material that is subject to privilege or confidentiality under subdivision
(1) of this section shall not be subject to:
(A) disclosure
under any federal or state law governing the disclosure to the public of
information held by an officer or an agency of the federal government or the
respective state; or
(B) subpoena or
discovery or admission into evidence in any private civil action or
administrative process unless with respect to any privilege held by the
Nationwide Mortgage Licensing System and Registry with respect to such
information or material the person to whom such information or material
pertains waives, in whole or in part, in the discretion of the person, that
privilege.
(4) This section
shall not apply with respect to information or material relating to employment
history and publicly adjudicated disciplinary and enforcement actions that are
included in the Nationwide Mortgage Licensing System and Registry for access by
the public. (Added 2011, No. 78 (Adj. Sess.), § 18, eff. April 2, 2012.)