§2561. Confidentiality

Link to law: http://legislature.vermont.gov/statutes/section/08/079/02561
Published: 2015

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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.)
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