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§ 11-620. Information or material provided to Nationwide Mortgage License System and Registry

West's Annotated Code of MarylandFinancial InstitutionsEffective: October 1, 2014

West's Annotated Code of Maryland
Financial Institutions
Title 11. Consumer Credit
Subtitle 6. Mortgage Loan Originators (Refs & Annos)
Effective: October 1, 2014
MD Code, Financial Institutions, § 11-620
§ 11-620. Information or material provided to Nationwide Mortgage License System and Registry
Construction with other laws
(a)(1) Except as otherwise provided in 12 U.S.C. § 5111, the requirements under any federal law and Title 4, Subtitles 1 through 5 of the General Provisions Article regarding the privacy or confidentiality of 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 that information or material, shall continue to apply to that information or material after the information or material has been disclosed to the Nationwide Mortgage Licensing System and Registry.
(2) The information and material may be shared with all state and federal regulatory officials having mortgage industry oversight authority without the loss of privilege or the loss of confidentiality protections provided by federal law or Title 4, Subtitles 1 through 5 of the General Provisions Article.
Information sharing agreements between Commissioner and other governmental agencies
(b) The Commissioner may enter into information sharing agreements with other governmental agencies, the Conference of State Bank Supervisors, the American Association of Residential Mortgage Regulators, or other associations representing governmental agencies.
Information or material subject to privilege or confidentiality
(c) Information or material that is subject to a privilege or confidentiality under subsection (a) of this section may not be subject to:
(1) Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or agency of the federal government or a state that has received the information or material; or
(2) Subpoena, 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 the person to whom the information or material pertains waives, in whole or in part, that privilege.
Construction with Title 4 of General Provisions Article
(d) Any provisions of Title 4, Subtitles 1 through 5 of the General Provisions Article relating to the disclosure of any information or material described in subsection (a) of this section that are inconsistent with subsection (a) of this section shall be superseded by the requirements of this section.
Employment history and disciplinary actions against mortgage loan originators
(e) This section does not apply to information or material relating to the employment history of, and publicly adjudicated disciplinary and enforcement actions against, mortgage loan originators that is included in the Nationwide Mortgage Licensing System and Registry and designated for access by the public.

Credits

Added by Acts 2009, c. 4, § 1, eff. July 1, 2009. Amended by Acts 2014, c. 104, § 2, eff. Oct. 1, 2014.
MD Code, Financial Institutions, § 11-620, MD FIN INST § 11-620
Current through all legislation from the 2020 Regular Session of the General Assembly.
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