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§ 1-205. Confidentiality of compliance review documents

West's Annotated Code of MarylandFinancial InstitutionsEffective: October 1, 2020

West's Annotated Code of Maryland
Financial Institutions
Title 1. Definitions; General Provisions
Subtitle 2. General Provisions (Refs & Annos)
Effective: October 1, 2020
MD Code, Financial Institutions, § 1-205
§ 1-205. Confidentiality of compliance review documents
Currentness
Definitions
(a)(1) In this section the following words have the meanings indicated.
(2) “Compliance review committee” means:
(i) An audit, loan review, or compliance committee appointed by the board of directors of a depository institution; or
(ii) Any other person to the extent the person acts in an investigatory capacity at the direction of a compliance review committee.
(3) “Compliance review documents” means documents prepared for or created by a compliance review committee.
(4) “Depository institution” means a State-chartered or federally chartered financial institution located in this State that is authorized to maintain deposit or share accounts.
(5) “Loan review committee” means a person or group of persons who, on behalf of a depository institution, reviews loans held by the institution for the purpose of assessing the credit quality of the loans, compliance with the institution's loan policies, and compliance with applicable laws and regulations.
(6) “Person” means an individual, group of individuals, board, committee, partnership, firm, association, corporation, or other entity.
Compliance review committees
(b) This section applies to a compliance review committee whose functions are to evaluate and seek to improve:
(1) Loan underwriting standards;
(2) Asset quality;
(3) Financial reporting to federal or State regulatory agencies; or
(4) Compliance with federal or State statutory or regulatory requirements.
Confidentiality of review documents
(c) Except as provided in subsection (d) of this section:
(1) Compliance review documents are confidential and are not discoverable or admissible in evidence in any civil action arising out of matters evaluated by the compliance review committee; and
(2) Compliance review documents delivered to a federal or State governmental agency remain confidential and are not discoverable or admissible in evidence in any civil action arising out of matters evaluated by the compliance review committee.
Information required to be maintained or provided to governmental agencies
(d) Subsection (c) of this section does not apply to any information required by statute or regulation to be maintained by or provided to a governmental agency while the information is in the possession of the governmental agency to the extent applicable law expressly authorizes its disclosure.
Documents that are not compliance review documents
(e) This section may not be construed to limit the discovery or admissibility in any civil action of any documents that are not compliance review documents.

Credits

Added by Acts 1993, c. 361, § 1, eff. Oct. 1, 1993. Amended by Acts 2020, c. 628, § 5.
MD Code, Financial Institutions, § 1-205, MD FIN INST § 1-205
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document