§ 2-117. Confidentiality of information obtained in course of Commissioner’s examination of reg...
West's Annotated Code of MarylandFinancial InstitutionsEffective: July 1, 2022
Effective: July 1, 2022
MD Code, Financial Institutions, § 2-117
§ 2-117. Confidentiality of information obtained in course of Commissioner’s examination of regulated persons
(a) In this section, “regulated person” means:
(b) This section does not apply to:
(c) Except as otherwise provided in this article, a person, including the Commissioner and an employee of and the attorney for the Commissioner's office, may not disclose any information obtained or generated in the course of exercising the Commissioner's authority to examine regulated persons.
(d) The Commissioner and an employee of and the attorney for the Commissioner's office may disclose the information described in subsection (c) of this section:
(e) Subject to subsections (f), (g), and (l) of this section, and notwithstanding any other provision of State or federal law, the Commissioner may:
(1) Enter into information sharing agreements with any federal or state regulatory agency having authority over regulated persons or with any federal or state law enforcement agency, including the Office of Foreign Assets Control, and any successor to these agencies, and any agency of a foreign country with primary responsibility for regulating regulated persons, if the agreements prohibit the agencies from disclosing any shared information about a regulated person without the prior written consent from the Commissioner regarding disclosure of the particular information; and
(2) Exchange information about a regulated person, including information obtained or generated during an examination, with any federal or other state's regulatory agency having authority over the regulated person or with any federal or state law enforcement agency, including the Office of Foreign Assets Control, and any successor to these agencies, and any agency of a foreign country with primary responsibility for regulating regulated persons.
(f) Information shared by the Commissioner under subsection (e) of this section may not be disclosed by an agency under federal or other states' laws governing the disclosure of public information, or by subpoena, discovery, or admission into evidence in private civil litigation or administrative process, without the prior written consent of the Commissioner.
(g) If the Commissioner receives a record from an agency under an information sharing agreement authorized by subsection (e)(1) of this section and the agency expressly retains ownership of the record, either in writing or by law or regulation, the Commissioner:
(h) Notwithstanding § 2-113(d) of this subtitle, a financial institution or a subsidiary or an affiliate of a financial institution is subject to this section whenever the financial institution or subsidiary or affiliate engages in activity:
(i) Any provision of Title 4, Subtitles 1 through 5 of the General Provisions Article relating to the disclosure of any information described in subsection (c) of this section shall be superseded by the requirements of this section.
(j) Except as otherwise provided in this section, all information disclosed by the Commissioner or an employee of or the attorney for the Commissioner's office to any person as permitted under subsections (d) and (e) of this section:
(k) A person who violates any provision of this section is guilty of a misdemeanor and on conviction is subject to:
Credits
Added by Acts 2008, c. 499, § 1, eff. July 1, 2008. Amended by Acts 2011, c. 109, § 1, eff. Oct. 1, 2011; Acts 2014, c. 104, § 2, eff. Oct. 1, 2014; Acts 2016, c. 478, § 1, eff. July 1, 2016; Acts 2017, c. 62, § 1, eff. April 11, 2017; Acts 2022, c. 106, § 1, eff. July 1, 2022; Acts 2022, c. 107, § 1, eff. July 1, 2022.
MD Code, Financial Institutions, § 2-117, MD FIN INST § 2-117
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.
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