Sec. 3 AAC 14.825 - Confidentiality

ยง 3 AAC 14.825. Confidentiality

(a) Except as otherwise provided in this section, a requirement under federal or state law regarding the privacy or confidentiality of information or material provided to the registry, and a privilege arising under federal or state law, including the rules of a federal or state court, with respect to the information or material, continues to apply to the information or material after the information or material has been disclosed to the registry. The information and material may be shared with all state and federal regulatory officials with mortgage industry oversight authority without the loss of privilege or the loss of confidentiality protections provided by federal and state laws.

(b) The department may enter into agreements or sharing arrangements with other governmental agencies, the organizations identified in 12 U.S.C. 5102(5) as the organizations that develop and maintain the registry, and other associations representing governmental agencies in accordance with any applicable regulation or order.

(c) Information or material that is subject to a privilege or confidentiality under (a) of this section is not subject to

(1) disclosure under a federal or state law, including AS 40.25.100-40.25.295 (Alaska Public Records Act), governing the disclosure to the public of information held by an officer or an agency of the federal government or the respective state; or

(2) subpoena or discovery, or admission into evidence, in a private civil action or administrative process, unless, with respect to a privilege held by the registry with respect to the information or material, the person to whom the information or material pertains waives, in whole or in part, in the discretion of the person, that privilege.

(d) A state law, including AS 40.25.100-40.25.295 (Alaska Public Records Act), relating to the disclosure of confidential supervisory information and information or material described in (a) of this section that is inconsistent with (a) of this section is superseded by the requirements of (a) of this section to the extent state law provides less confidentiality or a weaker privilege.

(e) This section does not apply to the 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 registry for access by the public.

(f) A state official or agency or an employee of a state agency is not subject to a civil action or proceeding for monetary damages because of the good faith action or omission of an officer or employee of the agency, while acting within the scope of office or employment, relating to the collection, furnishing, or dissemination of information concerning persons who are mortgage loan originators or are applying for licensing as mortgage loan originators.

(Eff. 7/24/2009, Register 191; am 12/13/2009, Register 192)

Authority:AS 06.60.910

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