§ 13-12-22 — Confidentiality

To promote more effective regulation and reduce regulatory burden through supervisory
information sharing:
1. Except as otherwise provided in the Secure and Fair Enforcement for Mortgage
Licensing Act [Public Law 110-289, section 1512, 12 U.S.C. 5111, et seq.], the
requirements under any federal law, chapter 44-04, or section 6-01-07.1, regarding the
privacy or confidentiality of any information or material provided to the nationwide
multistate 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 the
information or material, continue to apply to the information or material after the
information or material has been disclosed to the nationwide multistate licensing
system and 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 law, chapter
44-04, or section 6-01-07.1.
2. For these purposes, the commissioner may 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 a privilege or confidentiality under
subsection 1 is not 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 administrative
process, unless with respect to any privilege held by the nationwide multistate
licensing system and registry with respect to such 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.

4. The commissioner shall take all necessary steps, under any applicable law or rule, to
protect the disclosure of information or material that is subject to a privilege or
confidentiality under subsection 1. Records subject to a privilege or confidentiality
under subsection 1 may be required to be disclosed only pursuant to an order of the
court. The court ordering the disclosure shall issue a protective order to protect the
confidential nature of the records.
5. Application of chapter 44-04 or section 6-01-07.1, relating to the disclosure of
confidential supervisory information or any information or material described in
subsection 1 which is inconsistent with subsection 1, is superseded by the
requirements of this section.