§ 45-749 — Information sharing; privilege and confidentiality; limitations; applicability of section; director; powers

(1) In order to promote more effective regulation
and reduce the regulatory burden through supervisory information sharing:
(a) Except as otherwise provided
in this section, the requirements under any federal or state law regarding
the privacy or confidentiality of any 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 such information or material, shall continue to apply to such
information or material after the information or material has been disclosed
to the Nationwide Mortgage Licensing System and Registry. Such information
and material may be shared with all federal and state regulatory officials
with mortgage industry oversight authority without the loss of privilege or
the loss of confidentiality protections provided by federal or state law;
(b) Information or material that is subject
to a privilege or confidentiality under subdivision (1)(a) of
this section shall not be subject to:
(i) 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
(ii) Subpoena or 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 with respect to such information or material,
the person to whom such information or material pertains waives, in whole
or in part, in the discretion of such person, that privilege;
(c) Any state statute relating
to the disclosure of confidential supervisory information or any information
or material described in subdivision (1)(a) of this section that
is inconsistent with such subdivision shall be superseded by the requirements
of this section; and
(d) This section shall not
apply with respect to the information or material relating to the employment
history of, and publicly adjudicated disciplinary and enforcement actions
against, applicants
and licensees that is included in the Nationwide Mortgage Licensing
System and Registry for access by the public.
(2) For these purposes,
the director is authorized to enter into 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 as established by adopting and promulgating
rules and regulations or by order of the director.

Legislative History

Source: Laws 2009, LB328, § 34; Laws 2010, LB892, § 18.