§ 19-14.10-15. Confidentiality.
In order to promote more effective regulation and reduce regulatory burden through
supervisory information sharing:
(1) Except as otherwise provided in public law 110-289, § 1512 (12 U.S.C. § 5111), the requirements under any federal law, or chapter 2 of title 38 of the general laws of Rhode Island 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 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 or chapter 2 of title 38 of the general laws of Rhode Island.
(2) For these purposes, the director, or the director's designee, is authorized to 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 as established by rule, regulation,
or order of the director, or the director's designee.
(3) Information or material that is subject to a privilege or confidentiality under subsection
(a) 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.
(4) Section 19-4-3 relating to the disclosure of confidential supervisory information or any information
or material described in this section that is inconsistent with this section shall
be superseded by the requirements of this section.
(5) 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, mortgage loan originators that is included in the Nationwide Mortgage
Licensing System and Registry for access by the public.