Md. Code Ann., Fin. Inst. § 2-117
Redline — January 1, 2019 → current.View current text →
Current — January 1, 2023
As of January 1, 2019
(a) In this section, “licensed person” means: (1) A person required to be licensed under this article, whether or not the person maintains a license; and (2) A collection agency required to be licensed under the Business Regulation Article, whether or not the collection agency maintains a license.
(a) In this section, “regulated person” means: (1) A person required to be licensed or registered under this article, whether or not the person maintains a license or registration; (2) A collection agency required to be licensed under the Business Regulation Article, whether or not the collection agency maintains a license; (3) A person required to be licensed by or registered with the Commissioner under applicable provisions of the Commercial Law Article, whether or not the person maintains a license or registration; or (4) A person otherwise engaging in activity subject to a provision of law, regulation, rule, or order over which the Commissioner has jurisdiction.
(b) This section does not apply to: (1) Information relating to publicly adjudicated disciplinary or enforcement actions against a licensed person; or (2) Information or material provided to the Nationwide Mortgage Licensing System and Registry under Title 11, Subtitle 5 or 6 of this article.
(b) This section does not apply to: (1) Information relating to publicly adjudicated disciplinary or enforcement actions against a regulated person; or (2) Information or material provided to NMLS.
(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 licensed persons.
(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: (1) If performing a public duty to report on or take special action relating to a licensed person; (2) If testifying as a witness in a criminal proceeding; (3) If informing a director, officer, member, partner, employee, or agent of a licensed person of the results of an examination; (4) If providing information to any state or federal agency having supervisory authority over the licensed person; and (5) If entering information into evidence under seal in a public enforcement hearing.
(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: (1) If performing a public duty to report on or take special action relating to a regulated person; (2) If testifying as a witness in a criminal proceeding; (3) If informing a director, officer, member, partner, employee, or agent of a regulated person of the results of an examination; (4) If providing information to any state or federal agency having supervisory authority over the regulated person; and (5) If entering information into evidence under seal in a public enforcement hearing.
(e) Subject to subsections (f), (g), and (l) of this section, and notwithstanding any other provision of State law, the Commissioner may: (1) Enter into information sharing agreements with any federal or state regulatory agency having authority over licensed 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 licensed persons, provided that the agreements prohibit the agencies from disclosing any shared information about a licensed person without the prior written consent from the Commissioner regarding disclosure of the particular information; and (2) Exchange information about a licensed person, including information obtained or generated during an examination, with any federal or other state’s regulatory agency having authority over the licensed 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 licensed persons.
(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.
(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:
(1) May not disclose the record to any person that requests the record under Title 4, Subtitles 1 through 5 of the General Provisions Article; and
(2) Shall forward the request for the record to the agency that owns the record for processing in accordance with the laws or regulations governing disclosure of the agency’s records.
(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:
(1) May not disclose the record to any person that requests the record under Title 4, Subtitles 1 through 5 of the General Provisions Article; and
(2) Shall forward the request for the record to the agency that owns the record for processing in accordance with the laws or regulations governing disclosure of the agency’s records.
(h) Notwithstanding § 2–113(d) of this subtitle, an affiliate as defined in § 2–113(a) of this subtitle is subject to this section if that affiliate maintains or is required to maintain a license issued by the Commissioner or the State Collection Agency Licensing Board.
(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: (1) For which it maintains or is required to maintain a license or registration issued by the Commissioner or the State Collection Agency Licensing Board; or (2) Subject to a provision of law, regulation, rule, or order over which the Commissioner has jurisdiction, other than activity subject to any of Titles 3 through 9 of this article.
(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.
(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:
(1) Remains the property of the Commissioner; and
(2) May not be further disclosed by any person without the prior written permission of the Commissioner.
(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:
(1) Remains the property of the Commissioner; and
(2) May not be further disclosed by any person without the prior written permission of the Commissioner.
(k) A person who violates any provision of this section is guilty of a misdemeanor and on conviction is subject to:
(1) Forfeiture of the person’s office or employment; and
(2) A fine not exceeding $1,000 or imprisonment not exceeding 2 years or both.
(k) A person who violates any provision of this section is guilty of a misdemeanor and on conviction is subject to:
(1) Forfeiture of the person’s office or employment; and
(2) A fine not exceeding $1,000 or imprisonment not exceeding 2 years or both.
(l) This section does not authorize the Commissioner to share or exchange information in any way that is prohibited by federal law.
(l) This section does not authorize the Commissioner to share or exchange information in any way that is prohibited by federal law.
Official source: Maryland General Assembly. Reproduced from public-domain Maryland statutes; confirm against the official source for the current text. Not legal advice.