(a) The following data submitted to a political subdivision by a person seeking to obtain a license are classified as private data on individuals or nonpublic data:
(1) a tax return, as defined by section 270B.01, subdivision 2 ; and
(2) a bank account statement.
(b) Notwithstanding section 138.17 , data collected by a political subdivision as part of a license application and classified under paragraph (a) must be destroyed no later than 90 days after a final decision on the license application.