Oklahoma § 59-2095.22 - Supervisory information sharing

§ 59-2095.22. Supervisory information sharing

In order to promote more effective regulation and reduce

regulatory burden through supervisory information sharing:

1. Except as otherwise provided in 12 U.S.C., Section 5111, the

requirements under federal or Oklahoma law regarding the privacy or

confidentiality of any information or material provided to the

Nationwide Multistate Licensing System and Registry and any

Oklahoma Statutes - Title 59. Professions and Occupations

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 Multistate 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 or Oklahoma law.

2. For these purposes, the Administrator of Consumer Credit 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.

3. Information or material that is subject to a privilege or

confidentiality under paragraph 1 of this section shall not be

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 private civil action or 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

entity or individual to whom such information or

material pertains waives, in whole or in part, in the

discretion of such entity or individual, that

privilege.

4. Any provision of Oklahoma law relating to the disclosure of

confidential supervisory information or any information or material

described in paragraph 1 of this section that is inconsistent with

paragraph 1 of this section shall be superseded by the requirements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

brokers and mortgage loan originators that is included in the

Nationwide Multistate Licensing System and Registry for access by

the public.

Added by Laws 2009, c. 190, § 25, eff. July 1, 2009. Amended by

Laws 2024, c. 218, § 18, eff. Nov. 1, 2024.