286.11-033 Confidentiality of data submitted to commissioner.
(1)
(2)
(3)
Documents, materials, reports, or other information in the possession or control of
the commissioner that is provided according to this subtitle shall be confidential by
law and privileged, and shall not be subject to the Kentucky Open Records Act,
KRS 61.870 to 61.884. These documents, materials, reports, or other information
shall not be subject to subpoena, and shall not be subject to discovery or admissible
in evidence in any civil action, unless, after notice to the commissioner and a
hearing, a court of competent jurisdiction determines that the commissioner would
not be prejudiced. However, the commissioner may use the documents, materials,
reports, or other information in the furtherance of any regulatory or legal action
brought as a part of the commissioner's official duties.
Neither the commissioner nor any person who received documents, materials,
reports, or other information while acting under the authority of the commissioner
shall be permitted or required to testify in any civil action concerning any
confidential documents, materials, reports, or information subject to subsection (1)
of this section.
In order to assist in the performance of the commissioner's duties, the
commissioner:
(a) May share documents, materials, reports, or other information, including the
confidential and privileged documents, materials, reports, or information
subject to subsections (1) and (2) of this section, with other state, federal, and
international regulatory agencies, with the Money Transmitter Regulators
Association, its affiliates or subsidiaries, and with local, state, federal, and
international law enforcement authorities, if the recipient agrees to maintain
the confidentiality and privileged status of the documents, materials, reports,
or other information;
(b) May receive documents, materials, reports, or other information, including
otherwise confidential and privileged documents, materials, reports, or
information from the Money Transmitter Regulators Association, its affiliates
or subsidiaries, and from regulatory and law enforcement officials of other
foreign or domestic jurisdictions, and shall maintain as confidential and
privileged any documents, materials, reports, or information received with
notice or the understanding that they are confidential and privileged under the
laws of the jurisdiction that is the source of the documents, materials, reports,
or information;
(c) May enter into agreements governing the sharing and use of information,
including the furtherance of any regulatory or legal action brought as part of
the recipient's official duties;
(d) May disclose to the public a list of persons licensed under this subtitle or the
aggregate financial data concerning those licensees; and,
(e) May disclose to the public any order issued under this subtitle that is the result
of an administrative or legal action against a licensee, agent of a licensee,
responsible individual, key shareholder, executive officer, or director.
(4)
No waiver of any applicable privilege or claim of confidentiality in the documents,
materials, reports, or information shall occur as a result of disclosure to the
commissioner under this subsection or as a result of sharing as authorized in
subsection (3) of this section.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 845, effective July 15, 2010. -- Created
2006 Ky. Acts ch. 247, sec. 17, effective April 24, 2006.
Legislative Research Commission Note (7/12/2006). This section was created in 2006
Ky. Acts ch. 247 as a new section of KRS Chapter 366A. Sec. 38 of that same bill
also required that all sections of KRS Chapters 287, 288, 290, 291, 294, 366, 366A,
and 368 be renumbered as sections of a single KRS chapter entitled the "Kentucky
Financial Services Code." Therefore, the Statute Reviser, acting under KRS 7.136(1),
has codified this section as a new section of KRS Chapter 286.
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