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286.11-033 Confidentiality of data submitted to commissioner.
(1)
(2)
(3)
(4)
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.
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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