House Bill 338

(As Sent to Governor)

AN ACT TO AMEND SECTION 81-1-89, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE COMMISSIONER OF BANKING TO DISCLOSE TO ANY FEDERAL, STATE OR FOREIGN GOVERNMENT REGULATORY COUNTERPART TO THE DEPARTMENT ANY INFORMATION CONTAINED DURING THE COURSE OF HIS OFFICIAL DUTIES AS REGULATOR AND/OR LICENSOR OF ALL FINANCIAL ENTITIES CHARGED TO HIM BY STATUTE; TO PROVIDE THAT THE COMMISSIONER MAY ESTABLISH BY AGREEMENT AN INFORMATION SHARING AND EXCHANGE PROGRAM WITH THE SAME GOVERNMENTAL ENTITIES TO PROMOTE AND HELP REDUCE DUPLICATIVE AND BURDENSOME FILINGS, EXAMINATIONS AND ANY OTHER REGULATORY REQUIREMENTS BY WHICH EACH PARTY MAINTAINS THE CONFIDENTIALITY OF INFORMATION THAT IS CONSIDERED CONFIDENTIAL UNDER APPLICABLE STATE AND FEDERAL STATUTES; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 81-1-89, Mississippi Code of 1972, is amended as follows:

81-1-89. (1) The commissioner, examiners and all employees of the department shall keep as records of their office proper books showing all acts, matters and things done by them. Except when required in legal proceedings or as authorized under subsection (2) of this section, none of them shall disclose to any person, official or otherwise, * * * any fact or information obtained in the course of the performance of their duties, except so far as it may be incumbent upon them under the law, to report to the commissioner, or to make public records and publish the same. The commissioner may provide to members of the public the information authorized under Section 81-1-100 without being in violation of this section.

(2) The commissioner may disclose to any federal, state or foreign government regulatory counterpart to the department any and all information contained during the course of his official duties as regulator and/or licensor of all financial entities charged to him by statute on December 31, 2005, as well as any others established by statute after that date. The commissioner may establish by agreement an information sharing and exchange program with the same governmental entities to promote and help reduce duplicative and burdensome filings, examinations and any other regulatory requirements by which each party maintains the confidentiality of information that is considered confidential under applicable state and federal statutes.

SECTION 2. This act shall take effect and be in force from and after its passage.