Ohio Code 1355.10 – Confidentiality and disclosure of information
(A) Except for the name of a sandbox participant and overview of a sandbox participant’s novel financial product or service, records that are submitted to or obtained by the superintendent of financial institutions or an applicable agency pursuant to this chapter are not public records for the purposes of section 149.43 of the Revised Code and shall not be disclosed except in accordance with this section. The name of a sandbox participant and an overview of a sandbox participant’s novel financial product or service are public records and may be disclosed.
Terms Used In Ohio Code 1355.10
- Applicable agency: means a department or agency of the state to which both of the following apply:
(1) It is authorized to regulate certain types of business activity in this state and persons engaged in such business, including the issuance of licenses or other types of authorization. See Ohio Code 1355.01
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Consumer: includes a legal representative of the person. See Ohio Code 1355.01
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Financial product or service: means a product or service that requires licensure or other authorization under, or that includes a business model, delivery mechanism, or element that requires a license or other authorization to act as a financial institution or other person that is regulated by, Title XI or Chapter 1315. See Ohio Code 1355.01
- Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage,
- Novel financial product or service: means a financial product or service that makes use of or incorporates new or emerging technology, or reimagines uses of existing technologies, to address a problem, provide a benefit, or otherwise offer a product, service, business model, or delivery mechanism that is not known by the superintendent of financial institutions to have a comparable widespread offering in this state. See Ohio Code 1355.01
- Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
- Sandbox participant: means a person that has been granted a license to test a novel financial product or service in the regulatory sandbox. See Ohio Code 1355.01
- state: means the state of Ohio. See Ohio Code 1.59
- Subpoena: A command to a witness to appear and give testimony.
(B) The superintendent or applicable agency may disclose records and information that are submitted or obtained pursuant to this chapter to any of the following:
(1) State and federal agencies;
(2) Representatives of foreign countries that have regulatory or supervisory authority over the activities of the sandbox participant;
(3) A federal, state, or county grand jury in response to a lawful subpoena;
(4) The auditor of state for the purpose of conducting an audit authorized by law.
(C) The superintendent and any applicable agency consulted by the superintendent pursuant to section 1355.04 of the Revised Code are not liable for the disclosure of records, information, or data received or obtained pursuant to this chapter.
(D)(1) The disclosure pursuant to division (B) of this section of a complaint or the results of an examination, inquiry, or investigation of a sandbox participant does not make that information a public record and the superintendent or appropriate agency shall not disclose that information unless otherwise permitted to do so by a provision of the Revised Code.
(2) If a sandbox participant or the sandbox participant’s holding company obtains information as a result of an examination, inquiry, or investigation, the sandbox participant or the sandbox participant’s holding company shall not disclose that information to the general public unless the disclosure is required by law. A sandbox participant or the sandbox participant’s holding company shall not disclose, use, or reference in any form comments, conclusions, or results of an examination, inquiry, or investigation in any type of communication to a consumer or potential consumer. A violation of division (D)(2) of this section is an unconscionable act or practice for the purposes of Chapter 1345 of the Revised Code.
(E) This section shall not be construed to prohibit the disclosure of information that is admissible in evidence in a civil or criminal proceeding brought by a state or federal law enforcement agency to enforce or prosecute civil or criminal violations of law.
Last updated January 17, 2023 at 5:47 PM