California Financial Code 452 – (a) Directors, officers, employees, attorneys, accountants, or …
(a) Directors, officers, employees, attorneys, accountants, or consultants of a licensee may not disclose in any manner to any person confidential information regarding the licensee received from the commissioner. The prohibition in this section shall not apply to disclosures of confidential information by directors, officers, employees, attorneys, accountants, or consultants of the licensee:
(1) Made pursuant to a subpoena or other discovery proceeding.
Terms Used In California Financial Code 452
- Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
- Person: includes any person, firm, partnership, association, corporation, company, limited liability company, syndicate, estate, trust, business trust, or organization of any kind. See California Financial Code 18
- Subpoena: A command to a witness to appear and give testimony.
- Writing: includes any form of recorded message capable of comprehension by ordinary visual means. See California Financial Code 8
(2) Made to any state or federal prosecuting or investigatory agency or authority.
(3) Made to any state, federal, or foreign (other nation) financial institutions regulatory agency that has a direct regulatory interest in the licensee.
(4) Made to any state or federal taxing agency.
(5) Made as otherwise required by law.
(6) Made as otherwise authorized by the commissioner in writing.
(b) Any director, officer, employee, attorney, accountant, or consultant that discloses confidential information in a manner other than allowed by this section shall be liable for a civil penalty not to exceed fifty thousand dollars ($50,000). The commissioner may impose a penalty under this section in accordance with the procedures set forth in Section 329.
(c) The prohibition set forth in subdivision (a) shall not apply to any discussion, analysis, or other use of confidential information provided by the commissioner that occurs between directors, officers, employees, attorneys, accountants, or consultants of the licensee.
(Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.)