The applications for license and contracts required by § 437-7 shall not be deemed a part of the public records but shall be confidential information for use of the treasurer and the motor vehicle industry licensing board. Whoever, except in a report to the treasurer or the board or when called on to testify in any court or proceeding, divulges any information contained in the applications and acquired by the official or employee in the official’s or employee’s capacity as an official or employee of the county treasurer’s office or of the board shall be fined not less than $50 nor more than $100.

Provided that the treasurer or the board may permit the inspection of any such applications by any other person upon being satisfied that the inspection is desired for some lawful and proper purpose.