1.    Materials and data submitted to, or made or received by, the authority, to the extent that the authority determines the materials or data consist of trade secrets or commercial, financial, or proprietary information of individuals or entities applying to or contracting with the authority or receiving authority services under this chapter are subject to section 44-04-18.4.

2.    A person or entity must file a request with the authority to have material designated as confidential under subsection 1. The request must contain any information required by the authority, and must include at least:

a.    A general description of the nature of the information sought to be protected.

b.    An explanation of why the information derives independent economic value, actual or potential, from not being generally known to other persons.

     c.    An explanation of why the information is not readily ascertainable by proper means by other persons.

d.    A general description of any person or entity that may obtain economic value from disclosure or use of the information and how the person or entity may obtain this value.

e.    A description of the efforts used to maintain the secrecy of the information. f.    The fact that a request has been made is exempt.

3.    The information submitted pursuant to subsection 2 is confidential. The authority shall examine the request and determine whether the information is relevant to the matter at hand and is a trade secret under the definition in section 47-25.1-01 or 44-04-18.4. If the authority determines the information is either not relevant or not a trade secret, the authority shall notify the requester and the requester may ask for the return of the information and request within ten days of the notice. If no return is sought, the information and request are a public record.