7-1-802. Confidentiality of information received by department — Availability of information.
(1)
The commissioner shall receive and place on file in the department’s office all reports required by law and shall certify all reports required to be published.
Terms Used In Utah Code 7-1-802
Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
Department: means the Department of Financial Institutions. See Utah Code 7-1-103
Depository institution: means a bank, savings and loan association, savings bank, industrial bank, credit union, or other institution that:
(a)
holds or receives deposits, savings, or share accounts;
(b)
issues certificates of deposit; or
(c)
provides to its customers other depository accounts that are subject to withdrawal by checks, drafts, or other instruments or by electronic means to effect third party payments. See Utah Code 7-1-103
Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
Technology service provider: means a person that provides a data processing service or activity that supports the financial services or Internet related services of a depository institution subject to the jurisdiction of the department, including supporting:
(a)
lending;
(b)
money transfers;
(c)
fiduciary activities;
(d)
trading activities;
(e)
deposit taking;
(f)
web services and electronic bill payments;
(g)
mobile applications;
(h)
system and software development and maintenance; and
proprietary information, business plans, and personal financial information; and
(ii)
information for which:
(A)
the applicant requests confidentiality; and
(B)
the commissioner grants the request for confidentiality.
(4)
The department may disclose records and information that are not public to the following:
(a)
to an agency or authority:
(i)
that regulates:
(A)
the subject of the record; or
(B)
an affiliate of the subject of the record, as defined by the commissioner by rule; and
(ii)
is of:
(A)
the federal government;
(B)
the state; or
(C)
another state;
(b)
to a federal deposit insurance agency;
(c)
to an official legally authorized to investigate criminal charges in connection with the affairs of the subject of the record, and to any tribunal conducting legal proceedings resulting from such an investigation;
to any other person, if the commissioner determines, after notice to the institution or person that is the subject of the record and opportunity for hearing, that the interests favoring disclosure of the information outweigh the interests favoring confidentiality of the information; and
The commissioner may limit the use and further disclosure of any information disclosed under Subsection (4):
(a)
to protect the business confidentiality interest of the subject of the record; and
(b)
to protect the public interest, such as to avoid:
(i)
a liquidity crisis in a depository institution; or
(ii)
undue speculation in securities or currency markets.
(6)
The department shall disclose information in the manner and to the extent directed by a court order signed by a judge from a court of competent jurisdiction if:
(a)
the disclosure does not violate applicable federal or state law;
(b)
the information to be disclosed deals with a matter in controversy over which the court has jurisdiction;
(c)
the person requesting the order has provided reasonable prior written notice to the commissioner;
(d)
the court has considered the merits of the request for disclosure and has determined that the interests favoring disclosure of the information outweigh the interests favoring confidentiality of the information; and
(e)
the court has appropriately limited the use and further disclosure of the information:
(i)
to protect the business confidentiality interest of the subject of the record; and
(ii)
to protect the public interest, such as to avoid:
(A)
a liquidity crisis in a depository institution; or
(B)
undue speculation in securities or currency markets.
(7)
Notwithstanding the other provisions of this section, the commissioner may provide information from a report of an examination performed by the commissioner of the condition and affairs of a technology service provider to a depository institution serviced by the technology service provider.
