Summer Regulatory Summit eBook

NMLS Terms of Use

Section 14. (A) Applicant Data, Examination Data, and Complaint Data owned by State Agency will be treated by State Agency in accordance with its respective state privacy and public information laws. * * * If State Agency receives a public information request seeking Shared Information that is not owned by State Agency (as provided for in Section 4) State Agency will, to the extent permitted by State Agency's public information laws and 12 U.S.C 5111, either refuse to release the Shared Information that it does not own or notify the other state agencies whose data is subject to the request about the request so that the other state agency may seek a court order enjoining the release of the data if such release would violate the other states' law.

Protecting Data

• Data you own is subject to your state’s laws • Data you do not own but access via NMLS is subject to the providing state’s law • The SAFE Act preempts any state law that would require the state to share information it accessed via NMLS but does not own

Users Guide to SAFE Act and NMLS Confidentiality • Your state law applies to data you own

• The providing state’s law applies to data you access but do not own • If a request for another state’s data is submitted, you are obligated to: • Refuse disclosure of data accessed but not owned, or • Notify the other state agencies so that the other state agency may seek a court order enjoining the release of the data based on the providing state’s law • Your data is safe in the hands of other states because their laws are preempted if they are not as strong as your laws.