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Can you summarize KYRS 286.3-470?
Banks and Trust Companies > Information obtained by examination to be confidential -- Exceptions -- Reports as evidence.
Short Summary
This provision states that reports of examination and related correspondence of a bank or trust company are considered confidential information. It prohibits the release of information contained in the examination, except in certain circumstances. These include when required in a legal proceeding with a subpoena and protective order, when referred to a prosecuting attorney for possible criminal proceedings, when released to outside persons providing professional services to the bank, or when released to outside persons for the purpose of evaluating the bank for possible acquisition. The department is allowed to exchange information and reports with other authorized state or federal regulatory authorities. Official reports and reports of examination are considered prima facie evidence of the stated facts in any action involving the department, bank, or trust company.
Whom does it apply to?
Officers, directors, employees of a bank or trust company, employees of the department, employees of state or federal regulatory authorities
What does it govern?
Reports of examination and correspondence related to the report of examination of a bank or trust company
What are exemptions?
1) Required in a proper legal proceeding with a subpoena and protective order issued by a court of competent jurisdiction, 2) Referred to an appropriate prosecuting attorney for possible criminal proceedings, 3) Released to outside persons providing professional services to the bank, 4) Released to outside persons for the purpose of evaluating the bank for possible acquisition
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Kentucky