Ask Reggi Your Question Now
Can you summarize NDCC Chapter 6-08.1?
Banks and Banking > Disclosure of Customer Information
Short Summary
This legal document governs the disclosure of customer information by financial institutions in North Dakota. It applies to financial institutions, officers, employees, agents, financial institution regulatory agencies, customer reporting agencies, industrial commission, governmental agencies, law enforcement agencies, licensees, agriculture commissioner, financial institutions or other entities under common control, and the disciplinary board of the North Dakota supreme court or another state’s authority with responsibility for enforcing rules of professional conduct for lawyers. The document provides exemptions for various circumstances, including the disclosure of necessary customer information for preparation, examination, handling, or maintenance of customer information, disclosures to regulatory agencies, publication of data that cannot be identified to any particular customer or account, acts required by the financial institution under the Internal Revenue Code, disclosures permitted under the Uniform Commercial Code, exchange of necessary customer credit information, release of certain information by the industrial commission, disclosures for licensing purposes with prior consent, disclosures with a search warrant or subpoena, disclosures to the agriculture commissioner regarding the availability of the North Dakota mediation service, disclosures to other financial institutions or entities under common control, disclosures under the federal Financial Services Modernization Act of 1999, and disclosures to the disciplinary board or another state’s authority regarding dishonor of an instrument issued against a trust account maintained by an attorney or law firm. No specific penalties are mentioned in this document.
Whom does it apply to?
Financial institutions, officers, employees, agents, financial institution regulatory agencies, customer reporting agencies, industrial commission, governmental agencies, law enforcement agencies, licensees, agriculture commissioner, financial institutions or other entities under common control, and the disciplinary board of the North Dakota supreme court or another state's authority with responsibility for enforcing rules of professional conduct for lawyers
What does it govern?
Disclosure of customer information by financial institutions
What are exemptions?
The document provides exemptions for various circumstances, including the disclosure of necessary customer information for preparation, examination, handling, or maintenance of customer information, disclosures to regulatory agencies, publication of data that cannot be identified to any particular customer or account, acts required by the financial institution under the Internal Revenue Code, disclosures permitted under the Uniform Commercial Code, exchange of necessary customer credit information, release of certain information by the industrial commission, disclosures for licensing purposes with prior consent, disclosures with a search warrant or subpoena, disclosures to the agriculture commissioner regarding the availability of the North Dakota mediation service, disclosures to other financial institutions or entities under common control, disclosures under the federal Financial Services Modernization Act of 1999, and disclosures to the disciplinary board or another state's authority regarding dishonor of an instrument issued against a trust account maintained by an attorney or law firm
What are the Penalties?
No specific penalties are mentioned in this document
Jurisdiction
North Dakota