(815 ILCS 121/155)

Sec. 155. Information sharing. In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing:

(1) Except as otherwise provided in any federal law or State law regarding the privacy or confidentiality of any information or material provided to the Nationwide Mortgage Licensing System and Registry, any privilege arising under federal or State law, including the rules of any federal or State court, with respect to such information or material shall continue to apply to information or material after the information or material has been disclosed to the Nationwide Mortgage Licensing System and Registry. The information and material may be shared with all State and federal regulatory officials with relevant oversight authority without the loss of privilege or the loss of confidentiality protections provided by federal law or State law.

(2) The Secretary is authorized to enter into agreements or sharing arrangements with other governmental agencies, the Conference of State Bank Supervisors, or other associations representing governmental agencies as established by rule or order of the Department. The sharing of confidential supervisory information or any information or material described in paragraph (1) pursuant to an agreement or sharing arrangement shall not result in the loss of privilege or the loss of confidentiality protections provided by federal law or State law.

(3) Information or material that is subject to a privilege or confidentiality under paragraph (1) shall not be subject to the following:

(A) disclosure under any State law governing the disclosure to the public of information held by an officer or an agency of the State; or

(B) subpoena, discovery, or admission into evidence in any private civil action or administrative process, unless with respect to any privilege held by the Nationwide Mortgage Licensing System and Registry with respect to the information or material, the person to whom such information or material pertains waives, in whole or in part, in the discretion of that person, that privilege.

(4) Any other law relating to the disclosure of confidential supervisory information or any information or material described in paragraph (1) that is inconsistent with paragraph (1) shall be superseded by the requirements of this Section to the extent the other law provides less confidentiality or a weaker privilege.

(Source: P.A. 102-987, eff. 5-27-22.)