35-7-49 - Confidentiality of information obtained in loan processing. - Mississippi Statutes

§ 35-7-49. Confidentiality of information obtained in loan processing.
 

All personal information, including financial and credit information, provided to the board for the purpose of obtaining and servicing a loan, shall be held in strict confidence by the board, and used only by the board and its authorized employees for the purpose of processing and servicing the subject loan. Release of any information on an applicant or borrower outside of the board shall be only by proper legal subpoena or by the written consent of the individual involved. The intent is to protect the privacy of individual citizens/veterans and to provide complete candor in loan processing and related business matters. This section is not intended to apply to communication with the credit and financial community on credit evaluation and loan servicing. Also, it is not intended to prevent the disclosure of information in the process of negotiating a settlement by a third party when a loan is in default or otherwise in violation of this law. 
 

Sources: Laws,  1987, ch. 425, § 19, eff from and after May 1, 1987.