Arkansas Code
Subchapter 5 - Fair Mortgage Lending Act
§ 23-39-512. Public inspection of records — Exceptions

(a)
(1) Unless otherwise specified in this section, all information filed with the Securities Commissioner shall be available for public inspection.
(2) The information contained in or filed with any application or report may be made available to the public under any rules the commissioner prescribes that are consistent with state or federal law governing the disclosure of public information.

(b) Except for reasonably segregable portions of information and records that by law would be made routinely available to a party in litigation with the commissioner, the commissioner shall not publish or make available the following information:
(1) Information contained in reports, summaries, analyses, letters, or memoranda arising out of, in anticipation of, or in connection with an examination or inspection of the books and records of any person or any other investigation;
(2) Interagency or intra-agency memoranda or letters, including:
(A) Generally, records that reflect discussions between or consideration by the commissioner or members of the staff of the State Securities Department or the staff of the Department of Commerce working for the State Securities Department, or both, of any action taken or proposed to be taken by the commissioner or by any members of the staff of the State Securities Department or the staff of the Department of Commerce working for the State Securities Department; and
(B) Specifically, reports, summaries, analyses, conclusions, or any other work product of the commissioner or of attorneys, accountants, analysts, or other members of the commissioner's staff, prepared in the course of an inspection of the books or records of any person whose affairs are regulated by the commissioner or prepared otherwise in the course of an examination or investigation or related litigation conducted by or on behalf of the commissioner;

(3) Personnel and medical files and similar files the disclosure of which would constitute a clearly unwarranted invasion of personal privacy, including:
(A) Information concerning all employees of the State Securities Department or the Department of Commerce working for the State Securities Department and information concerning persons subject to regulation by the State Securities Department; and
(B) Personal information about employees of mortgage brokers, mortgage bankers, mortgage servicers, loan officers, or transitional loan officers reported to the commissioner under the State Securities Department's rules concerning registration of those persons;

(4)
(A) Investigatory records compiled for law enforcement purposes to the extent that production of the records would:
(i) Interfere with enforcement proceedings;
(ii) Deprive a person of a right to a fair trial or an impartial adjudication; or
(iii) Disclose the identity of a confidential source.

(B) The commissioner may also withhold investigatory records that would:
(i) Constitute an unwarranted invasion of personal privacy;
(ii) Disclose investigative techniques and procedures; or
(iii) Endanger the life or physical safety of law enforcement personnel.

(C) Investigatory records under this section include:
(i) All documents, records, transcripts, correspondence, and related memoranda and work products concerning examinations and other investigations and related litigation as authorized by law that pertain to or may disclose the possible violations by any person of any provision of any of the statutes or rules administered by the commissioner; and
(ii) All written communications from or to any person confidentially complaining or otherwise furnishing information respecting the possible violations, as well as all correspondence and memoranda in connection with the confidential complaints or information;

(5) Information contained in or related to examinations, operating, or condition reports prepared by, on behalf of, or for the use of an agency responsible for the regulation or supervision of financial institutions or mortgage lenders;
(6)
(A) Financial records of mortgage bankers, mortgage brokers, mortgage servicers, loan officers, or transitional loan officers, obtained during or as a result of an examination by the State Securities Department.
(B) However, when a record under this subchapter is required to be filed with the commissioner as part of an application for license, annual renewal, or otherwise, the record, including financial statements prepared by certified public accountants, shall be public information unless sections of the information are bound separately and are marked “confidential” by the mortgage banker, mortgage broker, mortgage servicer, loan officer, or transitional loan officer upon its submission.
(C) Information under subdivision (6)(B) of this section bound separately and marked “confidential” shall be considered nonpublic until ten (10) days after the commissioner has given the mortgage banker, mortgage broker, mortgage servicer, loan officer, or transitional loan officer notice that an order will be entered declaring the material public.
(D) If the mortgage banker, mortgage broker, mortgage servicer, loan officer, or transitional loan officer believes the commissioner's order is incorrect, the mortgage banker, mortgage broker, mortgage servicer, loan officer, or transitional loan officer may seek an injunction from the Pulaski County Circuit Court ordering the State Securities Department to hold the information as nonpublic pending a final order from a court of competent jurisdiction if the order of the commissioner is appealed under applicable law;

(7) Trade secrets obtained from any person; or
(8) Any other records that are required to be closed to the public and are not considered open to public inspection under the Freedom of Information Act of 1967, § 25-19-101 et seq., or under other law.

(c) This section does not prevent the commissioner from sharing with other state or federal law enforcement authorities, regulatory authorities, or self-regulatory organizations authorized by law any information that the commissioner may have or may obtain in aid of the enforcement of this subchapter or any other state or federal law.
(d)
(1) Except as otherwise provided in this subchapter, the requirements of any federal or state law regarding privacy or confidentiality of any information or material provided to an automated licensing system under this subchapter and any privilege arising under federal or state law, including the rules of any federal or state court with respect to the information or material, shall continue to apply to the information or material after the information or material has been disclosed to the automated licensing system.
(2) The information or material provided to an automated licensing system under this subchapter may be shared with a state or federal regulatory official with mortgage industry oversight authority without the loss of privilege or the loss of confidentiality protections provided by federal or state law.