533.325 - CONFIDENTIALITY OF STATE CREDIT UNION INFORMATION.
533.325 CONFIDENTIALITY OF STATE CREDIT UNION INFORMATION. 1. The directors, officers, committee members, and employees of a state credit union shall hold in confidence all information regarding transactions of the state credit union, including information regarding transactions with its members and their personal affairs, except to the extent necessary in connection with making, extending, or collecting a loan or line of credit, guaranteeing of member share drafts by third parties, or complying with the examination of credit union records by regulatory authorities or compliance with an order from a court having jurisdiction over the state credit union. 2. The board of directors may authorize participation of a state credit union in a credit or consumer reporting agency if the board has determined that use of such an agency is essential in making and extending a loan or line of credit, or guaranteeing member share drafts, and that information supplied by the state credit union to such agency will be made available only to legitimate members of that agency having a legitimate business need for the information in connection with a business transaction involving the state credit union.
Section History: Recent Form 2007 Acts, ch 174, §56