(a) Subject to § 8-704.1 of the Natural Resources Article and subsection (b) of this section, a custodian may not knowingly disclose a public record of the Department of Natural Resources containing personal information about the owner of a registered vessel.

(b) A custodian shall disclose personal information about the owner of a registered vessel for use in the normal course of business activity by a financial institution, as defined in § 1-101(i) of the Financial Institutions Article, its agents, employees, or contractors, but only:

(1) to verify the accuracy of personal information submitted by the individual to that financial institution; and

(2) if the information submitted is not accurate, to obtain correct information only for the purpose of:

(i) preventing fraud by the individual;

(ii) pursuing legal remedies against the individual; or

(iii) recovering on a debt or security interest against the individual.