(1) Except as otherwise provided in this section or pursuant to federal law, all data, information, and records relating to the college savings program and the ABLE savings program are public records and are subject to inspection pursuant to the provisions of part 2 of article 72 of title 24, C.R.S.

(2) The following data, information, and records relating to the college savings program and the ABLE savings program shall be kept confidential by the authority, and the authority shall deny the right of access to or inspection of such data, information, and records except as provided in subsection (3) of this section:

(a) Data, information and records relating to designated beneficiaries and contributors to an individual trust account or savings account including any records that reveal personally identifiable information about such individuals; except that the authority may disclose such information to an account owner regarding his or her own account;

(b) Trade secrets and proprietary information regarding software, including programs and source codes, utilized or owned by the authority; and

(c) Marketing plans and the results of market surveys conducted by the authority.

(3) Notwithstanding the provisions of subsection (2) of this section, the authority may disclose and may provide the right of access to or inspection of any data, information, or records to agents or representatives of professionals with whom the authority has contracted, to the department of revenue, or to the state treasurer, or to other third parties if the account owner and designated beneficiary have consented in writing to such disclosure.

(4) No cause of action shall arise against a person for disclosing confidential information in violation of subsection (2) of this section unless the act or omission giving rise to the cause of action was intentional or grossly negligent.