(a) A “financial institution,” as defined in § 45-19-101(e), or any financial institution's contractor that may process any records pursuant to this chapter, shall be absolutely immune from any civil or criminal liability under common law or under any contract, statute or regulation for:

(1) The disclosure of any information pursuant to this part, for the escrow, encumbrance, seizure or surrender of any assets held by the financial institution in response to a notice of lien or levy issued by any state child support enforcement agency or its contractors or agents, or for disclosing any records to the federal parent locator service as may be required by this part or for any action taken in good faith to comply with the requirements of this part;

(2) Subject to subsection (b), any erroneous disclosure, encumbrance, seizure or surrender made in a good faith effort to comply with the requirements of this part; or

(3) Subject to subsection (b), any good faith failure to effect, or good faith delay in effecting, a disclosure, encumbrance, seizure or surrender in compliance with the requirements of this part, if the failure or delay results from an error or from events beyond the control of the financial institution.

(b) Subdivisions (a)(2) and (3) shall apply to erroneous acts or failures to act only if the error from which the act or failure results is an unintentional bona fide error, including, but not limited to, a clerical or computer malfunction or programming error. In the event of an erroneous act under subdivision (a)(2) or an erroneous or other failure to act under subdivision (a)(3), the financial institution shall, upon discovery thereof, exercise the diligence that the circumstances require.