32-9-121. Records maintenance -- advertising requirement.
32-9-121. Records maintenance -- advertising requirement. (1) Licensees shall maintain books, accounts, records, and copies of residential mortgage loan files and trust account or escrow account records that are necessary to enable the department to determine whether a licensee is in compliance with the applicable laws and rules. The materials must be maintained in accordance with generally accepted accounting principles and good business practices. Each office location must have at least one phone line. Whenever a licensee's usual business location is outside of this state the licensee shall, at its election, either maintain its books and records at a location in this state or reimburse the department for expenses incurred, including but not limited to staff time, transportation, food, and lodging expenses, relating to an examination or investigation under this part.
(2) A mortgage broker or mortgage lender shall maintain a residential mortgage file for a minimum of 5 years from the date of the last activity pertaining to the file. A mortgage broker or mortgage lender shall maintain trust account or escrow account records for a minimum of 5 years.
(3) (a) In any printed, published, e-mail, or internet advertisement for the provision of services, the following information must be included:
(i) a name and license number for each mortgage broker, mortgage lender, or mortgage loan originator advertising as an individual; or
(ii) the name and license number only of the licensed entity when the licensed entity is advertising on its own behalf or as an entity with one or more mortgage brokers, mortgage lenders, or mortgage loan originators also listed.
(b) For the purposes of this subsection (3), advertising does not include stationery or business forms but does include business cards. A business card must include a mortgage broker's, a mortgage lender's, or a mortgage loan originator's license number but is not required to list the entity's license number if the entity's name is listed.
History: En. Sec. 13, Ch. 516, L. 2003; amd. Sec. 3, Ch. 136, L. 2005; amd. Sec. 7, Ch. 498, L. 2007; amd. Sec. 19, Ch. 321, L. 2009.