Section 397-B:4-a Record Keeping.
I. A registrant shall keep and use business records in such form and at such location as the commissioner shall by rule determine. The records shall enable the commissioner to determine whether the registrant is complying with the provisions of this chapter, any rules adopted under it, and any other law, rule, or regulation applicable to the conduct of the business for which it is registered under this chapter. The rules may contain provisions for records to be recorded, copied, or reproduced by any process which accurately reproduces or forms a durable medium for reproducing the original record or document, or in any other form or manner authorized by the commissioner. Nothing in this section shall be construed to permit any registrant to destroy original records or documents. Each registrant shall preserve all such business records for as long a period as the commissioner shall prescribe by rule.
II. If the commissioner or examiner finds any business records to be inadequate, or kept or posted in a manner not in accordance with generally accepted accounting principles, the commissioner may employ experts to reconstruct, rewrite, post, or balance them at the expense of the person being examined if such person has failed to maintain, complete, or correct such business records after the commissioner or examiner has given him or her written notice and a reasonable opportunity to do so.
III. Each registrant shall file, under oath, an annual report with the banking department on or before March 31 each year concerning operations for the preceding year or registration period ending December 31 upon the form prescribed by the banking department. Any mortgage servicing company failing to file the annual report required by this section within the time prescribed may be required to pay to the department a penalty of $25 for each calendar day the annual report is overdue up to a maximum penalty of $2,500 per report.
Source. 2004, 139:23, eff. July 23, 2004. 2008, 205:29, eff. Aug. 15, 2008.