61-2c-302 - Record requirements.
61-2c-302. Record requirements.
(1) For the time period specified in Subsection (2), a licensee shall make or possess anyrecord required for that licensee by a rule made by the division.
(2) A licensee shall maintain in its possession a record described in Subsection (1) forfour years from the last to occur of the following:
(a) the final entry on a residential mortgage loan is made by that licensee;
(b) if the residential mortgage loan is serviced by the licensee:
(i) the residential mortgage loan is paid in full; or
(ii) the licensee ceases to service the residential mortgage loan; or
(c) if the residential mortgage loan is not serviced by the licensee, the residentialmortgage loan is closed.
(3) A licensee shall:
(a) make available to the division for inspection and copying during normal businesshours all records required to be maintained under this chapter; and
(b) upon reasonable notice from the division to a licensee, produce all records describedin Subsection (3)(a) that are related to an investigation being conducted by the division at thedivision office for inspection and copying by the division.
(4) A licensee who is an entity shall maintain and produce for inspection by the divisiona current list of all individuals whose licenses are sponsored by the entity.
(5) (a) A licensee who engages in an activity as a mortgage loan originator shall maintaina report of condition submitted to the nationwide database as required by 12 U.S.C. Sec. 5104(e)for at least four years from the day on which the licensee submits the report of condition to thenationwide database.
(b) Upon request by the division, a mortgage loan originator shall produce a report ofcondition for inspection by the division.
Amended by Chapter 379, 2010 General Session