6.1-417 - (Repealed effective October 1, 2010) Retention of books, accounts and records.
§ 6.1-417. (Repealed effective October 1, 2010) Retention of books, accountsand records.
A. Every lender or broker required to be licensed under this chapter shallmaintain in its licensed offices such books, accounts and records as theCommission may reasonably require in order to determine whether such lenderor broker is complying with the provisions of this chapter and rules andregulations adopted in furtherance thereof. Such books, accounts and recordsshall be maintained apart and separate from any other business in which thelender or broker is involved.
B. Each mortgage lender required to be licensed under this chapter shallretain for at least three years after final payment is made on any mortgageloan or the mortgage loan is sold, whichever first occurs, copies of thenote, settlement statement, truth-in-lending disclosure and such other papersor records relating to the loan as may be required by rule or regulation.Each mortgage broker required to be licensed under this chapter shall retainfor at least three years after a mortgage loan is made the original contractfor his compensation, a copy of the settlement statement, and an account offees received in connection with the loan, and such other papers or recordsas may be required by rule or regulation.
(1987, c. 596; 1995, c. 62.)