2011 Kentucky Revised Statutes Subtitle 8. Mortgage Loan Companies and Brokers 286.8.160 Records to be kept by company -- Filing of financial report and correcting amendment -- Requirements if business discontinued -- Location of records -- Request for destruction of records.
KY Rev Stat § 286.8.160 (1996 through Reg Sess) What's This?
286.8-160 Records to be kept by company -- Filing of financial report and
correcting amendment -- Requirements if business discontinued -- Location of
records -- Request for destruction of records.
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Every mortgage loan company and mortgage loan broker shall make and keep such
accounts, correspondence, memoranda, papers, books, data, and other records used
in the mortgage lending process as the commissioner prescribes, or that are required
by federal law.
The records governed in this subtitle shall be preserved for such time as the
commissioner may by rule or order require, not to exceed a period of five (5) years
after a mortgage loan application is completed, whether approved or rejected, or on
mortgage loans paid in full, whichever is longer. Records shall be held for longer
than five (5) years where federal law prescribes or supersedes this section.
Records required to be preserved under this subtitle may be kept in an electronic
retrievable format, or other similar form of medium, that is readily accessible to
examination, investigation, and inspection by the commissioner.
Every mortgage loan company and mortgage loan broker shall file financial reports
as the commissioner prescribes.
If the information contained in any document filed with the commissioner is or
becomes inaccurate or incomplete in any material respect, the person who filed the
document shall promptly file a correcting amendment.
Any person who ceases operating as a mortgage loan company or mortgage loan
broker under the provisions of this subtitle shall, prior to the discontinuance of
business in the residential mortgage lending process, notify the commissioner of the
physical location where the records required to be kept under this subtitle will be
preserved. The records shall be made accessible to the commissioner upon five (5)
business days' written notice.
Any person who ceases operating as a mortgage loan company or mortgage loan
broker under the provisions of this subtitle shall designate a custodian of records
and notify the commissioner of the name, physical address, electronic mail address,
and telephone number of the custodian of records. The custodian of records shall
preserve all records required under this subtitle and allow the commissioner access
to the records for examination and investigation upon demand.
Records may be maintained by a mortgage loan company or mortgage loan broker at
a location other than within this Commonwealth, so long as they are made
accessible to the commissioner upon five (5) business days' written notice.
The commissioner may approve a written request for the destruction of records
required to be preserved under this subtitle prior to the minimum retention period
described in subsection (2) of this section.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 781, effective July 15, 2010. -- Amended
2008 Ky. Acts ch. 175, sec. 13, effective April 24, 2008. -- Amended 1998 Ky. Acts
ch. 197, sec. 13, effective July 15, 1998. -- Amended 1986 Ky. Acts ch. 461, sec. 17,
effective July 15, 1986. -- Created 1980 Ky. Acts ch. 365, sec. 17, effective July 15,
1980.
Formerly codified as KRS 294.160.
Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts
ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the
Kentucky Financial Services Code, KRS Chapter 286.
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