2013 Kentucky Revised Statutes CHAPTER 286 - KENTUCKY FINANCIAL SERVICES CODE Subtitle 8 - Mortgage Loan Companies and Brokers 8.8-160 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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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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