2006 Utah Code - 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 any record 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) until the later of four 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 residential mortgage loan is closed.
     (3) A licensee shall:
     (a) make available to the division for inspection during normal business hours all records required to be maintained under this chapter; and
     (b) upon reasonable notice from the division to a licensee, produce all records described in Subsection (3)(a) that are related to an investigation being conducted by the division at the division office for inspection and copying by the division.
     (4) A licensed entity shall maintain and produce for inspection by the division a current list of all individuals whose licenses are affiliated with the entity.

Amended by Chapter 297, 2004 General Session