7-22-106 - Accounts to be maintained -- Records open to inspection -- Retention of records. - Utah Statutes

7-22-106. Accounts to be maintained -- Records open to inspection -- Retention ofrecords.
(1) Each escrow agent shall maintain in its main office sufficient books, accounts, andrecords for the department to determine at any time the escrow agent's financial condition, whatduties and responsibilities the escrow agent has undertaken to perform and whether it is properlyperforming all such duties, and any other information considered necessary to determine whetherthe escrow agent is operating in a safe, competent, and lawful manner. The books, accounts, andrecords shall be maintained in accordance with generally accepted accounting principles and goodbusiness practice.
(2) For each individual escrow account, the escrow agent shall maintain the escrowagreement and all amendments, all instructions affecting the agreement, all relatedcorrespondence, and an individual ledger reflecting all activity pertinent to that account.
(3) Each escrow agent shall continuously maintain the following general accounts:
(a) a general ledger reflecting assets, liabilities, income, expense, and equity accounts;
(b) an escrow liability control ledger for all escrow accounts;
(c) a cash receipts and disbursements journal; and
(d) copies of all receipts and disbursements used as a medium of posting to individualescrow accounts.
(4) The records referred to in this section shall be reconciled at least monthly.
(5) All records pertaining to individual escrow accounts in Subsection (2) shall bemaintained by the escrow agent for six years following the close of each account. All recordsrelating to general accounts required in Subsection (3) shall be maintained for six years after theend of the fiscal year to which they relate.

Enacted by Chapter 133, 1991 General Session