6.1-237.1 - (Repealed effective October 1, 2010) Retention of books, accounts and records. - Virginia Statutes

§ 6.1-237.1. (Repealed effective October 1, 2010) Retention of books,accounts and records.

A. Every association shall maintain in its offices such books, accounts andrecords as the Commission may reasonably require in order to determinewhether such association is complying with the provisions of this chapter andrules and regulations adopted in furtherance thereof. Such books, accountsand records as relate to the mortgage lending or mortgage brokering businessof the association shall be maintained separate from any other business inwhich the association is involved.

B. When acting as a mortgage lender, the association shall retain for atleast three years after final payment is made on any mortgage loan or themortgage loan is sold, whichever first occurs, copies of the note, settlementstatement, truth-in-lending disclosure, and such other papers or recordsrelating to the loan as may be required by rule or regulation. When actingas a mortgage broker, the association shall retain for at least three yearsafter the mortgage loan is made the original contract for its compensation, acopy of the settlement statement, an account of fees received in connectionwith the loan, and such other papers and records as may be required by ruleor regulation.

(1993, c. 419.)