6.2-1609 - (Effective October 1, 2010) Retention of books, accounts and records. - Virginia Statutes

§ 6.2-1609. (Effective October 1, 2010) Retention of books, accounts andrecords.

A. Every mortgage lender or mortgage broker required to be licensed underthis chapter shall maintain in its offices such books, accounts, and recordsas the Commission may reasonably require in order to determine whether suchperson is complying with the provisions of this chapter and regulationsadopted hereunder. Such books, accounts, and records shall be maintainedapart and separate from any other business in which the mortgage lender ormortgage broker is involved.

B. Each mortgage lender required to be licensed under this chapter shallretain, for at least three years after final payment is made on any mortgageloan or the mortgage loan is sold, whichever first occurs, copies of thenote, settlement statement, truth-in-lending disclosure, and such otherpapers or records relating to the loan as may be required by regulation.

C. Each mortgage broker required to be licensed under this chapter shallretain for at least three years after a mortgage loan is made the originalcontract for his compensation, a copy of the settlement statement, and anaccount of fees received in connection with the loan, and such other papersor records as may be required by regulation.

(1987, c. 596, § 6.1-417; 1995, c. 62; 2010, c. 794.)