Oregon Administrative Rules
Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION
Division 850 - MORTGAGE LENDING GENERAL PROVISIONS
Section 441-850-0035 - Records and Reports Retention Period
Universal Citation: OR Admin Rules 441-850-0035
Current through Register Vol. 63, No. 9, September 1, 2024
(1) All books and records required under the provisions of ORS 86A.095 through 86A.189 and OAR chapter 441, divisions 850 to 885 shall be maintained for a five year period beginning from the date of a residential mortgage loan is closed, denied or withdrawn:
(a) At the principal place of business as
designated by the mortgage banker or mortgage broker;
(b) At the branch office of the mortgage
banker or mortgage broker if the mortgage banker or mortgage broker provides
notice to the director; or
(c) At a
remote storage location if the file is more than six months old, the mortgage
broker or banker provides notice to the director, and the mortgage broker or
banker institutes an archiving system which provides for identification of the
off site file drawer, box or storage container and exact location.
(2) An electronically produced or microphotographic duplicate of each document may be substituted for the original document at any time.
Stat. Auth.: ORS 86A.112
Stats. Implemented: ORS 86A.112
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