Utah Administrative Code
Topic - Commerce
Title R162 - Real Estate
Rule R162-2c - Utah Residential Mortgage Practices and Licensing Rules
Section R162-2c-302 - Requirements for the Security, Retention, and Disposal of Records and Customer Information
Universal Citation: UT Admin Code R 162-2c-302
Current through Bulletin 2024-18, September 15, 2024
(1)
(a) An entity licensed under the Utah
Residential Mortgage Practices Act shall maintain and safeguard for the period
set forth in Section
61-2c-302 the following records
and customer information:
(i) application
forms, which include:
(A) the initial 1003
form, signed and dated by the loan originator; and
(B) the final 1003 form, signed and dated by
the loan originator;
(ii) disclosure forms;
(iii) truth-in-lending forms;
(iv) credit reports and the explanations
therefor;
(v) conversation
logs;
(vi) verifications of
employment, paycheck stubs, and tax returns;
(vii) proof of legal residency, if
applicable;
(viii) appraisals,
appraisal addenda, and records of communications between the appraiser and the
registrant, licensee, and lender;
(ix) underwriter denials;
(x) notices of adverse action;
(xi) loan approval;
(xii) name and contact information for the
borrower in the transaction;
(xiii)
pre-qualification and pre-approval letters;
(xiv) other records required by underwriters
involved with the transaction or provided to a lender; and
(xv) customer information acquired in the
application or lending process.
(b) Records may be maintained electronically
if the storage system complies with Title 46 Chapter 04, Utah Uniform
Electronic Transactions Act.
(c) A
licensed entity shall make each record available to the division pursuant to
Subsection
61-2c-302(3).
(d) An individual who terminates sponsorship
with an entity shall turn over to the entity any records and customer
information in the individual's possession when the sponsorship is
terminated.
(2) A person who disposes of records and customer information at the end of the retention period shall destroy the records and customer information, including any personal information by shredding, erasing, or otherwise making the information indecipherable.
(3)
(a) If a licensed entity is actively engaged
in the business of residential mortgage loans, the PLM is responsible for
proper retention, maintenance, safeguarding, and disposal of records and
customer information.
(b) If a
licensed entity stops doing business in Utah, the control persons as of its
last day of operation are responsible for proper retention, maintenance,
safeguarding, and disposal of records and customer
information.
Disclaimer: These regulations may not be the most recent version. Utah may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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