NAC645B.077. Retention and maintenance of certain records.

     1. The mortgage broker shall retain records of all his or her completed mortgage transactions for a period of at least 4 years after the date of the last activity relating to the transaction. Except as otherwise provided in this subsection, after a record has been retained 1 year or longer, the mortgage broker may cause the record to be reproduced by the microphotographic process, optical disc imaging or any other equivalent technique designed to ensure an accurate reproduction of the original record. The Commissioner may, for good cause, allow the mortgage broker to reproduce and store a record by electronic means at any time so long as the mortgage broker retains a hard copy that is accessible by the Commissioner for 1 year after the closing date of the loan. A record reproduced as authorized by this section must be considered by the Commissioner to be the same as the original record. Upon completion of the reproduction of a record as authorized by this section, the original of the record may be destroyed.

     2. The mortgage broker shall retain applications for mortgages that were denied or withdrawn for a period of at least 1 year or as otherwise required by federal law.

     3. The mortgage broker shall maintain the records of completed mortgage transactions at the location at which the loan was made for at least 1 year after the date of closing of the loan. After the expiration of the 1-year period required pursuant to this subsection, any such record may be maintained for the minimum period prescribed in subsection 1 at another location if the record can be provided not later than 24 hours after a request for the record. The Commissioner may, for good cause shown, allow a longer period to provide records.

     (Added to NAC by Comm’r of Financial Institutions by R045-00, eff. 9-5-2000; A by Comm’r of Mortgage Lending by R087-04, 8-31-2004; R058-08, 4-23-2009)