(a) A licensee shall retain for every loan the following documents for purposes of compliance with consumer reporting and loan underwriting standards:
- (1) Evidence that the payment performance of each borrower, on every loan made to that borrower, is being reported to one or more of the consumer reporting agencies in the United States under subdivision (f)(2) of Section 22370 of the Financial Code, and that each borrower is provided with the name of the consumer reporting agency or agencies to which the borrower's payment history will be reported to under subdivision (f)(3) of that same code section.
- (2) All evidence of loan underwriting under Section 22370, subdivision (f)(4), of the Financial Code, including a copy of any information obtained through electronic means or relied upon in underwriting the loan.
Note: Authority cited: Section 22150, Financial Code. Reference: Section 22370, Financial Code.
History
1. New subarticle 6 (sections 1610-1618) and section filed 7-17-2014; operative 7-17-2014 pursuant to Government Code section 11343.4(b)(3) (Register 2014, No. 29).