1. (1) Each living trust representative shall make and keep all books and records relating to the representative's offering and sales of living trusts, including, but not limited to, the following:

   1. (a) each written agreement (or copy thereof) entered into by the living trust representative with a client;
   2. (b) a complaint file containing each written customer or client complaint, the action taken by the living trust representative with respect to each complaint, and all documents related to the complaint;
   3. (c) a litigation file documenting each criminal or civil action filed in a state or federal court against the living trust representative, and the disposition of any such action;
   4. (d) a correspondence file containing all correspondence to and received from the public; and
   5. (e) a file containing a copy of all letters of solicitation to clients with whom a living trust agreement is executed.
2. (2) Records made and kept pursuant to (1) shall be maintained and preserved for a period of at least 5 years.
3. (3) The state auditor may copy records made, kept, or preserved pursuant to (1) or require a living trust representative to copy those records and provide the copies to the state auditor.
4. (4) A living trust representative may make and keep records required to be made and kept by (1) on a computer, microform, or other electronic data storage system if the records can be immediately produced in document form.

Authorizing statute(s): Sec. 30-10-905, MCA

Implementing statute(s): Sec. 30-10-905, MCA

History: NEW, 1997 MAR p. 1917, Eff. 10/21/97.