1. (1) maintain and safeguard the following records to the extent the records relate to the business of a principal broker:

   1. (a) trust account records, including the monthly reconciliation of the trust account;
   2. (b) each document that a licensee affiliated with the principal broker submits to a lender or underwriter as part of a real estate transaction;
   3. (c) each document the parties to a transaction jointly execute, if the principal broker or an affiliated licensee is required to have an agency agreement; and
   4. (d) each document that a licensee, over whom the principal broker has supervisory responsibility in accordance with Subsection (1)(c), executes;

2. (2) maintain the records identified in Subsection (1):

   1. (a)

      1. (i) physically:

         1. (A) at the principal business location that the principal broker designates on division records; or
         2. (B) where applicable, at a branch office that the principal broker designates on division records; or
      2. (ii) electronically, in a storage system that complies with Title 46, Chapter 4, Uniform Electronic Transactions Act; and

   2. (b) for at least three calendar years after the year in which:

      1. (i) an offer is rejected;
      2. (ii) a transaction either closes or fails;
      3. (iii) in a lease transaction, a lease agreement commences; or
      4. (iv) the term of a property management agreement ends;
3. (3) upon request of the division, make a record identified in Subsection (1) available for inspection and copying by the division;
4. (4) notify the division, in writing within ten business days after the day on which the brokerage terminates business operations, of where the brokerage will maintain business records; and

5. (5) upon filing for brokerage bankruptcy, notify the division, in writing, of:

   1. (a) the brokerage bankruptcy filing; and
   2. (b) the current location of each record identified in Subsection (1).

Amended by Chapter 142, 2026 General Session