- A. A licensee shall maintain in its licensed offices all books, accounts, and records required by Chapter 16 and this chapter.
- B. A licensee may maintain records electronically provided (i) the records are readily available for examination by the bureau and (ii) the licensee complies with the Uniform Electronic Transactions Act (§ 59.1-479 et seq. of the Code of Virginia) and the Electronic Signatures in Global and National Commerce Act (15 USC § 7001 et seq.). However, the written agreement specified in § 6.2-1616 B 4 of the Code of Virginia shall be maintained in the form in which it was originally provided and executed.
C. A licensee shall continuously maintain a mortgage loan transaction journal that includes the following information for each application received:
- 1. Applicant's name.
- 2. Application date.
- 3. Property address.
- 4. Loan amount.
- 5. Lien position.
- 6. Mortgage loan originator (licensed name).
- 7. Mortgage loan originator (license or Registry number).
- 8. Address of originating office.
- 9. Name of lender (if applicable).
- 10. Application status (e.g., in process, withdrawn, denied, closed).
- 11. Any other information reasonably required by the commissioner.
- D. If a licensee disposes of records containing a consumer's personal or financial information following the expiration of any applicable record retention periods, such records shall be shredded, incinerated, or otherwise disposed of in a secure manner. Licensees may arrange for service from a business record destruction vendor.
Statutory Authority
§§ 6.2-1613 and 12.1-13 of the Code of Virginia.
Historical Notes
Derived from Virginia Register Volume 33, Issue 18, eff. May 15, 2017.