Nev. Admin. Code § 645B.077 - Retention and maintenance of certain records

1. The mortgage company 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.

2. The mortgage company shall retain applications for mortgages that were denied or withdrawn for a period of at least 1 year or as otherwise required by federal law.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 company may maintain in an electronic format the records required to be maintained by this section if:

(a) The records are maintained and made available to the Commissioner or his or her designee in a software format that allows the Commissioner or his or her designee complete access to all records;

(b) The mortgage company ensures that the Commissioner or his or her designee has the ability to download and print, from all office locations of the mortgage company, any or all of the records maintained in electronic format;

(c) The mortgage company provides, within 24 hours after a request for a record and in printed form, any or all of the records maintained in an electronic format upon request of the Commissioner or his or her designee; and

(d) The records are maintained on a medium that:

(1) Is not erasable;

(2) Does not allow changes to a document stored on the medium;

(3) Is consistent with the minimum standards of quality approved by the National Institute of Standards and Technology of the United States Department of Commerce or the Association for Intelligent Information Management; and

(4) Contains written authentication identifying the electronic record as an exact, unaltered copy of the document which the record purports to be.

Notes

Nev. Admin. Code § 645B.077

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; A by R125-16A, eff. 1/27/2017; A by R119-19A, eff. 11/9/2023

NRS 645B.060, 645B.080