N.J. Admin. Code § 3:18-5.3 - Location of books, records, accounts, and other documents pertaining to a business; records retention

Current through Register Vol. 54, No. 7, April 4, 2022

(a) Each business licensee shall notify the Department of the location where the books, records, accounts, foreclosure consultant agreements, filed and unfiled notices discharging of record, previously recorded foreclosure consultant agreements, and other business documents relating to its activity as a foreclosure consultant are stored and maintained as confidential in accordance with applicable Federal and State law and rules. If the licensee proposes to relocate such business records, the licensee shall notify the Department prior to the move.
(b) All of the books, accounts, and records referenced in (a) above which pertain to the business activity conducted by a licensee under the Act shall be maintained in a manner that preserves the confidentiality of the financial and identity information provided to the licensee by consumers, shall be kept separate and apart from the books, accounts, and records of all other types of business conducted by the licensee, and be maintained in such a manner as to enable a prompt and efficient examination of the licensed activities.
(c) Business licensees shall preserve all books, records, accounts, agreements, and documents related to the business for a minimum of three years after entry into a foreclosure consultant agreement on which no compensation was received by the licensee. After having rendered distressed property services in accordance with the Act and this chapter, and having received compensation, the business licensee shall preserve the materials referenced above for three years from the licensee's receipt of the compensation.
(d) All books, records, accounts, agreements, and other documents may be stored electronically so long as the electronically stored information can be produced in electronic format upon request by the Department or reproduced on paper and delivered to the Department within five days of the business licensee's receipt of a request from the Department to produce the records.

Notes

N.J. Admin. Code § 3:18-5.3

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