10 Va. Admin. Code § 5-160-25 - Books, accounts, and records

Current through Register Vol. 38, No. 3, September 27, 2021

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 § 6.2-1616B 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 Application status (e.g., in process, withdrawn, denied, closed).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.


10 Va. Admin. Code § 5-160-25
Derived From, Virginia Register Volume 33, Issue 18, eff. 5/15/2017.

Statutory Authority: §§ 6.2-1613 and 12.1-13 of the Code of Virginia (10VAC5-160-10 through 10VAC5-160-90 ).

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