                                 CODE OF VIRGINIA

RETENTION OF BOOKS, ACCOUNTS, AND RECORDS (§ 6.2-1411)

A. Every association shall maintain in its offices such books, accounts, and
records as the Commission may reasonably require in order to determine whether
such association is complying with the provisions of this chapter and
regulations adopted in furtherance thereof. Such books, accounts, and records as
relate to the mortgage lending or mortgage brokering business of the association
shall be maintained separate from any other business in which the association is
involved.

B. When acting as a mortgage lender, the association shall retain for at least
three years after final payment is made on any mortgage loan or the mortgage
loan is sold, whichever first occurs, copies of the note, settlement statement,
Truth in Lending disclosure, and such other papers or records relating to the
loan as may be required by regulation.

C. When acting as a mortgage broker, the association shall retain for at least
three years after the mortgage loan is made the original contract for its
compensation, a copy of the settlement statement, an account of fees received in
connection with the loan, and such other papers and records as may be required
by regulation.

HISTORY: 1993, c. 419, § 6.1-237.1; 2010, c. 794.