                                 CODE OF VIRGINIA

RETENTION OF BOOKS, ACCOUNTS AND RECORDS (§ 6.2-1609)

A. Every mortgage lender or mortgage broker required to be licensed under this
chapter shall maintain in its offices such books, accounts, and records as the
Commission may reasonably require in order to determine whether such person is
complying with the provisions of this chapter and regulations adopted hereunder.
Such books, accounts, and records shall be maintained apart and separate from
any other business in which the mortgage lender or mortgage broker is involved.

B. Each mortgage lender required to be licensed under this chapter 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. Each mortgage broker required to be licensed under this chapter shall retain
for at least three years after a mortgage loan is made the original contract for
his compensation, a copy of the settlement statement, and an account of fees
received in connection with the loan, and such other papers or records as may be
required by regulation.

HISTORY: 1987, c. 596, § 6.1-417; 1995, c. 62; 2010, c. 794.