§ 26–1109. Record keeping requirements.

(a) Each licensee shall keep and make available to the Superintendent [Commissioner] at the licensee’s place of business any books and records that the Superintendent [Commissioner], by rule or regulation, requires to enable the Superintendent [Commissioner] to enforce this chapter and any rule or regulation adopted under this chapter.

(b) Each mortgage lender required to be licensed under this chapter shall retain for at least 3 years after final payment is made on any mortgage loan or after 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 rule or regulation.

(c) On approval of the Superintendent [Commissioner], a licensee need not keep at the licensee’s place of business any books and records otherwise required by the Superintendent [Commissioner] under subsection (a) of this section if the licensee:

(1) Is a federally approved seller-servicer; or

(2)(A) Makes the books and records available to the Superintendent [Commissioner] at the licensee’s place of business within 5 business days of the Superintendent’s [Commissioner’s] official request; and

(B) Retains the records for at least 60 months in a storage facility disclosed to the Superintendent [Commissioner].

(d) Each independent contractor or mortgage broker required to be licensed under this chapter shall retain for at least 3 years after a mortgage loan is made the original contract for his or her compensation, a copy of the settlement statement, an account of fees received in connection with the loan, and such other papers or records as may be required by rule or regulation.