Okla. Admin. Code § 160:55-7-1

Current through Vol. 42, No. 3, October 15, 2024

Section 160:55-7-1 - Records and changes

(a)Records. Each licensee's records shall be maintained in compliance with the SAFE Act and these rules.

(1)Transaction journal. As part of the books and records related to their mortgage business, each licensee shall maintain a transaction journal that discloses the consumer's full name, date of loan, loan account number, name of lender and address of lender.

(2)Retention. Mortgage brokers , mortgage lenders and mortgage loan originators shall preserve and make available such books and records related to their mortgage business for four (4) years from the date of the initial transaction between the licensee and each borrower, or for two (2) years from the date of the final entry into such records is made thereon, whichever is later. Trust account records shall be preserved and made available for at least three (3) years after the date of final entries therein. The records shall be maintained for such time periods whether the person is currently licensed or previously licensed.

(3)Location. Records shall be maintained at a designated location or maintained in an electronic format. Licensees shall designate in writing to the Administrator whether records are maintained at a physical location or maintained in an electronic format. The Administrator may require a licensee or any entity or individual subject to the SAFE Act to submit records via electronic mail or certified mail, return receipt requested, to the Administrator for purposes of reviewing a complaint or for conducting an examination.

(b)Changes. Each licensee shall keep current the information required for licensing by reporting any changes or additions to the information previously submitted through NMLS&R within thirty (30) days of such change or addition unless the SAFE Act or these rules require otherwise.

Okla. Admin. Code § 160:55-7-1

Added at 16 Ok Reg 2170, eff 6-25-99; Amended at 17 Ok Reg 1589, eff 5-25-00; Amended at 20 Ok Reg 2750, eff 7-1-03 (emergency); Amended at 21 Ok Reg 2698, eff 7-12-04; Amended at 24 Ok Reg 2535, eff 7-12-07; Amended at 26 Ok Reg 2947, eff 6-22-09 (emergency); Amended at 27 Ok Reg 1763, eff 7-1-10

Amended by Oklahoma Register, Volume 31, Issue 24, September 2, 2014, eff. 9/12/2014