Section R162-2f-401k - Recordkeeping RequirementsA principal broker shall:
(1) maintain and safeguard the following records to the extent they relate to the business of a principal broker: (a) trust account records, including the monthly reconciliation of the trust account;(b) any document submitted by a licensee affiliated with the principal broker to a lender or underwriter as part of a real estate transaction;(c) any document signed by a seller or buyer with whom the principal broker or an affiliated licensee is required to have an agency agreement; and(d) any document created or executed by a licensee over whom the principal broker has supervisory responsibility pursuant to Subsection R162-2f-401c(1)(c);(2) maintain the records identified in Subsection R162-2f-401k(1):(a)(i) physically: (A) at the principal business location designated by the principal broker on division records; or(B) where applicable, at a branch office as designated by the principal broker on division records; or(ii) electronically, in a storage system that complies with Title 46 Chapter 04, Utah Uniform Electronic Transactions Act; and(b) for at least three calendar years following the year in which: (i) an offer is rejected;(ii) the transaction either closes or fails; or(iii) in a lease transaction, the termination of the lease agreement;(3) upon request of the division, make any record identified in Subsection (1) available for inspection and copying by the division;(4) notify the division in writing within ten business days after terminating business operations as to where business records will be maintained; and(5) upon filing for brokerage bankruptcy, notify the division in writing of:(b) the current location of brokerage records.Utah Admin. Code R162-2f-401k
Amended by Utah State Bulletin Number 2021-12, effective 6/8/2021Amended by Utah State Bulletin Number 2022-11, effective 5/25/2022