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.
1993, c. 419, § 6.1-237.1; 2010, c. 794.
Structure Code of Virginia
Title 6.2 - Financial Institutions and Services
Chapter 14 - Industrial Loan Associations
§ 6.2-1401. Powers of associations
§ 6.2-1402. Use of certain words in name prohibited
§ 6.2-1404. Commission may regulate issuance of evidences of debt
§ 6.2-1406. Sale of certificates of investment by certain associations prohibited
§ 6.2-1407. Prohibitions on associations with certificates issued and outstanding; advertisements
§ 6.2-1408. Associations to have one office; how office moved
§ 6.2-1411. Retention of books, accounts, and records
§ 6.2-1413. Investigations; examinations
§ 6.2-1416. Prohibited practices
§ 6.2-1418. Suspension or revocation of authority
§ 6.2-1419. Cease and desist orders