808 KAR 12:023. Recordkeeping.
RELATES TO: KRS 286.8-160, 286.8-170
STATUTORY AUTHORITY: KRS 286.8-140(1)
NECESSITY, FUNCTION, AND CONFORMITY: KRS 286.8-140(1) authorizes the commissioner to promulgate administrative regulations necessary to accomplish the basic purposes of KRS Chapter 286.8. KRS 286.8-160(2) authorizes the commissioner to promulgate administrative regulations establishing preservation requirements for records governed by KRS Chapter 286.8. This administrative regulation establishes the records that shall be preserved and the time periods of preservation.
Section 1. Preservation of Records. Unless a longer period is required by federal law, records shall be maintained by a mortgage loan broker or mortgage loan company in accordance with the Records Retention Schedule.
Section 2. Notification Procedure. At least ten (10) days prior to the cessation of business, a mortgage loan company or mortgage loan broker shall submit a completed Notification of Cessation of Business, Location of Physical Records, and Designation of Records Custodian Form.
Section 3. Branch Offices. A branch office shall:
(1) Keep the detailed records of all transactions conducted in the mortgage lending process and which are performed by the branch office employees, in either electronic or written format; and
(2) Make these detailed records available immediately upon the request of an examiner authorized by the commissioner to conduct the examination.
Section 4. Incorporation by Reference. (1) The following material is incorporated by reference:
(a) "Records Retention Schedule", updated 08/2010; and
(b) "Notification of Cessation of Business, Location of Physical Records, and Designation of Records Custodian Form", updated 08/2010.
(2) This material may be inspected, copied, or obtained, subject to applicable copyright law, at the Office of Financial Institutions, 1025 Capital Center Drive, Suite 200, Frankfort, Kentucky 40601, Monday through Friday, 8 a.m. to 5 p.m. or at http://www.kfi.ky.gov. (37 Ky.R. 887; Am.1200; eff.12-3-2010.)