{"law_id":"781155","section_number":"6.2-1609","catch_line":"Retention of books, accounts and records","history":"1987, c. 596, \u00a7 6.1-417; 1995, c. 62; 2010, c. 794.","order_by":null,"metadata":false,"court_decisions":{},"official_url":"http:\/\/law.lis.virginia.gov\/vacode\/6.2-1609\/","refers_to":false,"url":"\/6.2-1609\/","token":"6.2\/III\/16\/6.2-1609","structure":{"1":{"id":"857","name":"Mortgage Lenders And Mortgage Brokers","identifier":"16","label":"chapter","url":"\/6.2\/III\/16\/"},"2":{"id":"446","name":"Other Regulated Providers Of Financial Services","identifier":"III","label":"subtitle","url":"\/6.2\/III\/"},"3":{"id":"332","name":"Financial Institutions And Services","identifier":"6.2","label":"title","url":"\/6.2\/"}},"referred_to_by":false,"edition_id":"11","section_id":"781155","structure_id":"857","full_text":"A Every mortgage lender or mortgage broker required to be licensed under this chapter shall maintain in its offices such books, accounts, and records as the Commission may reasonably require in order to determine whether such person is complying with the provisions of this chapter and regulations adopted hereunder. Such books, accounts, and records shall be maintained apart and separate from any other business in which the mortgage lender or mortgage broker is involved.\r\rB Each mortgage lender required to be licensed under this chapter 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.\r\rC Each mortgage broker required to be licensed under this chapter shall retain for at least three years after a mortgage loan is made the original contract for his compensation, a copy of the settlement statement, and an account of fees received in connection with the loan, and such other papers or records as may be required by regulation.\r\r","text":{"0":{"id":"2519547","text":"Every mortgage lender or mortgage broker required to be licensed under this chapter shall maintain in its offices such books, accounts, and records as the Commission may reasonably require in order to determine whether such person is complying with the provisions of this chapter and regulations adopted hereunder. Such books, accounts, and records shall be maintained apart and separate from any other business in which the mortgage lender or mortgage broker is involved.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1},"1":{"id":"2519548","text":"Each mortgage lender required to be licensed under this chapter 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.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1},"2":{"id":"2519549","text":"Each mortgage broker required to be licensed under this chapter shall retain for at least three years after a mortgage loan is made the original contract for his compensation, a copy of the settlement statement, and an account of fees received in connection with the loan, and such other papers or records as may be required by regulation.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1}},"ancestry":{"1":{"id":"857","name":"Mortgage Lenders And Mortgage Brokers","identifier":"16","label":"chapter","url":"\/6.2\/III\/16\/"},"2":{"id":"446","name":"Other Regulated Providers Of Financial Services","identifier":"III","label":"subtitle","url":"\/6.2\/III\/"},"3":{"id":"332","name":"Financial Institutions And Services","identifier":"6.2","label":"title","url":"\/6.2\/"}},"structure_contents":{"0":{"id":"767950","structure_id":"857","section_number":"6.2-1600","catch_line":"Definitions","url":"\/6.2-1600\/","token":"6.2\/III\/16\/6.2-1600"},"1":{"id":"772584","structure_id":"857","section_number":"6.2-1601","catch_line":"License requirement","url":"\/6.2-1601\/","token":"6.2\/III\/16\/6.2-1601"},"2":{"id":"768104","structure_id":"857","section_number":"6.2-1602","catch_line":"Persons exempt from chapter","url":"\/6.2-1602\/","token":"6.2\/III\/16\/6.2-1602"},"3":{"id":"766380","structure_id":"857","section_number":"6.2-1603","catch_line":"Application for license; form; content; fee","url":"\/6.2-1603\/","token":"6.2\/III\/16\/6.2-1603"},"4":{"id":"775902","structure_id":"857","section_number":"6.2-1604","catch_line":"Bond required","url":"\/6.2-1604\/","token":"6.2\/III\/16\/6.2-1604"},"5":{"id":"778380","structure_id":"857","section_number":"6.2-1605","catch_line":"Investigation of applications","url":"\/6.2-1605\/","token":"6.2\/III\/16\/6.2-1605"},"6":{"id":"789181","structure_id":"857","section_number":"6.2-1606","catch_line":"Qualifications","url":"\/6.2-1606\/","token":"6.2\/III\/16\/6.2-1606"},"7":{"id":"779727","structure_id":"857","section_number":"6.2-1607","catch_line":"Licenses; places of business; changes","url":"\/6.2-1607\/","token":"6.2\/III\/16\/6.2-1607"},"8":{"id":"795004","structure_id":"857","section_number":"6.2-1608","catch_line":"Acquisition of control; application","url":"\/6.2-1608\/","token":"6.2\/III\/16\/6.2-1608"},"9":{"id":"781155","structure_id":"857","section_number":"6.2-1609","catch_line":"Retention of books, accounts and records","url":"\/6.2-1609\/","token":"6.2\/III\/16\/6.2-1609"},"10":{"id":"782665","structure_id":"857","section_number":"6.2-1610","catch_line":"Periodic reports","url":"\/6.2-1610\/","token":"6.2\/III\/16\/6.2-1610"},"11":{"id":"787529","structure_id":"857","section_number":"6.2-1611","catch_line":"Investigations; examinations","url":"\/6.2-1611\/","token":"6.2\/III\/16\/6.2-1611"},"12":{"id":"767423","structure_id":"857","section_number":"6.2-1612","catch_line":"Annual fees","url":"\/6.2-1612\/","token":"6.2\/III\/16\/6.2-1612"},"13":{"id":"775913","structure_id":"857","section_number":"6.2-1613","catch_line":"Regulations","url":"\/6.2-1613\/","token":"6.2\/III\/16\/6.2-1613"},"14":{"id":"789037","structure_id":"857","section_number":"6.2-1614","catch_line":"Prohibitions applicable to mortgage lenders and mortgage brokers","url":"\/6.2-1614\/","token":"6.2\/III\/16\/6.2-1614"},"15":{"id":"783486","structure_id":"857","section_number":"6.2-1615","catch_line":"Other prohibitions applicable to mortgage lenders","url":"\/6.2-1615\/","token":"6.2\/III\/16\/6.2-1615"},"16":{"id":"765658","structure_id":"857","section_number":"6.2-1617","catch_line":"Application to certain real estate brokers","url":"\/6.2-1617\/","token":"6.2\/III\/16\/6.2-1617"},"17":{"id":"774493","structure_id":"857","section_number":"6.2-1618","catch_line":"Escrow accounts","url":"\/6.2-1618\/","token":"6.2\/III\/16\/6.2-1618"},"18":{"id":"782987","structure_id":"857","section_number":"6.2-1619","catch_line":"Suspension or revocation of license","url":"\/6.2-1619\/","token":"6.2\/III\/16\/6.2-1619"},"19":{"id":"785167","structure_id":"857","section_number":"6.2-1620","catch_line":"Censuring, suspending, or barring persons","url":"\/6.2-1620\/","token":"6.2\/III\/16\/6.2-1620"},"20":{"id":"792455","structure_id":"857","section_number":"6.2-1621","catch_line":"Filing of written report with Commissioner; events affecting activities of licensee","url":"\/6.2-1621\/","token":"6.2\/III\/16\/6.2-1621"},"21":{"id":"770323","structure_id":"857","section_number":"6.2-1622","catch_line":"Cease and desist orders","url":"\/6.2-1622\/","token":"6.2\/III\/16\/6.2-1622"},"22":{"id":"767117","structure_id":"857","section_number":"6.2-1623","catch_line":"Notice of proposed suspension or revocation","url":"\/6.2-1623\/","token":"6.2\/III\/16\/6.2-1623"},"23":{"id":"795423","structure_id":"857","section_number":"6.2-1624","catch_line":"Civil penalties","url":"\/6.2-1624\/","token":"6.2\/III\/16\/6.2-1624"},"24":{"id":"789634","structure_id":"857","section_number":"6.2-1625","catch_line":"Criminal penalties","url":"\/6.2-1625\/","token":"6.2\/III\/16\/6.2-1625"},"25":{"id":"789392","structure_id":"857","section_number":"6.2-1626","catch_line":"Authority of Attorney General; referral by Commission to Attorney General","url":"\/6.2-1626\/","token":"6.2\/III\/16\/6.2-1626"},"26":{"id":"773974","structure_id":"857","section_number":"6.2-1627","catch_line":"Private actions","url":"\/6.2-1627\/","token":"6.2\/III\/16\/6.2-1627"},"27":{"id":"773513","structure_id":"857","section_number":"6.2-1628","catch_line":"Enforcement of prohibitions on certain practices; recovery of attorney fees","url":"\/6.2-1628\/","token":"6.2\/III\/16\/6.2-1628"},"28":{"id":"781591","structure_id":"857","section_number":"6.2-1629","catch_line":"Prohibited practices; authority of the Attorney General","url":"\/6.2-1629\/","token":"6.2\/III\/16\/6.2-1629"}},"previous_section":{"id":"795004","structure_id":"857","section_number":"6.2-1608","catch_line":"Acquisition of control; application","url":"\/6.2-1608\/","token":"6.2\/III\/16\/6.2-1608"},"next_section":{"id":"782665","structure_id":"857","section_number":"6.2-1610","catch_line":"Periodic reports","url":"\/6.2-1610\/","token":"6.2\/III\/16\/6.2-1610"},"references":false,"formats":{"txt":"\/6.2-1609.txt","json":"\/6.2-1609.json","xml":"\/6.2-1609.xml"},"dublin_core":{"Title":"Retention of books, accounts and records","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1609","Relation":"Code of Virginia"},"plain_text":"                                 CODE OF VIRGINIA\n\nRETENTION OF BOOKS, ACCOUNTS AND RECORDS (\u00a7 6.2-1609)\n\nA. Every mortgage lender or mortgage broker required to be licensed under this\nchapter shall maintain in its offices such books, accounts, and records as the\nCommission may reasonably require in order to determine whether such person is\ncomplying with the provisions of this chapter and regulations adopted hereunder.\nSuch books, accounts, and records shall be maintained apart and separate from\nany other business in which the mortgage lender or mortgage broker is involved.\n\nB. Each mortgage lender required to be licensed under this chapter shall retain,\nfor at least three years after final payment is made on any mortgage loan or the\nmortgage loan is sold, whichever first occurs, copies of the note, settlement\nstatement, truth-in-lending disclosure, and such other papers or records\nrelating to the loan as may be required by regulation.\n\nC. Each mortgage broker required to be licensed under this chapter shall retain\nfor at least three years after a mortgage loan is made the original contract for\nhis compensation, a copy of the settlement statement, and an account of fees\nreceived in connection with the loan, and such other papers or records as may be\nrequired by regulation.\n\nHISTORY: 1987, c. 596, \u00a7 6.1-417; 1995, c. 62; 2010, c. 794."}