Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Supervision by Commissioner: Records and Reports › Section 645F.475 - Retention and maintenance of certain records; "complete and suitable records" interpreted

Current through June 11, 2024
1. Each licensee
						shall keep and maintain, at all times at each location where the licensee
						conducts business, complete and suitable records of all transactions by the
						licensee at that location. Each licensee shall also keep and maintain, at all
						times at each such location, all original books, papers and data, or copies
						thereof, clearly reflecting the financial condition of the business of the
						licensee and shall retain records of all of the activity of the licensee for a
						period of at least 4 years after the date of the last activity relating to the
						transaction.
2. As used in this
						section, "complete and suitable records" means a file that includes, but is not
						limited to, the following documents, if applicable to the type and purpose of
						the transaction:
(a) All contracts entered
						into between the licensee and the homeowner;
(b) Any additional contracts entered into
						between parties to the transaction;
(c) All disclosures provided to the
						homeowner;
(d) All authorizations
						signed by the homeowner;
(e) All
						worksheets;
(f) All mortgage
						statements and notices;
(g) All
						related loan documentation for the loan subject to modification or other
						covered services;
(h) All lender or
						servicer requested items, including, but not limited to, hardship letters, bank
						statements, W-2 forms, pay stubs, expense support or tax returns;
(i) All correspondence between the lender or
						homeowner with the licensee, including, but not limited to, letters, messages
						sent via electronic mail, facsimiles and logs related to calls or other
						contacts or information;
(j) All
						loan modification offers or agreements provided to, or received from, the
						lender or servicer;
(k) Copies of
						all public, recorded documents, including, but not limited to, the notice of
						default and election to sell and the notice of sale;
(l) Any other documentation used by the
						licensee in the normal course of business as it relates to a
						homeowner;
(m) A copy of each item
						of advertising material that was published or distributed by or on behalf of
						the licensee in the format in which the material was published or
						distributed;
(n) A copy of any
						written complaint against the licensee, together with all correspondence,
						notes, responses and other documentation related to the disposition of the
						complaint;
(o) All checkbooks,
						check registers, bank statements, deposit slips, withdrawal slips, cancelled
						checks and other records that relate to the business of the licensee;
(p) Copies of all federal tax withholding
						forms, reports of income for federal taxation and evidence of payments to all
						employees, independent contractors and other persons that worked for the
						licensee;
(q) Copies of all
						documents evidencing a contractual relationship between the licensee and any
						third-party provider of services related to covered transactions, including,
						but not limited to, contracts, invoices, billings and remittances to the
						third-party provider by or on behalf of the licensee;
(r) Copies of all material correspondence
						related to the business of the licensee not covered in paragraph (i),
						including, but not limited to, electronic messages; and
(s) Copies of all reports, audits,
						examinations, inspections, reviews, investigations or other similar activities
						relating to the business of the licensee performed by any third party,
						including, but not limited to, any regulatory or supervisory
						authority.