Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-7 - Rules Relating to Mortgage Brokers › Section 1301:8-7-06 - Recordkeeping

Current through all regulations passed and filed through July 1, 2024
(A)
								 In accordance with division (B) of section 1322.06 of
			 the Revised Code and division (C)(4) of section
			 1322.022 of the Revised Code, a
			 registrant or qualified exempt entity shall maintain records pertaining to
			 business transacted pursuant to Chapter 1322. of the Revised Code for four
			 calendar years. The four-year retention period commences on the date the
			 residential mortgage loan is closed or, if the residential mortgage loan is not
			 closed, the date of the withdrawal or denial of the residential mortgage loan
			 application. If the residential mortgage loan is serviced by a qualified exempt
			 entity, the four-year retention period commences on the date the residential
			 mortgage loan is paid in full or the date the registrant ceases to service the
			 residential mortgage loan. The retention period for advertisements commences
			 from the date the advertisements are published, broadcast or
			 disseminated.
(B)
								 A registrant or qualified exempt entity shall notify
			 the superintendent via the NMLS of a change of location of its records
			 pertaining to business conducted pursuant to Chapter 1322. of the Revised Code
			 no later than five business days after the change.
(C)
								A registrant or
			 qualified exempt entity who maintains its records pertaining to business
			 transacted pursuant to Chapter 1322. of the Revised Code in a location outside
			 Ohio shall pay the division's travel, lodging and per diem expenses incurred in
			 travel to examine the books and records. At the request of the superintendent,
			 payment of the estimated travel, lodging and per diem expenses, as determined
			 by the superintendent, shall be made in advance and placed on deposit with the
			 division. After actual costs are determined, any excess funds shall be refunded
			 to the registrant or qualified exempt entity.
(D)
								All records shall
			 be kept current and shall be available at all times during normal business
			 hours for review by the superintendent. Records should be legible and
			 maintained in a type size that is clearly readable without magnification and in
			 conformity with any specific typeface or font size that may be required by
			 state or federal law. Except when otherwise provided by federal or state law,
			 records shall be maintained in English. When records are allowed to be in a
			 language other than English, the registrant or qualified exempt entity, at its
			 expense, shall be responsible for providing the superintendent with a full and
			 accurate translation. For purposes of this rule, "current" means within thirty
			 days from the date of the occurrence of the event required to be
			 recorded.
(E)
								 A registrant or qualified exempt entity shall
			 segregate the records pertaining to business conducted pursuant to Chapter
			 1322. of the Revised Code from all other business records.
(F)
								Records
			 pertaining to business conducted pursuant to Chapter 1322. of the Revised Code
			 may be maintained in their original paper form or on an electronic storage
			 media or system. Any records maintained on an electronic storage media or
			 system shall meet all of the following requirements:
(1)
									The electronic
			 storage media or system must preserve the records in a non-rewriteable,
			 non-erasable format;
(2)
									 The electronic storage media or system must verify
			 automatically the quality and accuracy of the storage media recording
			 process;
(3)
									 The electronic storage media or system must serialize
			 the original and the duplicate units of storage media, and affix a date and
			 time for the required period of retention on both the original and
			 duplicate;
(4)
									 The electronic storage media or system must have the
			 capacity to readily download indices and records preserved on the electronic
			 storage media or system to any medium acceptable to the
			 superintendent;
(5)
									 Acceptable facilities and appropriate equipment must,
			 at all times during normal business hours, be available to the superintendent
			 for immediate, easily readable projection or production of electronic storage
			 media or system images and for producing easily readable
			 images;
(6)
									 Immediate facsimile enlargement must be available upon
			 the superintendent's request;
(7)
									A duplicate copy
			 of the electronic record stored on any electronic media or system for the time
			 required must be stored separately from the "original" electronic
			 record;
(8)
									 The electronic storage media or system must organize
			 and index accurately all information maintained on both the original and
			 duplicate storage media or system. At all times, a registrant or qualified
			 exempt entity must be able to have indices of the electronic records being
			 stored available for examination by the superintendent. Each index must also be
			 duplicated and the duplicate copies must be stored separately from the original
			 copy of each index. Original and duplicate indices must be preserved for the
			 time required for the indexed records;
(9)
									An audit system
			 will be in place providing for accountability regarding inputting of records
			 and inputting any changes made to every original and duplicate record
			 maintained and preserved. At all times, a registrant or qualified exempt entity
			 must be able to have the results of the audit system available for examination
			 by the superintendent. The audit results must be preserved for the time
			 required for the audited records;
(10)
									All information
			 necessary to access records and indices stored on the electronic storage media
			 or system, a copy of the physical and logical file format of the electronic
			 storage media or system, the field format of all different information types
			 written on the electronic storage media or system, together with the
			 appropriate documentation and information necessary to access records and
			 indices will be maintained, kept current and provided promptly to the
			 superintendent, upon request;
(11)
									No paper
			 documents produced or reproduced by means of an electronic storage media or
			 system shall be destroyed until the conditions of this paragraph have been met
			 with regard to each paper document that is to be destroyed; and
(12)
									At the request
			 of the division, the records shall be printed on paper for inspection or
			 examination without cost to the division within forty-eight hours of the
			 request. The superintendent may grant additional time for good cause shown upon
			 receipt of a request for additional time from the registrant or qualified
			 exempt entity.