Section 645F.475 - Retention and maintenance of certain records; "complete and suitable records" interpreted1. 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;(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.Nev. Admin. Code § 645F.475
Added to NAC by Comm'r of Mortgage Lending by R052-09, eff. 8-25-2009