(a) Each licensee shall keep and make available to the Superintendent [Commissioner] at the licensee’s place of business any books and records that the Superintendent [Commissioner], by rule or regulation, requires to enable the Superintendent [Commissioner] to enforce this chapter and any rule or regulation adopted under this chapter.

(b) Each mortgage lender required to be licensed under this chapter shall retain for at least 3 years after final payment is made on any mortgage loan or after 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 rule or regulation.

(c) On approval of the Superintendent [Commissioner], a licensee need not keep at the licensee’s place of business any books and records otherwise required by the Superintendent [Commissioner] under subsection (a) of this section if the licensee:

(1) Is a federally approved seller-servicer; or

(2)(A) Makes the books and records available to the Superintendent [Commissioner] at the licensee’s place of business within 5 business days of the Superintendent’s [Commissioner’s] official request; and

(B) Retains the records for at least 60 months in a storage facility disclosed to the Superintendent [Commissioner].

(d) Each independent contractor or mortgage broker required to be licensed under this chapter shall retain for at least 3 years after a mortgage loan is made the original contract for his or her compensation, a copy of the settlement statement, an account of fees received in connection with the loan, and such other papers or records as may be required by rule or regulation.

(Sept. 9, 1996, D.C. Law 11-155, § 10, 43 DCR 4213; July 18, 2009, D.C. Law 18-38, § 2(f), 56 DCR 4290.)

1981 Ed., § 26-1009.

D.C. Law 18-38, in subsec. (d), substituted “independent contractor or mortgage broker” for “mortgage broker”.

For temporary (90 day) amendment of section, see § 2(f) of Mortgage Lender and Broker Emergency Amendment Act of 2008 (D.C. Act 17-617, December 22, 2008, 56 DCR 189).

For temporary (90 day) amendment of section, see § 2(f) of Mortgage Lender and Broker Congressional Review Emergency Amendment Act of 2009 (D.C. Act 18-31, March 16, 2009, 56 DCR 2327).

Section 2(f) of D.C. Law 17-350, in subsec. (d), substituted “independent contractor or mortgage broker” for “mortgage broker”.

Section 5(b) of D.C. Law 17-350 provided that the act shall expire after 225 days of its having taken effect.