{"data":{"id":"us-ky/krs-286.8-160","jurisdiction":"us-ky","citation":"KRS 286.8-160","heading":"Records to be kept by company -- Filing of financial report and","body":"correcting amendment -- Requirements if business discontinued -- Location of\nrecords -- Request for destruction of records.\n(1) Every mortgage loan company and mortgage loan br oker shall make and keep such\naccounts, correspondence, memoranda, papers, books, data, and other records used\nin the mortgage lending process:\n(a) As the commissioner prescribes; or\n(b) That are required by federal law.\n(2) (a) Except as provided in parag raph (b) of this subsection, the records governed\nunder this subtitle shall be preserved for such time as the commissioner may\nby regulation or order require, not to exceed a period of five (5) years after a\nmortgage loan application is completed, whether approved or rejected, or on\nmortgage loans paid in full, whichever is longer.\n(b) Records shall be held for longer than five (5) years where federal law\nprescribes or supersedes this section.\n(3) Records required to be preserved under this subtitle:\n(a) May be kept in an electronic retrievable format, or other similar form of\nmedium, that is readily accessible to examination, investigation, and\ninspection by the commissioner; and\n(b) Shall not be maintained at any alternate work location.\n(4) Every mortgage loan company and mortgage loan broker shall file financial reports\nas the commissioner prescribes.\n(5) If the information contained in any document filed with the commissioner is or\nbecomes inaccurate or incomplete in any material respect, the person who filed the\ndocument shall promptly file a correcting amendment.\n(6) Any person who ceases operating as a mortgage loan company or mortgage loan\nbroker under the provisions of this subtitle shall, prior to the discontinuance of\nbusiness in the residential mortgage lending process, notify the commissioner of the\nphysical location where the records required to be kept under this subtitle will be\npreserved. The records shall be made accessible to the commissioner upon five (5)\nbusiness days' written notice.\n(7) (a) Any person who ceases operating as a mortgage loan company or mortgage\nloan broker under the provisions of this subtitle shall designate a custodian of\nrecords and notify the commissioner of the name, physical address, electronic\nmail address, and telephone number of the custodian of records.\n(b) The custodian of records shall preserve all records required under this subtitle\nand allow the commissioner access to the records for examination and\ninvestigation upon demand.\n(8) Records may be maintained by a mortgage loan company or mortgage loan broker at\na location other than within this Commonwealth, so long as they are made\naccessible to the commissioner upon five (5) business days' written notice.\n(9) The commissioner may ap prove a written request for the destruction of records\nrequired to be preserved under this subtitle prior to the minimum retention period\ndescribed in subsection (2) of this section.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=52852","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:14Z","sha256":"ad95b5daaecaa91a6e469c7c55f70a1dbd3962d7b87e61fd39805dc7a6600b33","source_id":"us-ky","stale":false,"prev":"us-ky/krs-286.8-150","next":"us-ky/krs-286.8-170"},"notice":"GroundRules: Original legal text. Not legal advice."}