§ 5-21-105 — Notification by mortgage servicers - rules

(1) Notification. (a) A
person acting as a mortgage servicer must notify the administrator and pay the fee
prescribed in section 5-21-106 within thirty days after commencing servicing in the
state, and, thereafter, on or before January 31 of each year. The notification must
state the notifier's legal name and all trade names used, the address of the
notifier's principal office, which may be outside this state, and such other
information as the administrator may require.

(b) With every renewal notification or at a date prescribed by rule by the
administrator, each notifier shall submit an annual report relating to mortgage
servicing by the notifier in the form prescribed by the administrator. Information
contained in annual reports is confidential, is not subject to disclosure pursuant to
part 2 of article 72 of title 24, and may be published only in composite form.

(2) Records retention - records request. (a) A mortgage servicer shall
maintain adequate records for not less than four years following the final payment
on the residential mortgage loan, transfer of the mortgage servicing rights, or the
assignment of the loan, whichever occurs first. Upon request by the administrator, a
mortgage servicer shall make the records available or shall send the records to the
administrator by registered or certified mail, return receipt requested, or by any
express delivery carrier that provides a dated delivery receipt, not later than thirty
business days after requested by the administrator or other method of delivery as
agreed to in writing by the administrator, including secure electronic transmission.
Upon a notifier's request, the administrator may grant the notifier additional time to
make the records available or to send the records to the administrator.

(b) Every mortgage servicer shall maintain records in conformity with this
article 21, rules adopted pursuant to this article 21, and generally accepted
accounting principles and practices in a manner that will enable the administrator
to determine whether the servicer is complying with this article 21. A mortgage
servicer's record-keeping system is sufficient if the servicer makes the required
information reasonably available. The records need not be kept in the place of
business where mortgage loans are serviced if the administrator is given free
access to the records wherever located.

Legislative History

Source: L. 2021: Entire article added, (HB 21-1282), ch. 482, p. 3438, � 1, effective January 1, 2022.