61-2f-309. Record requirements.
A brokerage and a property manager described in Subsection 61-2f-302(8) shall:
(1) maintain and safeguard the following records to the extent the records relate to the business of a principal broker: trust account records, including the monthly reconciliation of the trust account; each document that a licensee affiliated with the principal broker submits to a lender or underwriter as part of a real estate transaction; each document the parties to a transaction jointly execute, if the principal broker or an affiliated licensee is required to have an agency agreement; and each document that a licensee, over whom the principal broker has supervisory responsibility in accordance with Subsection, executes; (1)(c)
(2) maintain the records identified in Subsection: (1) physically: at the principal business location that the principal broker designates on division records; or where applicable, at a branch office that the principal broker designates on division records; or electronically, in a storage system that complies with Title 46, Chapter 4, Uniform Electronic Transactions Act; and for at least three calendar years after the year in which: an offer is rejected; a transaction either closes or fails; in a lease transaction, a lease agreement commences; or the term of a property management agreement ends;
(3) upon request of the division, make a record identified in Subsectionavailable for inspection and copying by the division; (1)
(4) notify the division, in writing within ten business days after the day on which the brokerage terminates business operations, of where the brokerage will maintain business records; and
(5) upon filing for brokerage bankruptcy, notify the division, in writing, of: the brokerage bankruptcy filing; and the current location of each record identified in Subsection. (1)