R162-2f-401k. Recordkeeping Requirements

A principal broker shall: (1) maintain and safeguard the following records to the extent they relate to the business of a principal broker: (a) trust account records, including the monthly reconciliation of the trust account; (b) any document submitted by a licensee affiliated with the principal broker to a lender or underwriter as part of a real estate transaction; (c) any document signed by a seller or buyer with whom the principal broker or an affiliated licensee is required to have an agency agreement; and (d) any document created or executed by a licensee over whom the principal broker has supervisory responsibility pursuant to Subsection R162-2f-401c(1)(c); (2) maintain the records identified in Subsection R162-2f-401k(1): (a)(i) physically: (A) at the principal business location designated by the principal broker on division records; or (B) where applicable, at a branch office as designated by the principal broker on division records; or (ii) electronically, in a storage system that complies with Title 46 Chapter 04, Utah Uniform Electronic Transactions Act; and (b) for at least three calendar years following the year in which: (i) an offer is rejected; (ii) the transaction either closes or fails; or (iii) in a lease transaction, the termination of the lease agreement; (3) upon request of the division, make any record identified in Subsection (1) available for inspection and copying by the division; (4) notify the division in writing within ten business days after terminating business operations as to where business records will be maintained; and (5) upon filing for brokerage bankruptcy, notify the division in writing of: (a) the filing; and (b) the current location of brokerage records.