9-2216a. Journal of mortgage transactions; annually written report; penalty.
9-2216a
9-2216a. Journal of mortgage transactions; annually
written report; penalty.
(a) Each licensee shall maintain a journal of mortgage
transactions at the
licensee's
principal place of business, which shall include at least the following
information:
(1) Name, address and telephone number of each loan applicant;
(2) type of loan applied for and date of application; and
(3) disposition of each loan application, indicating date of loan
funding, loan
denial,
withdrawal and name of lender if applicable
and name of loan originator and any compensation or other fees received by
the loan originator.
(b) Each licensee shall annually, on or before April 1, file a written report
with the
commissioner containing the information that the commissioner may reasonably
require
concerning the licensee's business and operations during the preceding calendar
year. The report
shall be made in the form prescribed by the commissioner. Any licensee who
fails to file the
report required by this section with the commissioner by April 1 shall be
subject to a late penalty of $100 for each day after April 1 the report is
delinquent, but in no
event shall the
aggregate of late penalties exceed $5000. The commissioner may relieve any
licensee from the
payment of any penalty, in whole or in part, for good cause.
History: L. 2001, ch. 88, § 1;
L. 2009, ch. 29, § 13; July 1.