(1) A mortgage
broker shall use generally accepted accounting principles.
(2) Except as otherwise provided in subsection (3) of this
section, a mortgage broker shall maintain accurate and current
books and records which shall be readily available at a location
available to the director until at least twenty-five months have
elapsed following the effective period to which the books and
records relate.
(3) Where a mortgage broker's usual business location is
outside of the state of Washington, the mortgage broker shall, as
determined by the director by rule, either maintain its books and
records at a location in this state, or reimburse the director
for his or her expenses, including but not limited to
transportation, food, and lodging expenses, relating to any
examination or investigation resulting under this chapter.
(4) "Books and records" includes but is not limited to:
(a) Copies of all advertisements placed by or at the request
of the mortgage broker which mention rates or fees. In the case
of radio or television advertisements, or advertisements placed
on a telephonic information line or other electronic source of
information including but not limited to a computer database or
electronic bulletin board, a mortgage broker shall keep copies of
the precise script for the advertisement. All advertisement
records shall include for each advertisement the date or dates of
publication and name of each periodical, broadcast station, or
telephone information line which published the advertisement or,
in the case of a flyer or other material distributed by the
mortgage broker, the dates, methods, and areas of distribution;
and
(b) Copies of all documents, notes, computer records if not
stored in printed form, correspondence or memoranda relating to a
borrower from whom the mortgage broker has accepted a deposit or
other funds, or accepted a residential mortgage loan application
or with whom the mortgage broker has entered into an agreement to
assist in obtaining a residential mortgage loan.
[2006 c 19 § 7; 1997 c 106 § 6; 1994 c 33 § 20; 1987 c 391 § 8.]
NOTES:
Severability -- 1997 c 106: See note following RCW 19.146.010.