Section 750IAC9-4-1. Record keeping and notification requirements

   (a) Every licensee shall maintain records in a manner that will enable the department to determine whether the licensee is complying with this article. The record keeping system of a licensee is sufficient if the licensee makes the required information reasonably available. The department shall determine the sufficiency of the records and whether the licensee has made the required information reasonably available. The department shall be given free access to the records wherever the records are located. Records concerning any mortgage transaction shall be retained for two (2) years after the making of the final entry relating to the transaction, but, in the case of a revolving mortgage transaction, the two (2) years required under this subsection is measured from the date of each entry relating to the transaction.

  (b) The unique identifier of any person originating a mortgage transaction must be clearly shown on all mortgage transaction application forms and any other documents as required by the director.

  (c) Every licensee shall use automated examination and regulatory software designated by the director, including third party software. Use of the software consistent with guidance and policies issued by the director is not a violation of IC 28-1-2-30, which is incorporated by reference.

  (d) A licensed mortgage loan originator shall file notification with the department if the licensed mortgage loan originator:

(1) files for bankruptcy or is served in a foreclosure action; or

(2) is subject to revocation or suspension proceedings by a state government authority with regard to the mortgage loan originator's activities;

not later than thirty (30) days after the date of the event described in this subsection.

  (e) A licensee shall file notification with the department if the licensee has been convicted of a felony under the laws of Indiana or any other jurisdiction not later than thirty (30) days after the date of the event described in this subsection, provided that any pardon of a conviction shall not be a conviction for purposes of this subsection. (Department of Financial Institutions; 750 IAC 9-4-1; emergency rule filed Jul 23, 2009, 4:14 p.m.: 20090729-IR-750090577ERA; emergency rule filed Jan 13, 2011, 2:44 p.m.: 20110119-IR-750110043ERA; readopted filed Dec 1, 2015, 9:28 a.m.: 20151230-IR-750150336RFA)