26-31-208 RECORDS
BANKS AND BANKING
CHAPTER 31
IDAHO RESIDENTIAL MORTGAGE PRACTICES ACT
PART 2.
PROVISIONS APPLICABLE TO MORTGAGE BROKERS AND MORTGAGE LENDERS
26-31-208. RECORDS –- ANNUAL REPORTS –- RENEWAL OF LICENSE. (1) Every licensee under this part shall maintain records, including financial records in conformity with generally accepted accounting principles, in a manner that will enable the director to determine whether the licensee is complying with the provisions of this part. The recordkeeping system of the licensee shall be sufficient if it makes the required information reasonably available to the director. The records need not be kept in the place of business where residential mortgage loans are made, if the director is given free access to the records wherever located. The records pertaining to any loan need not be preserved for more than three (3) years after making the final entry relating to the loan.
(2) Every mortgage broker or mortgage lender licensed under this part that employs or contracts with a mortgage loan originator licensed under part 3 of this chapter, for the purpose of conducting mortgage loan origination activities in Idaho, shall:
(a) Notify the director through the NMLSR, or as otherwise prescribed by the director, of the employment of, or contractual relationship with, a mortgage loan originator licensee within thirty (30) days of such employment or contract;
(b) Notify the director through the NMLSR, or as otherwise prescribed by the director, of the termination of employment of, or contractual relationship with, a mortgage loan originator licensee within thirty (30) days of such termination; and
(c) Maintain any records relating to the employment of, or contractual relationship with, a mortgage loan originator licensee, for a period not to exceed three (3) years.
(3) On or before December 31 of each year, every mortgage broker and mortgage lender licensee under this part shall pay through the NMLSR, or as otherwise prescribed by the director, an annual license renewal fee of one hundred fifty dollars ($150), and file with the director through the NMLSR, or as otherwise prescribed by the director, a renewal form containing such information as the director may require.
(4) On or before March 31 of each year, or other date established by the director by rule, every mortgage broker and mortgage lender licensee under this part shall file with the director a composite annual report containing such information as the director may require for the residential mortgage loans made or brokered by it for the preceding calendar year.
(5) Each mortgage broker and mortgage lender licensee under this part shall, as required by the NMLSR, submit to the NMLSR reports of condition, which shall be in such form and shall contain such information as the NMLSR may require.