A brokerage and a property manager described in Subsection 61-2f-302(8) shall: (1) maintain and safeguard the following records to the extent the records relate to the business of a principal broker: (a) trust account records, including the monthly reconciliation of the trust account; (b) each document that a licensee affiliated with the principal broker submits to a lender or underwriter as part of a real estate transaction; (c) each document the parties to a transaction jointly execute, if the principal broker or an affiliated licensee is required to have an agency agreement; and (d) each document that a licensee, over whom the principal broker has supervisory responsibility in accordance with Subsection (1)(c), executes; (2) maintain the records identified in Subsection (1): (a) (i) physically: (A) at the principal business location that the principal broker designates on division records; or (B) where applicable, at a branch office that the principal broker designates on division records; or (ii) electronically, in a storage system that complies with Title 46, Chapter 4, Uniform Electronic Transactions Act; and (b) for at least three calendar years after the year in which: (i) an offer is rejected; (ii) a transaction either closes or fails; (iii) in a lease transaction, a lease agreement commences; or (iv) the term of a property management agreement ends; (3) upon request of the division, make a record identified in Subsection (1) available for inspection and copying by the division; (4) notify the division, in writing within ten business days after the day on which the brokerage terminates business operations, of where the brokerage will maintain business records; and (5) upon filing for brokerage bankruptcy, notify the division, in writing, of: (a) the brokerage bankruptcy filing; and (b) the current location of each record identified in Subsection (1).
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