(a) Each licensee shall keep and make available to the Banking Board at the licensee's place of business any books and records that the Banking Board, by regulation requires to enable the Banking Board to enforce this chapter and any regulation adopted under this chapter.
(b) Each mortgage lender required to be licensed under this chapter shall retain for at least 3 years after final payment is made on any mortgage loan or after the mortgage loan is sold, whichever first occurs, copies of the note, settlement statement, truth-in-lending disclosure, and such other papers or records relating to the loan as may be required by regulation.
(c) On approval of the Banking Board, a licensee need not keep at the licensee's place of business any books and records otherwise required by the Banking Board under subsection (a) of this section if the licensee:
(1) is a federally approved seller-servicer; or
(2) makes the books and records available to the Banking Board at the licensee's place of business within 5 business days of the Banking Board's official request; and
(3) retains the records for at least sixty months in a storage facility disclosed to the Banking Board.
(d) Each mortgage broker required to be licensed under this chapter shall retain for at least three years after a mortgage loan is made the original contract for his compensation, a copy of the settlement statement, an account of fees received in connection with the loan, and such other papers or records as may be required by rule or regulation.