What are Vermonts requirements for record retention?
Pursuant to 8 V.S.A. 2223, every licensee shall preserve such books, accounts, records, and data compilations for at least seven years after making the final entry on any loan recorded therein. Mortgage Brokers, pursuant to 8 V.S.A. 2217(b), shall retain for a minimum of six years after a contract is executed pursuant to 8 V.S.A. 2219, the original contract between the mortgage broker and the prospective borrower, a copy of the settlement statement, an account of fees received in connection with the loan, correspondence, papers or records relating to the loan and such other documents as the commissioner may require.
