7-22-106. Accounts to be maintained -- Records open to inspection -- Retention of
records.
(1) Each escrow agent shall maintain in its main office sufficient books, accounts, and
records for the department to determine at any time the escrow agent's financial condition, what
duties and responsibilities the escrow agent has undertaken to perform and whether it is properly
performing all such duties, and any other information considered necessary to determine whether
the escrow agent is operating in a safe, competent, and lawful manner. The books, accounts, and
records shall be maintained in accordance with generally accepted accounting principles and good
business practice.
(2) For each individual escrow account, the escrow agent shall maintain the escrow
agreement and all amendments, all instructions affecting the agreement, all related
correspondence, and an individual ledger reflecting all activity pertinent to that account.
(3) Each escrow agent shall continuously maintain the following general accounts:
(a) a general ledger reflecting assets, liabilities, income, expense, and equity accounts;
(b) an escrow liability control ledger for all escrow accounts;
(c) a cash receipts and disbursements journal; and
(d) copies of all receipts and disbursements used as a medium of posting to individual
escrow accounts.
(4) The records referred to in this section shall be reconciled at least monthly.
(5) All records pertaining to individual escrow accounts in Subsection (2) shall be
maintained by the escrow agent for six years following the close of each account. All records
relating to general accounts required in Subsection (3) shall be maintained for six years after the
end of the fiscal year to which they relate.
Enacted by Chapter 133, 1991 General Session
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Last revised: Thursday, May 28, 2009