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).