61-2f-309. Record requirements.

311 words·~1 min read·/ut/title-61/chapter-2f/61-2f-309

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Effective 5/6/2026

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):

(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).

Amended by Chapter 142 , 2026 General Session