Memo MRM 2000-1
To: Mortgage Business Registrants
From: Kevin C. Glendening, Deputy Commissioner
Date: February 28, 2000
RE: Electronic storage of mortgage loan documents
We have recently received a question regarding whether mortgage loan documents may be stored electronically and still meet the requirements of K.S.A. 9-2216 concerning record retention. The Kansas Mortgage Business Act does not prohibit electronic storage of records. Therefore, as long as the following two requirements are met, this office would consider electronic storage an acceptable way to meet the requirements found in K.S.A. 9-2216.
First, K.S.A. 9-2216(b) states "all books, records and any other documents held by the registrant shall be made available for examination and inspection by the commissioner or the commissioner's designee." The record keeping system must make the required information available to this office within three business days upon request. Second, the electronic media used for storage should be in such a format as to make the stored data unalterable.
Please contact this office at (785) 296-2266 should you have questions or concerns.
