(a) Each licensed broker shall keep and maintain for a period of three years, paper and/or electronic records of each transaction effected through his or her office concerning the sale [or mortgage] of [one- to four-family dwellings] real property used or occupied, or intended to be used or occupied, wholly or partly, as the home or residence of one or more persons improved by a one-to-four family dwelling, or a condominium or cooperative apartments but shall not refer to unimproved real property upon which such dwellings are to be constructed. Records to be kept and maintained shall contain:

(1) the names and addresses of the seller[,] and the buyer, [mortgagee, if any,] (2) the broker prepared purchase contract or binder, or if the purchase contract is not prepared by the broker, then the purchase price [and resale price, if any,] and the amount of deposit [paid on contract] (if collected by broker), (3) the amount of commission paid to broker, (4) [or g]the gross profit realized by the broker if purchased by him or her for resale, [expenses of procuring the mortgage loan, if any, the net commission or net profit realized by the broker showing the disposition of all payments made by the broker. In lieu thereof each broker shall keep and maintain, in connection with each such transaction a copy of (1) contract of sale, (2) commission agreement, (3) closing statement, (4) statement showing disposition of proceeds of mortgage loan.] (5) any document required under Article 12-A of the Real Property Law and (6) the listing agreement or commission agreement or buyer-broker agreement.

[(b) Each licensed broker engaged in the business of soliciting and granting mortgage loans to purchasers of one to four family dwellings shall keep and maintain for a period of three years, a record of the name of the applicant, the amount of the mortgage loan, the closing statement with the disposition of the mortgage proceeds, a copy of the verification of employment and financial status of the applicant, a copy of the inspection and compliance report with the Baker Law requirements of FHA with the name of the inspector. Such records shall be available to the Department of State at all times upon request.] (b) In some transactions, the broker may not be provided a copy of the documents required to be maintained by subdivision (a) of this section. In such instances, the broker will not be found to have violated the requirements of this section.

Minor, non-substantive changes have been made to the text of the rule, since it was originally noticed as a proposed rulemaking, for the exclusive purpose (and resulting effect) of clarifying the text as originally proposed.

The Department of State has determined that the revisions made to the original proposed rule are not substantial and do not necessitate a modification of the previously-issued Regulatory Impact Statement (RIS).

The RIS issued with the Notice of Proposed Rulemaking for this rule remains adequate and complete. As such, there is no need to issue a Revised RIS.

Minor, non-substantive changes have been made to the text of the rule, since it was originally noticed as a proposed rulemaking, for the exclusive purpose (and resulting effect) of clarifying the text as originally proposed.

The Department of State has determined that the revisions made to the original proposed rule are not substantial and do not necessitate a modification of the previously-issued Regulatory Flexibility Analysis (RFA).

The RFA issued with the Notice of Proposed Rulemaking for this rule remains adequate and complete. As such, there is no need to issue a Revised RFA.

Minor, non-substantive changes have been made to the text of the rule, since it was originally noticed as a proposed rulemaking, for the exclusive purpose (and resulting effect) of clarifying the text as originally proposed.

The Department of State has determined that the revisions made to the original proposed rule are not substantial and do not necessitate a modification of the previously-issued Rural Area Flexibility Analysis (RAFA).

The RAFA issued with the Notice of Proposed Rulemaking for this rule remains adequate and complete. As such, there is no need to issue a Revised RAFA.

Minor, non-substantive changes have been made to the text of the rule, since it was originally noticed as a proposed rulemaking, for the exclusive purpose and resulting effect of clarifying the text as originally proposed.

The Department of State has determined that the revisions made to the original proposed rule as are not substantial and do not necessitate a modification of the previously-issued Job Impact Statement (JIS).

The JIS issued with the Notice of Prosed Rulemaking for this rule remains adequate and complete. As such, there is no need to issue a Revised Job Impact Statement.

As a rule that requires a RFA, RAFA or JIS, this rule will be initially reviewed in the calendar year 2017, which is no later than the 3rd year after the year in which this rule is being adopted.

The agency received no public comment.