In Utah, what term refers to the person responsible for proper record disposal when a company ceases business?

• A. The Control Person
• B. The Compliance Officer
• C. The Licensee
• D. The Records Manager

Answer: (A)

The key idea is that the control person has the ultimate authority and accountability for how a company winds down, including how records are disposed. In Utah mortgage licensing practice, the control person is charged with ensuring that proper procedures are in place for secure record destruction or transfer when the business ceases operations. This includes setting policies, overseeing implementation, and ensuring compliance with applicable retention and privacy requirements, so that consumer information is safeguarded and regulators are satisfied.

The compliance officer focuses on ongoing adherence to laws and regulations, the licensee is the entity itself, and the records manager handles day-to-day record handling. But ultimate responsibility for the wind-down and proper disposal sits with the control person, who can delegate tasks but remains accountable.