I recently bought the contents of a storage unit at an auction and inside were 60+ boxes of MORTGAGE RECORDS from a mortgage company that went out of business. These records included SS#s, Birth dates, and everything you need to complete a home loan including credit reports with credit card #s, etc. Also, included in these boxes were all the HR records for this company that went out of business. Oh, and a stack of blank company checks as well as company credit cards.
Of course the company financial stuff was no good, but to a crook, this buy would have been a gold mine. I looked up the Nevada Revised Statutes for Mortgage records and it said they need to be retained only a short period (which was just about up), however it wasn't up when they actually went out of business. The law stated that the Attorney General could 'take over' the records if they company was handling them inappropriately, but the law stated nothing about what to do with them if the company ceased.
I contacted, and worked with, the Attorney General's Office and the State's Mortgage Lending Division to get the records shredded on site. Had any of the other bidders that day won the bid, I am sure they would have went to the dump at best.. who knows 'at worst'.
However, when I spoke the State offices, they actually said it was the 4th call they had gotten like mine in a year of 'found' mortgage company records.
Teresa Werner
RIM Consultant
--- On Wed, 11/19/08, Tom Wilson <[log in to unmask]> wrote:
From: Tom Wilson <[log in to unmask]>
Subject: When a company goes out of business
To: [log in to unmask]
Date: Wednesday, November 19, 2008, 1:02 PM
With the current business climate being in recession or decline, it got me
thinking about companies which go out of business and what happens to their
records. To "go out of business" I guess could happen in a lot of
ways so
that's one variant. And depending on the type of business it is,
proprietorship, partnership, corporation or some form of one of those is
another variant. For corporations, public or private might be another
variant.
Let's say a private corporation goes out of business and ceases to operate.
What happens to their records and is there any formal guidance for this or
protection of business partners, customers, etc?
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