Real estate brokers and leasing agents to retain certain records. Format and disclosure

(a) Any real estate broker licensed under the provisions of this chapter who engages in the real estate business shall retain the following records for a period of not less than seven years after any real estate transaction closes, all funds held in escrow for such transaction are disbursed or the listing agreement or buyer or tenant representation agreement expires, whichever occurs later: (1) All purchase contracts, leases, options, written offers or counteroffers drafted by such broker or on behalf of such broker; (2) the listing agreement or buyer or tenant representation agreement, any extensions of or amendments to such agreements and any disclosures or agreements required pursuant to sections 20-325a to 20-325l, inclusive; and (3) all canceled checks, unused checks, checkbooks and bank statements for any escrow or trust account maintained pursuant to section 20-324k. (b) Each leasing agent shall retain copies of such leasing agent's employment agreement or contract with a development owner for a period of not less than seven years. (c) All records required under subsection (a) or (b) of this section shall be retained in an electronic format that is capable of producing an accurate copy of the original documents unless it is commercially impractical for a real estate broker or leasing agent to retain such records in such format. If it is commercially impractical for a real estate broker or leasing agent to retain such records in an electronic format, the real estate broker or leasing agent shall retain such records in a paper format that is capable of producing an accurate copy of the original documents. Each real estate broker or leasing agent shall make such records available to the department upon any request made by the department for such records.