Arizona Administrative Code (Last Updated: November 17, 2016) |
Title 20. COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE |
Chapter 4. DEPARTMENT OF FINANCIAL INSTITUTIONS |
Article 5. SMALL LOANS |
Section R20-4-524. Books, Accounts, and Records
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A. A licensee may use a computer recordkeeping system if the licensee gives the Superintendent advanced written notice that it intends to do so. The Department shall not require a licensee to keep a written copy of its books, accounts, and records if the licensee can generate all information required by this Section in a timely manner for examination or other purposes. A licensee may modify a computer recordkeeping system’s hard-
ware or software components. When requested, or in response to a written notice of an examination, a licensee shall report to the Superintendent any modification that changes a computer system back to a paper-based recordkeeping system;
B. A licensee shall keep its books, accounts, and records of oper- ations licensed under A.R.S. Title 6, Chapter 5 separate from the books, accounts, and records of its other business activi- ties.
C. In addition to any statutory requirements, the books, accounts, and records maintained by a Small Loan Company shall include the following:
1. A file containing a record of all legal actions brought during the fiscal year. A licensee shall keep the file until the Department of Financial Institutions conducts its examination of the licensee.
2. An itemized record of disbursing the proceeds of each loan. The itemized record shall include the amount of refund on each loan that is renewed or refinanced if the licensee makes precomputed loans.
3. A record of the receipt of all allowable fees.
4. A record for each borrower and each loan that contains documentary evidence of filing or recording each instru- ment of record for the loan.
5. A record of the borrower’s voluntary election to purchase any insurance in connection with a loan, if that insurance is sold by the licensee.
Historical Note
Former Rule 24. R20-4-524 recodified from R4-4-524 (Supp. 95-1). Amended by final rulemaking at 6 A.A.R.
4605, effective November 14, 2000 (Supp. 00-4).