Cal. Code Regs. Tit. 10, § 2025 - Books and Records: Standard for Keeping
(a) For purposes of this section, the term
"long form application" means the initial application submitted to the
Department to conduct deferred deposit transactions in California under Section
2020 of these rules.
(b) A licensee shall maintain the following
books, records and accounts at the licensed place of business provided in its
long form application, provided that records maintained at the each additional
location are available at the licensed location within 24 hours of request:
records demonstrating minimum net worth requirements in compliance with Section
23007 of
the Financial Code including quarterly unaudited balance sheets, records
demonstrating surety bond requirements in compliance with Section
23013 of
the Financial Code, a list of licensed locations by address and license number,
the advertising file as provided in subsection (f), bank or other financial
institution statements, and any other records identified by written demand of
the Commissioner.
(c)
(1) Except as provided in subsection (e),
records to be maintained at each licensed business location for each deferred
deposit transaction shall include at least the following: the deferred deposit
transaction agreement, evidence of the check, written disclosure(s) used to
provide notice in compliance with subdivision (c) of Section
23035 of
the Financial Code, record of any and all extensions of time or payment plans
for repayment of an existing deferred deposit transaction, record of time
periods for each transaction, record of transaction fees and charges, and
record of transaction payments.
(2)
Records to be maintained at each licensed business location may include the
advertising file as provided in subsection (f) and bank or other financial
institution statements, in lieu of maintaining these records as set forth in
subsection (b).
(d) The
records required under subsections (b) and (c) may be retained and provided to
the Commissioner in electronic format provided that:
(1) The electronic records are maintained and
provided in a format that allows the Commissioner complete access to all of the
books, accounts and records. The electronic records must be provided to the
Commissioner in a software format that is acceptable to the Commissioner. The
deferred deposit originator shall ensure that the Commissioner and his or her
authorized representatives have the ability to download and print any or all of
the records that are stored and maintained electronically.
(2) A deferred deposit originator shall
provide any and all of the records maintained in electronic format in printed
form if the electronic records are not in a format that enables the
Commissioner to determine if the licensee is complying with the California
Deferred Deposit Transaction Law or rules, or upon the request of the
Commissioner or his or her authorized representatives.
(3) The electronic records shall be
maintained in a media that ensures reliable, credible, accurate and auditable
records.
(e) A licensed
location may maintain records older than 90 days at a location other than the
licensed location, provided that the records are made available to the
Commissioner within 48 hours of a request. Upon request, a licensee shall
provide the Commissioner with the address of the location of the books, records
and accounts maintained at a location other than the licensed location, and, if
applicable, the identity of the person with custody of the records.
(f) A licensee shall maintain a file of all
advertising copy for a period of 90 days from the date of its use.
Notes
Note: Authority cited: Section 23015, Financial Code. Reference: Sections 23007, 23013, 23024, 23027, 23035, 23036, 23037, 23046 and 23048, Financial Code.
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