(a) The licensee shall maintain a record of
each loan, showing the number of the loan, date of the loan, name of the
borrower, and amount of the loan.
The licensee shall maintain a separate
account record for each loan made to any one borrower. Each account record must
(1) loan number;
(2) date of the loan;
(3) name and address of the
(4) name of any
endorsers, comakers, cosigners, or sureties;
(5) cost of any insurance;
(6) amount of recording and releasing fees
and dates of payment of recording and releasing fees as paid out for filing a
financing statement or termination statement including the fee required for
securing a lien on a vehicle title;
(7) description of security;
(8) rate at which charges are to be
(9) terms of
(10) face amount of
amount of payment
(A) date of payment;
(B) amount paid on principal;
(C) amount paid on interest;
(D) remaining principal balance;
(E), (F) repealed 4/13/79.
(c) If a portion of the
interest earned is not paid at the time payment is made, the account record
must show either the date to which interest is paid or the amount of interest
then due but unpaid.
(d) When any
loan is prepaid in full, either by cash or renewal, refunds of any unearned
premiums must be recorded on the account record.
(e) If payment is made in any way other than
in the ordinary course of business, it shall be noted on the account record,
for example, payment by sale of security, insurance claim or
(f) Deletions may not be
made in the payment section of any account record. The entries must correspond
with the receipts given to the borrower.
(g) Account records that are paid in full or
renewed and that no longer reflect an active loan must be accumulated in a
separate section of the files of the licensee and retained from one
departmental examination to the next. After the examination, these records may
be filed in a permanent file.
All payments must be credited to the account records on the day they are
(i) Adequate files must
be kept of all information required by AS 06.20 and this chapter.
(j) Proper records must be maintained showing
all cash receipts and disbursements.
(k) An alphabetical record must be maintained
and show the name of each borrower, endorser, comaker, cosigner, or surety who
is currently indebted, directly or indirectly, to the licensee, together with
sufficient information to locate the account record and showing liability on
(l) A general ledger
must be maintained and posted at least once a month as of the close of business
on a fixed date, preferably the last business day of each month, and a trial
balance prepared from it. All receipts and disbursements of any amount must be
entered to subsidiary records as of the day they occur.
(m) Records segregating income and expense
accounts must be kept in a manner that will facilitate checking the annual
reports required by AS 06.20. Combination forms may be used if approved by the