Ariz. Admin. Code § R20-4-524 - Books, Accounts, and Records

A. A licensee may keep its books, accounts, and records as electronic records if the licensee can generate all information and copies required by this Section within the timeframe set by the Department for examination or other purposes.

B.

A licensee authorized under A.R.S. Title 6, Chapter 5 shall:

1. Keep its books, accounts, and records of operations separate from the books, accounts, and records of its other business activities; and

2. In addition to any statutory requirements, the books, accounts, and records of operations shall include the following:

a. A file containing a record of all legal actions brought during the fiscal year which the licensee shall keep until the Department conducts its examination of the licensee;

b. An itemized record of disbursement of the proceeds of each loan which shall also include, if the licensee makes precomputed loans, the amount of refund on each loan that is renewed or refinanced;

c. A record of the receipt of all allowable fees;

d. A record for each borrower and each loan that contains documentary evidence of filing or recording each instrument of record for the loan; and

e. 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.

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 instrument 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.

Notes

Ariz. Admin. Code § R20-4-524

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). Amended by final rulemaking at 29 A.A.R. 1942, effective 10/7/2023.