Ill. Admin. Code tit. 92, § 1480.190 - Accounting and Maintenance of Books and Records
a) Each repossession agency shall comply with
generally accepted accounting principles for use in the keeping and recording
of their accounts and bookkeeping records.
b) As generally accepted accounting
standards, the Commission incorporates by reference "Generally Accepted
Accounting Principles" of the Financial Accounting Standards Board (July 1,
2009, no later amendments or editions included).
Financial Accounting Standards Board
401 Merritt 7
P. O. Box 5116
Norwalk, Connecticut 06856-5116
Telephone: 203-847-0700
c) The books referred to in this Subpart
include not only books of account in a limited technical sense but all other
correspondence, memoranda, etc., that will be useful in developing the history
of or facts regarding any transaction.
d) Each repossession agency shall preserve
the books, accounts, records or memoranda for a period of at least 2
years.
Notes
Amended at 38 Ill. Reg. 5821, effective March 14, 2014
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