209 CMR, § 18.12 - Books and Records
(1) Each Licensee or
registered third party loan servicer shall keep and use its books, records and
accounts in a manner which will allow the Commissioner to determine whether the
Licensee or registered third party loan servicer is complying with the
provisions of M.G.L. c. 93 or c. 93 L, and applicable state and federal laws
and regulations. Each licensee shall comply with the provisions of
209 CMR
48.00:
Licensee Record Keeping. The
following records shall be maintained:
(a)
Debt Collector
. Each debt collector shall retain for a
minimum of two years after final remittance is made on any account placed with
the debt collector for collection or after any account has been returned to the
creditor whether or not payments have been made. Books and records shall
conform to generally accepted accounting principles. A debt collector shall
comply with the provisions of M.G.L. c. 200A: Abandoned
Property.
(b)
Student Loan Servicer and Automatic Federal Student Loan
Servicer
. Each student loan servicer or automatic federal student
loan servicer shall maintain adequate records of each student loan transaction
for not less than two years following the final payment on the student loan or
the assignment of the student loan , whichever occurs first, or except as
otherwise required by federal law or a contract with the United States
Secretary of Education under
20
U.S.C. 1087f.
(c)
Third Party Loan
Servicer
. Each registered third party loan servicer shall retain
for a minimum of two years after the conclusion of its fiscal year the records,
books, accounts, and documents pertaining to the registered third party loan
servicer 's business.
(2)
A Licensee who does not maintain an office in the Commonwealth and whose
principal place of business is located outside of the Commonwealth may
designate a resident agent within the Commonwealth for the purpose of complying
with 209 CMR 18.12(1). The appointment of a resident agent shall require the
prior approval of the Commissioner and shall be subject to such terms and
conditions as the Commissioner may require from time to time.
(3) The Commissioner may also prescribe the
extent to which such books, records and accounts shall be audited. Additional
audits by independent certified public accountants shall be conducted whenever
the Commissioner deems it expedient. Said audits shall be submitted to the
Commissioner immediately upon completion. The cost of all such audits shall be
borne by the Licensee or registered third party loan servicer .
(4) In addition to the reports required by
law, a Licensee or registered third party loan servicer shall make such other
statements and reports to the Commissioner as he or she may require. The
Commissioner may require regular quarterly reports and may furnish blank forms
for all such statements or reports, required by 209 CMR 18.12.
Notes
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