5 Miss. Code. R. 3-4.2 - Record

1. Each Title Pledge licensee shall maintain all files or records at its licensed office. In addition to the information required by Sections 75-67-405 and 75-67-407 of the Mississippi Code of 1972, Annotated, each title pledge lender shall maintain a consecutively numbered record or log of each title pledge agreement executed, with that number being placed on the corresponding Title Pledge Agreement.

2. The following information must be maintained on a ledger card or computer system that can be printed upon request:

a. Name and address of the pledgor(s)

b. Date of the title pledge transaction and the title pledge transaction number

c. Total amount of payments

d. Title Pledge Service charge

e. Terms of repayment

f. Description of collateral, including VIN number

g. Maturity date

h. Unpaid balance

i. Amount and date of receipt of all payments

j. Distribution of all payments to principal and interest

3. A file(s) shall be maintained for each pledgor and shall include, the title pledge agreements and all documents pertaining to the title pledge transaction. All documents pertaining to the title pledge transaction shall contain the title pledge number.

4. Licensee shall maintain a check book register or cash journal, in numerical order, indicating the distribution of each title pledge transaction and to whom such proceeds were disbursed.

5. Records may be in the form of traditional hard copies, computer printouts or on magnetic media if readily accessible for viewing on a screen with the capability of being promptly printed upon request. Licensee shall keep all records for a period of no less than two (2) years from the date of the closing of the last transaction.

6. A record indicating the total number of accounts and the dollar value of all title pledge receivables shall be maintained and available on a monthly basis.

7. Any errors in records shall be corrected by a correcting entry rather than by erasure or obliteration with appropriate entries evidencing why, when, and by whom such correcting entry was recorded.

Notes

5 Miss. Code. R. 3-4.2

Miss. Code Ann. § 75-67-405; Miss. Code Ann. § 75-67-407; Effective date December 15, 2003