20 CSR 1140-3.020 - Recordkeeping
(1) Books
and Records. No special system of records is required by the commissioner of
finance. The records of a financing institution will be considered sufficient
if they include a cash journal, double entry general ledger or a comparable
record and an individual account ledger. The records of the business of each
registered office shall be maintained so that the assets, liabilities, income
and expense may be readily segregated.
(2) Cash Journal. A cash book or cash journal
shall contain a chronological record of the receipt and disbursement all funds
including refunds, title transfer fees and all other items of receipt or
expenditure incidental to the granting or collection of a retail time contract
or retail charge agreement and replevin, repossession or sale of
collateral.
(3) General Ledger. The
general ledger shall be posted at least monthly. A trial balance sheet and
profit and loss statement shall be available to the examiner. Where the general
ledger is kept at a central office other than the location of the registered
office, the central office shall provide information required by this
section.
(4) Account Ledger. The
individual ledger, preferably individual account card, shall be kept for each
individual contract or charge agreement. Such ledger card or sheet shall set
forth not less than the following items:
(A)
Brief description of security pledged on contract agreement;
(B) Account number;
(C) Name and address of retail buyer and of
the retail seller;
(D) Date of
contract or charge agreement;
(E)
Date when first and subsequent payments are due;
(F) Number installments;
(G) Amount of installments;
(H) Date payments received;
(I) The amount of charge for life insurance,
if sold in connection with the contract, specifying type, period and amount of
coverage;
(J) The amount of charge
for accident and health insurance, if sold in connection with the contract,
specifying type, period and amount of coverage;
(K) The amount of charge for property
insurance, if sold in connection with the contract, specifying type, period and
amount of coverage;
(L) The amount
of official fees;
(M) The principal
amount of the contract or agreement;
(N) The time charge;
(O) The total of the principal and time
charge;
(P) Amount paid on
principal when face of contract does not include interest;
(Q) Amount pain interest when interest is not
added to principal;
(R) The unpaid
balance of the contract agreement; and
(S) The date and amount of any additional fee
collected for delinquency or collection.
(5) Index. The holder of a retail time
contract or retail charge agreement shall maintain a file which shall index
alphabetically each retail buyer and contain not less than the following
information: name of retail buyer, address of retail buyer, date of contract,
account number and date paid in full. A separate index shall be kept on open
contracts or agreements and those paid in full.
(6) Account Number. Each retail time contract
retail charge agreement shall bear a number which corresponds to the account
number
(7) Records Available. All
books, records and paper including the contracts, applications, assignments
bills of sale, mortgages, record of all insurance policies issued by or through
the holder or seller as agent or broker in connection with the contract, shall
kept in the office of the holder and made available to the examiner of the
Division of Finance for examination at any time without previous notice. When
contracts are hypothecated or deposited with a financial institution or parties
in connection with credit, access must be provided for the examination when the
institution holding those contracts is situated in Missouri. When the
institution or person holding those contracts is not so situated or access is
not provided, the holder shall obtain from such institution or person either a
monthly list of contracts held or a copy of the lists of contracts deposited
and withdrawn; such lists to show date, original amount, name or number of
account and bear authorized signature of the institution or person.
(8) Handling of Errors. When an error is made
on the individual ledger or general ledger, a single thin line, preferably in
red, shall be drawn through the improper entry and the correct entry mad the
following line. No erasure whatsoever shall be made in any account of
record.
(9) Preservation Records.
The holder of a retail time contract or retail charge agreement shall keep all
records on contracts or agreements available for examination for a period of
two (2) years from the date of final payment.
(10) Contracts Paid in Full. When a retail
time contract or retail charge agreement is paid in full it shall be the
responsibility of the holder to mark the original contract paid in full and
return it to the buyer.
(11)
Contracts Paid in Full Before Maturity. When a retail time contract or retail
charge agreement is paid in full before maturity the individual ledger shall
show not less than the following information.
(A) The date paid in full;
(B) The amount of interest refunded;
and
(C) The amount of each type of
insurance refund, if sold in connection with the contract, shall be shown
separately.
(12)
Contracts Pan Full by Life Insurance. If a retail time contract or retail
charge agreement is paid upon the death of the buyer by credit life insurance
sold in connection with the contract a death claim file shall be maintained
containing not less than the following information:
(A) The individual ledger;
(B) Copy of the insurance policy or
certificate;
(C) Copy of the
contract;
(D) Copy of the death
certificate;
(E) Copy of all checks
issued by the insurance company;
(F) Copy of all checks issued by the holder
in connection with the claim; and
(G) All refunds shall be calculated as of the
date of death of the buyer.
Notes
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