6-1213. Records
A. Each licensee shall keep and use in its business books, accounts and records in
accordance with generally accepted accounting principles that will enable the
superintendent to determine whether that licensee is complying with the provisions of
this chapter. Each licensee and authorized delegate shall preserve its records for at
least five years after making the final entry on any transaction. Each authorized
delegate shall keep records as required by the superintendent.
B. For each authorized delegate, the licensee shall maintain records that
demonstrate that the licensee conducted a reasonable background investigation of each
authorized delegate. A licensee shall preserve those records for at least five years
after the authorized delegate's most recent designation by the licensee. For an
authorized delegate designated after November 1, 1991, the records shall be available at
all times, and for an authorized delegate designated on or before November 1, 1991, the
records shall be available at all times after November 1, 1992.
C. The records of the licensee regarding the business regulated under this chapter
shall be maintained at its principal place of business or, with notice to the
superintendent, at another location designated by the licensee. If the records are
maintained outside this state, the superintendent may require that the licensee make
those records available to the superintendent at his office not more than five business
days after demand. The superintendent may further require that those records be
accompanied by an individual who is available to answer questions regarding those records
and the business regulated under this chapter. The superintendent may require the
appearance of a specific individual or may request the licensee to designate an
individual knowledgeable with regard to the records and the business. The individual
appearing with the records shall be available to the superintendent for up to three
business days.
D. On-site examinations of records prescribed by this chapter may be conducted in
conjunction with representatives of other state agencies or agencies of another state or
of the federal government as determined by the superintendent. In lieu of an on-site
examination, the superintendent may accept the examination report of an agency of this
state or of another state or of the federal government or a report prepared by an
independent licensed certified public accountant. Joint examination or acceptance of an
examination report shall not be deemed a waiver of examination assessments provided by
law, and joint reports and reports accepted under this subsection are considered an
official report of the department for all purposes. Information obtained by examinations
prescribed by this article shall be disclosed only as provided in section 6-129.
|