Article 2.--FINANCE CHARGES AND RELATED PROVISIONS
16a-2-304.Records; annual reports; maintenance of
records; security of records; preservation of records.
(1) Every licensee and any assignee or servicer of a consumer credit
transaction and every person required to file notification shall
maintain records in conformity with generally
accepted accounting principles and practices in a manner that will
enable the administrator and, in the case of a supervised financial
organization
its supervisory official or agency, to determine whether the licensee,
assignee, servicer or person required to file
notification is complying
with the provisions of K.S.A. 16a-1-101 through 16a-9-102, and amendments
thereto. The record keeping system of a
licensee, assignee, servicer or person required to file
notification
shall be sufficient if
the licensee, assignee, servicer or any person required to
file notification makes the required information
reasonably available. The records
need not be kept in the place of business where supervised loans are made,
if the administrator or supervisory official or agency is given free access
to the records
wherever located.
Every licensee and any assignee or servicer of a consumer credit
transaction and every person required to file notification shall
provide the administrator with the name, address, telephone number, contact
person and any other reasonable information regarding the location and
availability of current records of a consumer credit transaction.
The records pertaining to any loan
shall be kept for the minimum time frames established by the administrator
pursuant to rules and regulations.
(2) Every licensee and any assignee or servicer of a consumer credit
transaction, and
every person required to file notification shall establish, maintain and
enforce written policies
and procedures regarding security of records which are reasonably designed to
prevent the misuse
of a consumer's personal or financial information.
(3) Before ceasing to conduct or discontinuing business, a licensee or person
required to
file notification shall arrange for and be responsible for the preservation of
the books and records
required to be maintained and preserved under this act and applicable rules and
regulations for
the remainder of each period specified.
(4) Any records required to be retained may be maintained and preserved by
noneraseable, nonalterable electronic imaging or by photograph on film. If the
records are
produced or reproduced by photographic film, electronic imaging or computer
storage medium,
the licensee, assignee or person required to file notification shall meet the
following criteria:
(a) Arrange the records and index the films, electronic image or computer
storage media
to permit immediate location of any particular record;
(b) be ready at all times to promptly provide a facsimile enlargement of
film, a computer
printout or a copy of the electronic images or computer storage medium that the
administrator
may request; and
(c) with respect to electronic images and records stored on computer storage
medium,
maintain procedures for maintenance and preservation of, and access to, records
in order to
reasonably safeguard these records from loss, alteration or destruction.
(5) On or before April 15 of each year every licensee
shall file with
the administrator and, in the case of a supervised financial organization
with its supervisory official or agency, a composite annual report in the
form prescribed by
the administrator relating to all loans made by such
licensee. The
administrator shall consult with comparable officials in other states
for the purpose of making the kinds of information required in annual
reports uniform among the states. Information contained in annual
reports shall be confidential and may be published only in composite
form.
(6) No person required to be licensed or file notification
under this act
shall:
(a) Alter, destroy, shred, mutilate, conceal, cover up or falsify any record
with the intent to impede, obstruct or influence any investigation by the
administrator or the administrator's designee; or
(b) alter, destroy, shred, mutilate or conceal a record with the intent to
impair the object's integrity or availability for use in a proceeding before
the administrator or a proceeding brought by the administrator.
History: L. 1973, ch. 85, § 21;
L. 1980, ch. 76, § 7;
L. 1998, ch. 106, § 2;
L. 2005, ch. 144, § 11;
L. 2009, ch. 29, § 19; July 1.
Article 2.--FINANCE CHARGES AND RELATED PROVISIONS
16a-2-304.Records; annual reports; maintenance of
records; security of records; preservation of records.
(1) Every licensee and any assignee or servicer of a consumer credit
transaction and every person required to file notification shall
maintain records in conformity with generally
accepted accounting principles and practices in a manner that will
enable the administrator and, in the case of a supervised financial
organization
its supervisory official or agency, to determine whether the licensee,
assignee, servicer or person required to file
notification is complying
with the provisions of K.S.A. 16a-1-101 through 16a-9-102, and amendments
thereto. The record keeping system of a
licensee, assignee, servicer or person required to file
notification
shall be sufficient if
the licensee, assignee, servicer or any person required to
file notification makes the required information
reasonably available. The records
need not be kept in the place of business where supervised loans are made,
if the administrator or supervisory official or agency is given free access
to the records
wherever located.
Every licensee and any assignee or servicer of a consumer credit
transaction and every person required to file notification shall
provide the administrator with the name, address, telephone number, contact
person and any other reasonable information regarding the location and
availability of current records of a consumer credit transaction.
The records pertaining to any loan
shall be kept for the minimum time frames established by the administrator
pursuant to rules and regulations.
(2) Every licensee and any assignee or servicer of a consumer credit
transaction, and
every person required to file notification shall establish, maintain and
enforce written policies
and procedures regarding security of records which are reasonably designed to
prevent the misuse
of a consumer's personal or financial information.
(3) Before ceasing to conduct or discontinuing business, a licensee or person
required to
file notification shall arrange for and be responsible for the preservation of
the books and records
required to be maintained and preserved under this act and applicable rules and
regulations for
the remainder of each period specified.
(4) Any records required to be retained may be maintained and preserved by
noneraseable, nonalterable electronic imaging or by photograph on film. If the
records are
produced or reproduced by photographic film, electronic imaging or computer
storage medium,
the licensee, assignee or person required to file notification shall meet the
following criteria:
(a) Arrange the records and index the films, electronic image or computer
storage media
to permit immediate location of any particular record;
(b) be ready at all times to promptly provide a facsimile enlargement of
film, a computer
printout or a copy of the electronic images or computer storage medium that the
administrator
may request; and
(c) with respect to electronic images and records stored on computer storage
medium,
maintain procedures for maintenance and preservation of, and access to, records
in order to
reasonably safeguard these records from loss, alteration or destruction.
(5) On or before April 15 of each year every licensee
shall file with
the administrator and, in the case of a supervised financial organization
with its supervisory official or agency, a composite annual report in the
form prescribed by
the administrator relating to all loans made by such
licensee. The
administrator shall consult with comparable officials in other states
for the purpose of making the kinds of information required in annual
reports uniform among the states. Information contained in annual
reports shall be confidential and may be published only in composite
form.
(6) No person required to be licensed or file notification
under this act
shall:
(a) Alter, destroy, shred, mutilate, conceal, cover up or falsify any record
with the intent to impede, obstruct or influence any investigation by the
administrator or the administrator's designee; or
(b) alter, destroy, shred, mutilate or conceal a record with the intent to
impair the object's integrity or availability for use in a proceeding before
the administrator or a proceeding brought by the administrator.
History: L. 1973, ch. 85, § 21;
L. 1980, ch. 76, § 7;
L. 1998, ch. 106, § 2;
L. 2005, ch. 144, § 11;
L. 2009, ch. 29, § 19; July 1.
Article 2.--FINANCE CHARGES AND RELATED PROVISIONS
16a-2-304.Records; annual reports; maintenance of
records; security of records; preservation of records.
(1) Every licensee and any assignee or servicer of a consumer credit
transaction and every person required to file notification shall
maintain records in conformity with generally
accepted accounting principles and practices in a manner that will
enable the administrator and, in the case of a supervised financial
organization
its supervisory official or agency, to determine whether the licensee,
assignee, servicer or person required to file
notification is complying
with the provisions of K.S.A. 16a-1-101 through 16a-9-102, and amendments
thereto. The record keeping system of a
licensee, assignee, servicer or person required to file
notification
shall be sufficient if
the licensee, assignee, servicer or any person required to
file notification makes the required information
reasonably available. The records
need not be kept in the place of business where supervised loans are made,
if the administrator or supervisory official or agency is given free access
to the records
wherever located.
Every licensee and any assignee or servicer of a consumer credit
transaction and every person required to file notification shall
provide the administrator with the name, address, telephone number, contact
person and any other reasonable information regarding the location and
availability of current records of a consumer credit transaction.
The records pertaining to any loan
shall be kept for the minimum time frames established by the administrator
pursuant to rules and regulations.
(2) Every licensee and any assignee or servicer of a consumer credit
transaction, and
every person required to file notification shall establish, maintain and
enforce written policies
and procedures regarding security of records which are reasonably designed to
prevent the misuse
of a consumer's personal or financial information.
(3) Before ceasing to conduct or discontinuing business, a licensee or person
required to
file notification shall arrange for and be responsible for the preservation of
the books and records
required to be maintained and preserved under this act and applicable rules and
regulations for
the remainder of each period specified.
(4) Any records required to be retained may be maintained and preserved by
noneraseable, nonalterable electronic imaging or by photograph on film. If the
records are
produced or reproduced by photographic film, electronic imaging or computer
storage medium,
the licensee, assignee or person required to file notification shall meet the
following criteria:
(a) Arrange the records and index the films, electronic image or computer
storage media
to permit immediate location of any particular record;
(b) be ready at all times to promptly provide a facsimile enlargement of
film, a computer
printout or a copy of the electronic images or computer storage medium that the
administrator
may request; and
(c) with respect to electronic images and records stored on computer storage
medium,
maintain procedures for maintenance and preservation of, and access to, records
in order to
reasonably safeguard these records from loss, alteration or destruction.
(5) On or before April 15 of each year every licensee
shall file with
the administrator and, in the case of a supervised financial organization
with its supervisory official or agency, a composite annual report in the
form prescribed by
the administrator relating to all loans made by such
licensee. The
administrator shall consult with comparable officials in other states
for the purpose of making the kinds of information required in annual
reports uniform among the states. Information contained in annual
reports shall be confidential and may be published only in composite
form.
(6) No person required to be licensed or file notification
under this act
shall:
(a) Alter, destroy, shred, mutilate, conceal, cover up or falsify any record
with the intent to impede, obstruct or influence any investigation by the
administrator or the administrator's designee; or
(b) alter, destroy, shred, mutilate or conceal a record with the intent to
impair the object's integrity or availability for use in a proceeding before
the administrator or a proceeding brought by the administrator.
History: L. 1973, ch. 85, § 21;
L. 1980, ch. 76, § 7;
L. 1998, ch. 106, § 2;
L. 2005, ch. 144, § 11;
L. 2009, ch. 29, § 19; July 1.