§ 53‑184. Securing ofinformation; records and reports; allocations of expense.
(a) Each licensee shallmaintain all books and records relating to loans made under this Articlerequired by the Commissioner of Banks to be kept, and the Commissioner, his deputy,or duly authorized examiner or agent or employee is authorized and empowered toexamine such records at any reasonable time. Such books and records may bemaintained in the form of magnetic tape, magnetic disk, optical disk, or otherform of computer, electronic or microfilm media available for examination onthe basis of computer printed reproduction, video display or other mediumacceptable to the Commissioner of Banks; provided, however, that such books andrecords so kept must be convertible into clearly legible tangible documentswithin a reasonable time. Any licensee having more than one licensed office maymaintain such books and records at a location other than the licensed officelocation if such location is approved by the Commissioner; provided that, uponsuch requirements as may be imposed by the Commissioner of Banks, there shallbe available to the borrower at each licensed location or such other locationconvenient to the borrower, as designated by the licensee, complete loaninformation; and provided further that such books and records of each licensedoffice shall be clearly segregated. When a licensee maintains its books andrecords outside of North Carolina, the licensee shall make them available forexamination at the place where they are maintained and shall pay for allreasonable and necessary expenses incurred by the Commissioner in conductingsuch examination. Where the data processing for any licensee is performed by aperson other than the licensee, the licensee shall provide to the Commissionerof Banks a copy of a binding agreement between the licensee and the dataprocessor which allows the Commissioner of Banks, his deputy, or dulyauthorized examiner or agent or employee to examine that particular dataprocessor's activities pertaining to the licensee to the same extent as if suchservices were being performed by the licensee on its own premises; and,notwithstanding the provisions of G.S. 53‑167 and 53‑122, whenbilled by the Commissioner of Banks, the licensee shall reimburse theCommissioner of Banks for all costs and expenses incurred by the Commissionerin such examination.
(b) Each licensee shallfile annually with the Commissioner of Banks on or before the thirty‑firstday of March for the 12 months' period ending the preceding December 31,reports on forms prescribed by the Commissioner. Reports shall disclose indetail and under appropriate headings the assets and liabilities of thelicensee, the income, expense, gain, loss, and any other information as theCommissioner may require. Reports shall be verified by the oath or affirmationof the owner, manager, president, vice‑president, cashier, secretary ortreasurer of the licensee.
(c) If a licenseeconducts another business or is affiliated with other licensees under thisArticle, or if any other situation exists under which allocations of expenseare necessary, the licensee or licensees shall make such allocation accordingto appropriate and reasonable accounting principles.
(d) Repealed by SessionLaws 1997‑285, s. 3. (1955, c. 1279; 1957, c. 1429, s. 4; 1961, c. 1053, s.1; 1981, c. 561, s. 8; 1983, c. 68, s. 1; 1989, c. 17, s. 10; 1997‑285,ss. 2, 3; 2001‑519, s. 8.)
§ 53‑184. Securing ofinformation; records and reports; allocations of expense.
(a) Each licensee shallmaintain all books and records relating to loans made under this Articlerequired by the Commissioner of Banks to be kept, and the Commissioner, his deputy,or duly authorized examiner or agent or employee is authorized and empowered toexamine such records at any reasonable time. Such books and records may bemaintained in the form of magnetic tape, magnetic disk, optical disk, or otherform of computer, electronic or microfilm media available for examination onthe basis of computer printed reproduction, video display or other mediumacceptable to the Commissioner of Banks; provided, however, that such books andrecords so kept must be convertible into clearly legible tangible documentswithin a reasonable time. Any licensee having more than one licensed office maymaintain such books and records at a location other than the licensed officelocation if such location is approved by the Commissioner; provided that, uponsuch requirements as may be imposed by the Commissioner of Banks, there shallbe available to the borrower at each licensed location or such other locationconvenient to the borrower, as designated by the licensee, complete loaninformation; and provided further that such books and records of each licensedoffice shall be clearly segregated. When a licensee maintains its books andrecords outside of North Carolina, the licensee shall make them available forexamination at the place where they are maintained and shall pay for allreasonable and necessary expenses incurred by the Commissioner in conductingsuch examination. Where the data processing for any licensee is performed by aperson other than the licensee, the licensee shall provide to the Commissionerof Banks a copy of a binding agreement between the licensee and the dataprocessor which allows the Commissioner of Banks, his deputy, or dulyauthorized examiner or agent or employee to examine that particular dataprocessor's activities pertaining to the licensee to the same extent as if suchservices were being performed by the licensee on its own premises; and,notwithstanding the provisions of G.S. 53‑167 and 53‑122, whenbilled by the Commissioner of Banks, the licensee shall reimburse theCommissioner of Banks for all costs and expenses incurred by the Commissionerin such examination.
(b) Each licensee shallfile annually with the Commissioner of Banks on or before the thirty‑firstday of March for the 12 months' period ending the preceding December 31,reports on forms prescribed by the Commissioner. Reports shall disclose indetail and under appropriate headings the assets and liabilities of thelicensee, the income, expense, gain, loss, and any other information as theCommissioner may require. Reports shall be verified by the oath or affirmationof the owner, manager, president, vice‑president, cashier, secretary ortreasurer of the licensee.
(c) If a licenseeconducts another business or is affiliated with other licensees under thisArticle, or if any other situation exists under which allocations of expenseare necessary, the licensee or licensees shall make such allocation accordingto appropriate and reasonable accounting principles.
(d) Repealed by SessionLaws 1997‑285, s. 3. (1955, c. 1279; 1957, c. 1429, s. 4; 1961, c. 1053, s.1; 1981, c. 561, s. 8; 1983, c. 68, s. 1; 1989, c. 17, s. 10; 1997‑285,ss. 2, 3; 2001‑519, s. 8.)
§ 53‑184. Securing ofinformation; records and reports; allocations of expense.
(a) Each licensee shallmaintain all books and records relating to loans made under this Articlerequired by the Commissioner of Banks to be kept, and the Commissioner, his deputy,or duly authorized examiner or agent or employee is authorized and empowered toexamine such records at any reasonable time. Such books and records may bemaintained in the form of magnetic tape, magnetic disk, optical disk, or otherform of computer, electronic or microfilm media available for examination onthe basis of computer printed reproduction, video display or other mediumacceptable to the Commissioner of Banks; provided, however, that such books andrecords so kept must be convertible into clearly legible tangible documentswithin a reasonable time. Any licensee having more than one licensed office maymaintain such books and records at a location other than the licensed officelocation if such location is approved by the Commissioner; provided that, uponsuch requirements as may be imposed by the Commissioner of Banks, there shallbe available to the borrower at each licensed location or such other locationconvenient to the borrower, as designated by the licensee, complete loaninformation; and provided further that such books and records of each licensedoffice shall be clearly segregated. When a licensee maintains its books andrecords outside of North Carolina, the licensee shall make them available forexamination at the place where they are maintained and shall pay for allreasonable and necessary expenses incurred by the Commissioner in conductingsuch examination. Where the data processing for any licensee is performed by aperson other than the licensee, the licensee shall provide to the Commissionerof Banks a copy of a binding agreement between the licensee and the dataprocessor which allows the Commissioner of Banks, his deputy, or dulyauthorized examiner or agent or employee to examine that particular dataprocessor's activities pertaining to the licensee to the same extent as if suchservices were being performed by the licensee on its own premises; and,notwithstanding the provisions of G.S. 53‑167 and 53‑122, whenbilled by the Commissioner of Banks, the licensee shall reimburse theCommissioner of Banks for all costs and expenses incurred by the Commissionerin such examination.
(b) Each licensee shallfile annually with the Commissioner of Banks on or before the thirty‑firstday of March for the 12 months' period ending the preceding December 31,reports on forms prescribed by the Commissioner. Reports shall disclose indetail and under appropriate headings the assets and liabilities of thelicensee, the income, expense, gain, loss, and any other information as theCommissioner may require. Reports shall be verified by the oath or affirmationof the owner, manager, president, vice‑president, cashier, secretary ortreasurer of the licensee.
(c) If a licenseeconducts another business or is affiliated with other licensees under thisArticle, or if any other situation exists under which allocations of expenseare necessary, the licensee or licensees shall make such allocation accordingto appropriate and reasonable accounting principles.
(d) Repealed by SessionLaws 1997‑285, s. 3. (1955, c. 1279; 1957, c. 1429, s. 4; 1961, c. 1053, s.1; 1981, c. 561, s. 8; 1983, c. 68, s. 1; 1989, c. 17, s. 10; 1997‑285,ss. 2, 3; 2001‑519, s. 8.)
