Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 570 - Small Loan Licensees › Transferred from Section 36-239 › Section 36a-570-8 - Books and records

Current through July 10, 2024
(a) All records and
				supporting papers prescribed by subsection (b) of this section, and all expense
				vouchers, shall be maintained by a licensee for a minimum period of two years
				after making the final entry therein and, unless specifically authorized in
				writing by the commissioner, shall be maintained at the place of business of
				the licensee and shall be made available to the commissioner or his
				representative for examination at any time without prior notice. All accounting
				records shall be maintained in accordance with generally accepted accounting
				standards and in a manner satisfactory to the commissioner. The records
				prescribed by subsection (b) of this section may be maintained via an
				electronic equivalent, provided the required information is readily viewable by
				the commissioner or his representative in the office of the licensee on a
				computer screen or similar device and can be printed on paper at the
				commissioner's or his representative's request. If the licensee maintains an
				electronic equivalent of any record prescribed by subsection (b) of this
				section, the commissioner or his representative shall have unlimited access to
				the equipment necessary to view and print the required information, and shall
				be provided with reasonable instruction in the use of such equipment.
(b) The following records shall be maintained
				by the licensee:
(1) Loan register. The loan
				register or its electronic equivalent shall list all loans made in
				chronological order, indicating loan number, name of maker, amount of loan,
				type of loan, and date of loan.
(2)
				Original papers on loans made. A file of original papers on loans made or its
				electronic equivalent shall be maintained for each borrower and shall contain
				complete information concerning all loans to such borrower. The account card
				and note or their electronic equivalent shall bear the loan number.
(3) Alphabetical index file. Each licensee
				shall maintain an alphabetical index file or its electronic equivalent of all
				persons obligated on the loan contracts, indicating loan number and original
				amount of each loan. The alphabetical index file shall be completely
				cross-referenced as to maker and co-maker.
(4) Contract cards.
(A) An individual contract card or its
				electronic equivalent shall be kept for each loan contract. If the contract
				card or its electronic equivalent is for a contract where the charge is in
				terms of dollars and added to the principal amount, it shall clearly and
				separately show each payment, default charge, deferment charge, and the
				respective dates, and the unpaid balance of the contract at all times.
(B) If the contract card or its
				electronic equivalent is for a contract where the charge is computed on an
				interest basis, it shall clearly and separately show the payments on principal
				and interest, and the unpaid balance at all times.
(C) The contract card or its electronic
				equivalent shall clearly indicate the date to which the contract is
				contractually paid at all times.
(D) No erasures shall be made upon that
				portion of the contract card where payments are entered. When an electronic
				equivalent of the contract card is maintained, corrective entries may be made
				where necessary but no entries shall be deleted.