Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 3 - Retail Credit Sales › Section 20 CSR 1140-3.020 - Recordkeeping

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: Retail credit financing institutions are
				  subject to examination by the Division of Finance for the purpose of
				  determining whether such companies are complying with the provisions of Chapter
				  364, RSMo, sections
				  408.250 through
				  408.370,
				  RSMo, and other laws relating to retail credit financing. In addition, such
				  companies are subject to regulation by the Division of Finance with respect to
				  their financing activities and the sale of insurance in connection with these
				  financing activities. The purpose of this rule is to establish minimum
				  recordkeeping requirements facilitate examination by the Division of
				  Finance.
(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.