Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-4 - Finance Companies › Section 1301:8-4-03 - Record keeping requirements

Current through all regulations passed and filed through July 1, 2024
(A) In connection with section
			 1321.76 of the Revised Code,
			 each active licensee shall maintain required records for all premium finance
			 agreements made pursuant to sections
			 1321.71 to
			 1321.83 of the Revised Code at
			 either the licensed office or any other location approved in writing by the
			 division of financial institutions.
(B) Required records shall be maintained
			 current and shall be available at regular business hours and promptly upon
			 demand for review by the division. The required records shall be maintained for
			 at least two years from the final entry date on the loan account. For purposes
			 of recordkeeping, "current" means within thirty days from the date of the
			 occurrence of the event required to be recorded. Required records include:
(1) A copy of each premium finance agreement
			 entered into by the licensee which shall be kept in one file by consecutive
			 account number or contract number.
(2) A ledger record or payment history which
			 shall be kept for each open, canceled and prepaid premium finance agreement.
			 The ledger record or payment history shall disclose the following information:
(a) Account or contract number;
(b) Insured's name and address;
(c) Type and effective date of insurance
			 policy;
(d) Date finance charges
			 begin to accrue;
(e) Annual
			 percentage rate calculated pursuant to division (A) of section
			 1321.71 of the Revised
			 Code;
(f) The disclosed federal
			 annual percentage rate as disclosed to the insured or potential
			 insured;
(g) Acquisition
			 charge;
(h) Amount
			 financed;
(i) Dollar amount of
			 finance charge;
(j) Total of
			 payments;
(k) Terms of
			 repayment;
(l) Delinquency
			 charge;
(m) Cancellation
			 charge;
(n) Check collection
			 charge;
(o) A chronological entry
			 of all credits, debits, payments and charges received or assessed in connection
			 with the premium finance agreement, recorded thereon in an identifiable manner,
			 in order to show the actual date of receipt, assessment or disbursement and the
			 running balance due on the account after each payment.
(3) All premium finance agreements, intent
			 notices, cancellation notices, and other notices or documents given or used in
			 connection with such agreements, shall be identified by the account or contract
			 number.
(4) A daily cash receipt
			 and disbursement record, which shall include the account or contract number and
			 the name of the insured parties, and shall document all transactions involving
			 either the receipt or disbursement of money on the account of insured parties,
			 as well as the actual date of any such transaction.
(5) An alphabetical index of all insured
			 parties identified by account or contract number.
(6) A copy of due bills, receipts, invoices
			 or other evidence relating to any check collection charge incurred during the
			 past two years in excess of ten dollars paid by or on behalf of the insured to
			 or through the licensee for any dishonored check, negotiable order of
			 withdrawal, share draft or any other negotiable instrument.