Section 12-924 - On-site examination.
§ 12-924. On-site examination.
(a) In general.- The Commissioner may conduct an on-site examination of a licensee with or without prior notice.
(b) Payment of costs.- The licensee shall pay all reasonably incurred costs directly related to an examination conducted under this section, including the travel expenses, lodging expenses, and a per diem for examiners.
(c) Examination performed also by representative of another state.- An on-site examination may be conducted in conjunction with an examination performed by a representative of a responsible supervisory agency of another state.
(d) Examination report.-
(1) The Commissioner, in lieu of an on-site examination, may accept the examination report of a responsible supervisory agency of another state.
(2) A report accepted under paragraph (1) of this subsection is considered for all purposes as an official report of the Commissioner.
(e) Scope.- The Commissioner may:
(1) Examine all books, accounts, and records that the Commissioner determines are necessary to conduct a complete examination, including the books, accounts, and records in the possession of a subsidiary, affiliate, or other person that relate to the operation of and services provided by the licensee's debt management services business; and
(2) Examine under oath any owner, officer, director, principal, and employee of the licensee or any other individual who may provide information on behalf of the licensee.
[2003, chs. 374, 375.]