Section 415-B:5 Licensee's Books and Records.
I. Every licensee shall maintain records of its premium finance transactions. Such records shall be open to examination and investigation by the commissioner at any time during regular business hours at any location at which such records are maintained.
II. Every licensee shall preserve its records of such premium finance transactions, including cards used in a card system, if any, for at least 2 years after making the final entry in respect to any premium finance agreement. The preservation of records in photographic or microfilm form shall constitute compliance with this requirement.
III. Within 120 days after the completion of the fiscal year, each licensee shall file a report with the commissioner giving such information as the commissioner may require concerning the business operations during the preceding fiscal year of each licensee. Such information shall include but not be limited to a financial statement prepared according to generally accepted accounting principles and certified by a certified public accountant.
IV. Any licensee neglecting to make an annual report required by paragraph III or failing to amend such report within 15 days after notice from the commissioner shall, unless such neglect or failure is due to justifiable cause and not willful neglect, pay the state $25 for each day during which such neglect or failure continues.
V. If the licensee's records are located out of this state, the licensee at the licensee's option shall make such records available within 72 hours to the commissioner at a convenient location within the state, or pay the reasonable and necessary expenses for the commissioner or his representative to examine them at a place where they are maintained. The commissioner may designate representatives, including comparable officials of the state in which they are maintained, to inspect them on his behalf.
VI. The commissioner shall have the power to issue subpoenas to compel the attendance of witnesses and the production of documents, papers, books, records, and other evidence before him in any matter pertaining to this chapter.
Source. 1981, 118:1. 1985, 343:2, eff. July 1, 1985.