56-37-106 - Maintenance and preservation of records Examination.
56-37-106. Maintenance and preservation of records Examination.
(a) Every licensee shall maintain corporate and accounting records, including complete records of its premium finance transactions, and the records shall be open to examination and investigation by the commissioner. The commissioner may at any time during regular business hours examine the records at any location at which the records are maintained. The commissioner shall collect the proper charges incurred in the examination in accordance with § 56-1-413.
(b) Every licensee shall preserve its records of the premium finance transactions, including cards used in a card system, if any, for at least two (2) years after making the final entry in respect to any premium finance agreement. The preservation of records in photographic, microfilm or microfiche form shall constitute compliance with this requirement.
[Acts 1980, ch. 920, § 6.]