6.1-300 - (Repealed effective October 1, 2010) Books, accounts and records; hypothecation or deposit of notes and securities.
§ 6.1-300. (Repealed effective October 1, 2010) Books, accounts and records;hypothecation or deposit of notes and securities.
A. 1. The licensee shall keep and use in his licensed place of business, orat such other place within or outside the Commonwealth as the Commission mayapprove, such books, accounts and records as in the opinion of the Commissionwill enable it to determine whether the licensee is complying with theprovisions of this chapter and with rules and regulations lawfully made underthe provisions of this chapter.
2. Such books, accounts and records may be maintained in paper form or, withthe Commission's approval, in the form of magnetic tape, magnetic disk,optical disk imaging, or other form of computer, electronic or microfilmmedia available for examination on the basis of computer printedreproduction, video display or other medium; provided, that such books,accounts and records not maintained in paper form shall be convertible intoclearly legible paper documents within a reasonable time.
3. Every licensee shall preserve the books, accounts, and records, includingcards used in the card system, if any, for at least three years after makingthe final entry on any loan recorded therein.
B. In the event that any note or security taken under this chapter shall behypothecated or deposited within or outside this Commonwealth, the licenseeshall give prompt written notification to the Commission of the identity andlocation of the person holding such paper. Prior approval of the Commissionshall not be required. Such paper so hypothecated or deposited shall besubject to examination by duly authorized representatives of the Commissionin accordance with subsection C as fully as if kept in an approved location.
C. All books, accounts and records shall be subject to examination by theduly authorized representatives of the Commission. If such books, accounts,and records are examined outside the Commonwealth, all reasonable costsassociated with such examination shall be paid by the licensee.
(Code 1950, § 6-329; 1966, c. 584; 1998, c. 44.)