6.2-1533 - (Effective October 1, 2010) Books, accounts, and records; pledge or deposit of notes and securities.
§ 6.2-1533. (Effective October 1, 2010) Books, accounts, and records; pledgeor deposit of notes and securities.
A. Each licensee shall maintain in its authorized consumer finance companyoffice, or at such other place within or outside the Commonwealth as theCommission may approve, such books, accounts, and records as the Commissionmay reasonably require to determine whether the licensee is complying withthe provisions of this chapter and with regulations adopted in furtherancethereof. Such books, accounts, and records shall be maintained in paper formor, with the Commission's approval, in any electronic format available forexamination on the basis of computer printed reproduction, video display, orother medium. Any books, accounts, and records not maintained in paper formshall be convertible into clearly legible paper documents within a reasonabletime. Every licensee shall preserve the books, accounts, and records for atleast three years after making the final entry on any loan recorded therein.
B. If any note or security taken under this chapter shall be pledged ascollateral or deposited within or outside the Commonwealth, the licenseeshall notify promptly the Commission in writing of the identity and locationof the person holding such paper. Prior approval of the Commission shall notbe required. Any pledged or deposited paper shall be subject to examinationby the Commission in accordance with subsection C as fully as if maintainedin an approved location.
C. All books, accounts, and records shall be subject to examination by theCommission. If such books, accounts, and records are examined outside theCommonwealth, all reasonable costs associated with such examination shall bepaid by the licensee.
(Code 1950, § 6-329; 1966, c. 584, § 6.1-300; 1998, c. 44; 2010, c. 794.)