6.2-2008 - (Effective October 1, 2010) Retention of books, accounts, and records; responding to Bureau.
§ 6.2-2008. (Effective October 1, 2010) Retention of books, accounts, andrecords; responding to Bureau.
A. Every licensee shall maintain in its licensed offices such books,accounts, and records as the Commission may reasonably require in order todetermine whether the licensee is complying with the provisions of thischapter and regulations adopted thereunder. Such books, accounts, and recordsshall be maintained apart and separate from any other business in which thelicensee is involved. Such records relating to DMPs shall be retained for atleast three years after the DMPs are terminated. To safeguard the privacy ofconsumers, records containing personal financial information shall beshredded, incinerated, or otherwise disposed of in a secure manner. Licenseesmay arrange for the shredding, incineration, or other disposal of the recordsfrom a business record destruction vendor.
B. When the Bureau requests a written response, books, records,documentation, or other information from a licensee in connection with theBureau's investigation, enforcement, or examination of compliance withapplicable laws, the licensee shall deliver a written response as well as anyrequested books, records, documentation, or information within the timeperiod specified in the Bureau's request. If no time period is specified, awritten response as well as any requested books, records, documentation, orinformation shall be delivered by the licensee to the Bureau not later than30 days from the date of such request. In determining the specified timeperiod for responding to the Bureau and when considering a request for anextension of time to respond, the Bureau shall take into consideration thevolume and complexity of the requested written response, books, records,documentation, or information and such other factors as the Bureau determinesto be relevant under the circumstances.
(2004, c. 790, § 6.1-363.10; 2010, c. 794.)