SECTION 160:70-7-1. Records and changes

(a)   Each licensee shall preserve and make available such books and records related to each of its loans for four (4) years from the date of the loan, or for two (2) years from the date of the final entry into such records is made thereon, whichever is later [59:3114(E)]. The records shall be maintained for such time periods whether the deferred deposit lender is currently licensed or previously licensed. Upon licensing, the licensee shall either designate a location or locations in Oklahoma where records shall be maintained or agree in writing to provide copies of records kept at an out-of-state location to the Department upon demand or agree in writing to pay for the Department to examine the records at the place where they are maintained, and the records shall not be moved from the designated location unless the Administrator has given written approval for another location. [59:3115(B)]

(b)   Each licensee's records shall be maintained in compliance with the Act and these rules. Each licensee shall keep current the information required for licensing by reporting any changes or additions to the information previously submitted to the Department within thirty (30) days of such change or addition unless the Act or these rules require otherwise.

[Source: Added at 20 Ok Reg 2852, eff 9-1-03 (emergency); Added at 21 Ok Reg 2707, eff 7-12-04]