Section 750 IAC 9-5-3 - Licensee record keepingAuthority: IC 24-4.4-1-101
Affected: IC 24-4.4; IC 24-4.5
Sec. 3.
(a) In administering this article and in order to determine whether this article is being complied with by persons engaging in acts subject to this article, the department may examine the records of persons and may make investigations of persons as necessary to determine compliance. Records subject to examination under this section include the following:(1) Training, operating, and policy manuals.(2) Minutes of: (A) management meetings; and(3) Financial records, credit files, and databases.(4) Other records that the department determines are necessary to perform its investigation or examination.(b) The department may:(1) administer oaths or affirmations, subpoena witnesses, and compel the attendance of witnesses; and(2) adduce evidence and require the production of any matter that is relevant to an investigation. The department shall determine the sufficiency of the records maintained and whether the person has made the required information reasonably available. The records concerning any transaction subject to this article shall be retained for two (2) years after the making of the final entry relating to the mortgage transaction, but, in the case of a revolving mortgage transaction, the two (2) year period is measured from the date of each entry.
(c) The department's examination and investigatory authority under this article includes the authority to investigate complaints filed with the department by debtors.(d) The department shall be given free access to the records wherever the records are located. In making any examination or investigation authorized by this article, the director may control access to any documents and records of a licensee. The director may take possession of the documents and records or place a person in exclusive charge of the documents and records in the place where the documents are usually kept. During the period of control, a licensee may not remove or attempt to remove any of the documents and records except under a court order or with the consent of the director. Unless the director has reasonable grounds to believe the documents or records of the licensee have been, or are, at risk of being altered or destroyed for purposes of concealing a violation of this article, the licensee shall have access to the documents or records as necessary to conduct the licensee's ordinary business affairs. If the licensee's records are located outside Indiana, the records shall be made available to the department at a convenient location within Indiana, or the licensee shall pay the reasonable and necessary expenses for the department or the department's representative to examine the records where they are maintained. The department may designate comparable officials of the state in which the records are located to inspect the records on behalf of the department.(e) Upon a licensee's failure without lawful excuse to obey a subpoena or to give testimony and upon reasonable notice by the department to all affected persons, the department may apply to any civil court with jurisdiction for an order compelling compliance.(f) The department shall not make public:(1) the name or identity of a person whose acts or conduct the department investigates under this section; or(2) the facts discovered in the investigation. However, this subsection does not apply to civil actions or enforcement proceedings under this article.
Department of Financial Institutions; 750 IAC 9-5-3; emergency rule filed Jul 23, 2009, 4:14 p.m.: 20090729-IR-750090577ERAReadopted filed 12/1/2015, 9:28 a.m.: 20151230-IR-750150336RFAReadopted filed 11/3/2021, 10:48 a.m.: 20211201-IR-750210427RFA