La. Admin. Code tit. 10 § XV-1313

Current through Register Vol. 50, No. 11, November 20, 2024

Section XV-1313 - Examination and Record Keeping

A. The commissioner shall have the power to examine all books, records, and accounts of all persons regulated under this Chapter.

B. Each repossession agency required to be licensed under this Chapter shall maintain in its offices such books, records, and accounts of its repossession activities as the commissioner may prescribe by policy as required to determine whether such repossession agency is complying with the provisions of this Chapter and the rules, regulations, and policies promulgated under the provisions of the Additional Default Remedies Act, R.S. 6:965, et seq.

C. Such books, records, and accounts shall be maintained separate and apart from any other business which the agency is involved. If the repossession agency's books, records, and accounts are located outside the state, the agency, at the commissioner's option, shall make them available to the commissioner at a location within the state convenient to the commissioner, or pay the reasonable and necessary expenses for the commissioner or his representatives to examine them at the place where they are maintained.

La. Admin. Code tit. 10, § XV-1313

Promulgated by the Office of the Governor, Office of Financial Institutions, LR 30:2815 (December 2004).

AUTHORITY NOTE: Promulgated in accordance with R.S. 6:966.1(D).