Statutes, codes, and regulations
Washington Administrative Code
Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460)
Chapter 208-556 - Small business administration 7(A) loan guaranty program nondepository lenders - Licensing and regulation
Section 208-556-050 - Records

Wash. Admin. Code § 208-556-050

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Current through Register Vol. 24-23, December 1, 2024
Section 208-556-050 - Records

Licensees shall maintain records in a fashion consistent with a financial institution and shall have them at all times readily accessible to the director. Records shall be preserved under the following schedule:

(1) Preserve permanently:
(a) All general and subsidiary ledgers reflecting asset, liability, capital stock and surplus and income and expense accounts.
(b) All general and special journals or other records forming the basis for entries in such ledgers.
(c) Articles of incorporation, bylaws, stock registers, licenses, and minutes of board of directors meetings.
(2) Preserve for at least six years following final disposition of the related loan:
(a) All applications for financing.
(b) Financing instruments.
(c) Lending participation agreements.
(d) Escrow agreements.
(e) All other documents and supporting material relating to such loans, including correspondence.

Records and other documents in subsections (1) and (2) of this section may be preserved by reproduction. Provided, however, that the licensee shall prepare a duplicate reproduction which shall be stored separately from the original for the time required. If such reproductions are used, the licensee shall maintain at all times facilities for the projection and reproduction of such records.

Wash. Admin. Code § 208-556-050

Statutory Authority: RCW 30.04.030 and 43.320.040. 00-17-141, amended and recodified as § 208-556-050, filed 8/22/00, effective 9/22/00. Statutory Authority: 1989 c 212 §3(1). 90-01-001, § 50-56-050, filed 12/7/89, effective 1/7/90.