Current through Register Vol. XLI, No. 50, December 13, 2024
Section 106-5-7 - Form and Location of Records7.1. All records that licensees must maintain under this rule or W. Va. Code § 31-17-1, et seq. may be maintained in the form of magnetic tape, magnetic disk or other form of computer, electronic or microfilm media available for examination on the basis of computer printed reproduction, video display or other medium that is readily convertible by the licensee into legible, tangible documents as required by the Commissioner of Financial Institutions. All records maintained under this subsection must be available to the Commissioner of Financial Institutions, or his or her delegates, in a manner that is organized by entire individual loan files.7.2. All records that licensees must maintain under this rule or W. Va. Code § 31-17-1, et seq. shall be secured against unauthorized access or damage in a licensed location. However, if a licensee maintains a centralized out-of-state storage facility for such records from multiple states, it shall request the Commissioner to approve its storage of such records in that out-of-state location. The Commissioner shall grant approval provided that: 7.2.a. The Commissioner determines that the proposed storage will ensure that the records are secured against unauthorized access or damage; and7.2.b. The licensee agrees, in writing, to make available at its expense for inspection and copying upon request of the Commissioner or his or her designees copies of all requested records in a form which satisfies the requirements of subsection 1 of this section.7.3. A licensee shall notify the Commissioner promptly of any proposed change in the location of its books and records.