Books and records

(a) All records and supporting papers prescribed by subsection (b) of this section, and all expense vouchers, shall be maintained by a licensee for a minimum period of two years after making the final entry therein and, unless specifically authorized in writing by the commissioner, shall be maintained at the place of business of the licensee and shall be made available to the commissioner or his representative for examination at any time without prior notice. All accounting records shall be maintained in accordance with generally accepted accounting standards and in a manner satisfactory to the commissioner. The records prescribed by subsection (b) of this section may be maintained via an electronic equivalent, provided the required information is readily viewable by the commissioner or his representative in the office of the licensee on a computer screen or similar device and can be printed on paper at the commissioner's or his representative's request. If the licensee maintains an electronic equivalent of any record prescribed by subsection (b) of this section, the commissioner or his representative shall have unlimited access to the equipment necessary to view and print the required information, and shall be provided with reasonable instruction in the use of such equipment. (b) The following records shall be maintained by the licensee: (1) Loan register. The loan register or its electronic equivalent shall list all loans made in chronological order, indicating loan number, name of maker, amount of loan, type of loan, and date of loan. (2) Original papers on loans made. A file of original papers on loans made or its electronic equivalent shall be maintained for each borrower and shall contain complete information concerning all loans to such borrower. The account card and note or their electronic equivalent shall bear the loan number. (3) Alphabetical index file. Each licensee shall maintain an alphabetical index file or its electronic equivalent of all persons obligated on the loan contracts, indicating loan number and original amount of each loan. The alphabetical index file shall be completely cross-referenced as to maker and co-maker. (4) Contract cards. (A) An individual contract card or its electronic equivalent shall be kept for each loan contract. If the contract card or its electronic equivalent is for a contract where the charge is in terms of dollars and added to the principal amount, it shall clearly and separately show each payment, default charge, deferment charge, and the respective dates, and the unpaid balance of the contract at all times. (B) If the contract card or its electronic equivalent is for a contract where the charge is computed on an interest basis, it shall clearly and separately show the payments on principal and interest, and the unpaid balance at all times. (C) The contract card or its electronic equivalent shall clearly indicate the date to which the contract is contractually paid at all times. (D) No erasures shall be made upon that portion of the contract card where payments are entered. When an electronic equivalent of the contract card is maintained, corrective entries may be made where necessary but no entries shall be deleted. (c) Upon the repayment of any loan in full, the licensee: (1) Shall mark indelibly each paper signed by the borrower with the word "paid" or "cancelled" and cancel and return any note; or (2) Unless otherwise required by the terms of any agreement between the licensee and the borrower entered into before October 1, 1994, shall transmit or deliver to the borrower a duplicate of the original document that clearly identifies the loan and shows that the loan has been paid in full and the note has been cancelled.