Documentation of Customer Credit Transactions

PURPOSE: This rule defines the documentation required for customer credit transactions. (1) All transactions affecting a person’s outstanding indebtedness, including all issuances of credit and payments thereof, to the Class B licensee shall be recorded in chronological order in the person’s credit file (either manually or electronically). The following information shall be maintained in each person’s credit file: (A) A copy of the person’s valid, nonexpired government-issued photo identification presented prior to approval of the person’s credit limit (may be held in a separate file); (B) The date, amount, and check number, if applicable, of each credit instrument accepted from the person; (C) The date, method, amount, and, if applicable, the personal check number of each payment transaction and the check number, if applicable, of the credit instrument returned to the person; (D) The date, amount, and check number, if applicable, of each personal check used for a substitution transaction and the check number, if applicable, of the credit instrument returned to the person; (E) The date, amount, and check number, if applicable, of each replacement credit instrument accepted from the person in a consolidation transaction and the check numbers, if applicable, of the initial credit instruments that were consolidated and returned to the person; (F) The date, amount, and check number, if applicable, of each credit instrument deposited; (G) The date, amount, and check number, if applicable, of each personal check or credit instrument returned to the Class B licensee by the person’s bank and the reason for its return; (H) The outstanding balance after each transaction; and (I) The date, amount, and check number, if applicable, of any credit instruments or personal checks that have been partially or completely written off by the Class B licensee and a brief explanation of the reason for the write off. (2) Evidence of creditworthiness and related documents shall be retained in the credit file for a minimum of five (5) years, or as long as the debt remains unpaid, whichever is longer. (3) Player ratings (if rated) shall be retained for a minimum of five (5) years, or as long as the debt remains unpaid, whichever is longer. These records may be maintained separately from the credit file. AUTHORITY: section 313.004, RSMo 2000, and sections 313.800, 313.805, 313.812, 313.817, and 313.830, RSMo Supp. 2014.* Emergency rule filed July 31, 2014, effective Aug. 28, 2014, expired Feb. 26, 2014. Original rule filed July 31, 2014, effective Feb. 28, 2015. *Original authority: 313.004, RSMo 1993, amended 1994; 313.800, RSMo 1991, amended 1992, 1993, 1994, 2005, 2014; 313.805, RSMo 1991, amended 1992, 1993, 1994, 2000, 2008, 2010; 313.812, RSMo 1991, amended 1992, 1993, 1994, 2000, 2014; 313.817, RSMo 1991, amended 1992, 1993, 2000, 2008, 2014; and 313.830, RSMo 1991, amended 1992, 1993, 2000, 2010, 2014.