Record Keeping Requirements

Record Keeping Requirements Customer records: 1. Must be maintained at the licensed location or be immediately available upon request via electronic access. 2. Must maintain a consecutively numbered log/journal with corresponding number placed on the credit availability agreement. (loan register) 3. Must maintain the following information on a ledger card or computer system generated transaction history that can be printed upon request: a. Name and address of the account holder(s) b. Date of the credit availability transaction c. Total amount of payments d. Monthly percentage charged for Handling Fee e. Daily Rate if using the simple interest method f. Terms of repayment g. Maturity date h. Unpaid balance i. Amount and date of receipt of all payments j. Distribution of all payments to principal and fees charged k. Description of collateral, including VIN number, if applicable 4. Must maintain a separate file for each account holder containing all documents pertaining to credit availability transactions. 5. Must maintain a check book or cash journal in numerical order indicating the distribution of all proceeds and to whom disbursed. 6. Must maintain a separate file containing complete transaction histories of all loans that are paid-in-full. 7. Shall be maintained for no less than twenty-four (24) months after the date of the final transaction." 8. Shall maintain detailed records re: repossession of vehicles and sale thereafter in customer files for two (2) years after sale of collateral. Shall include evidence of the commercially reasonable sale of collateral.