ARM 2.59.1415. REQUIRED RECORD KEEPING

(1) Each licensee shall keep the following records, accounts, and books for a minimum of 24 months from the date the loan agreement was signed by the borrower, or longer if required by federal law: (a) all loan documents signed by or given to the borrower; (b) all loan application documents; (c) all records of payments made by the borrower, including the date and amount of the payment; (d) account files detailing the application of borrower payments to interest, principal, and other fees; (e) account files recording the accrual of interest updated every 30 days; (f) copies of loan renewal agreements and disclosures; (g) copies of paid loan agreements; (h) invoices for repossession, towing, and storage of titled personal property; (i) an accurate statement or photograph that documents the condition of the titled personal property after repossession but before sale; and (j) the bill of sale of repossessed titled personal property.