04 NCAC 03J .0302           RECORD AND BOOKKEEPING REQUIREMENTS

(a)  A registrant shall maintain the following records with respect to each application for a refund anticipation loan in this State.  These records shall be kept in an office or offices of the registrant in this State.  This Rule shall not be interpreted to require a registrant to maintain one central office at which all records required herein are located:

(1)           Name of applicant for a refund anticipation loan;

(2)           Social security number of applicant for a refund anticipation loan;

(3)           Date of application;

(4)           Disposition of application, e.g., whether loan was funded, denied, etc.;

(5)           The gross amount of the refund anticipation loan;

(6)           The amount of the creditor fee;

(7)           The amount of the facilitator loan fee, if any;

(8)           The amount of the loan-related fees, if any;

(9)           The amount of the electronic filing fee;

(10)         The amount of refund anticipation loan proceeds disbursed by the registrant to the debtor;

(11)         The date on which refund anticipation loan proceeds were disbursed by the registrant to the debtor;

(12)         The identity of the registrant's executive officer, partner or employee originating the application for the refund anticipation loan;

(13)         The number, identity of drawer and amount of the check delivered to the debtor in payment of the proceeds of the refund anticipation loan;

(14)         A copy of Internal Revenue Service Form No. 8453 or any successor Form.

(b)  An original (where the drawer is the registrant) or a copy of all checks delivered by the registrant to each debtor in payment of the proceeds of the refund anticipation loan shall be available upon request by the Commissioner.

(c)  All records required by Paragraph (a) of this Rule may be maintained in any reasonable manner that the registrant selects.  Where applicable, the information required by Paragraph (a) of this Rule may be maintained by the retention of copies of forms used to comply with state or federal statutes, rules and regulations.

(d)  All records required to be kept pursuant to Paragraph (a) of this Rule may be maintained in the form of magnetic tape, magnetic disk or other form of computer, electronic or microfilm media.  However, records kept in this manner shall be convertible into clearly legible, tangible documents within 24 hours of request.  This time period shall be extended for an additional reasonable time by the Commissioner if the registrant demonstrates to the satisfaction of the Commissioner that it cannot provide the records requested within 24 hours of request.

(e)  All records required to be kept pursuant to Paragraph (a) of this Rule shall be kept for a period of at least three years.

 

History Note:        Authority G.S. 53-249; 53-250; 53-253; 150B-21.2;

Eff. September 1, 1993.