Required books and records.
1.Each licensee shall keep and use in his or her business such books and accounting records as are in accord with generally accepted accounting practices.
2.Each licensee shall maintain a separate written or electronic record or ledger card for the account of each customer and shall set forth separately the amount of cash advance and the total amount of interest and charges, but such a record may set forth precomputed declining balances based on the scheduled payments, without a separation of principal and charges.
3.Each licensee shall preserve all such books and accounting records for at least 2 years after making the final entry therein.
4.Each licensee who operates outside this State an office or other place of business that is licensed pursuant to provisions of this chapter shall:
(a)Make available at a location within this State the books, accounts, papers, records and files of the office or place of business located outside this State to the Commissioner or a representative of the Commissioner; or
(b)Pay the reasonable expenses for travel, meals and lodging of the Commissioner or a representative of the Commissioner incurred during any investigation or examination made at the office or place of business located outside this State.
5.As used in this section, “amount of cash advance” means the amount of cash or its equivalent actually received by a customer or paid out at the customer’s direction or in his or her behalf.
Section 604A.700 — Required books and records.,