Minnesota Administrative Rules

2675.3170 BOOKS, RECORDS, AND REPORTS.

An association shall keep a complete set of books and records and shall keep the commissioner of commerce advised at all times of the address at which they are maintained. Any association receiving record keeping services from another association or from a service corporation shall provide the following:

A.

a certificate from the association receiving such services, stating that it will comply with the provisions of Minnesota Statutes, sections 46.04 and 51A.42 and giving full assurance that the performance of such record keeping services by the other association, or the respective clerical service corporation (name of either to be given), will be subject to Department of Commerce rules in the same manner as if such services were being performed by the association itself and on its own premises; and

B.

a certificate to be furnished by the association furnishing such clerical services, or the clerical service corporation, agreeing as to performing such services as outlined in Minnesota Statutes, sections 46.04 and 51A.42 that its performance thereof will be subject to regulation and examination by the commissioner of commerce to the same extent as if such services were being performed by the serviced association itself on its own premises.

Statutory Authority:

MS s 51A.42

History:

L 1983 c 289 s 114 subd 1; L 1984 c 655 art 1 s 92

Published Electronically:

September 14, 2007