2003 Minnesota Statutes

     332.42 Reports and records.  

    Subdivision 1.    Verified financial statement.  The 
 commissioner of commerce may at any time require a licensee to 
 submit a verified financial statement for examination by the 
 commissioner to determine whether the licensee is financially 
 responsible to carry on a collection agency business within the 
 intents and purposes of sections 332.31 to 332.45.  

    Subd. 2.    Record keeping.  The commissioner shall 
 require the licensee to keep such books and records in the 
 licensee's place of business in this state as will enable the 
 commissioner to determine whether there has been compliance with 
 the provisions of sections 332.31 to 332.45, unless the agency 
 is a foreign corporation duly authorized, admitted and licensed 
 to do business in this state and complies with all the 
 requirements of Minnesota Statutes 1967, chapter 303 and with 
 all other requirements of sections 332.31 to 332.45.  Every 
 licensee shall preserve the records of final entry used in such 
 business for a period of five years after final remittance is 
 made on any amount placed with licensee for collection or after 
 any account has been returned to the claimant on which one or 
 more payments have been made.  

    HIST: 1969 c 766 s 12; 1973 c 720 s 54 subd 2; 1979 c 144 s 6; 
 1980 c 516 s 2; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 
 1986 c 444