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    Subdivision 1. Records retention. Every licensee shall keep, and use in the licensee's
business, such books, accounts, and records as will enable the commissioner to determine whether
such licensee is complying with the provisions of sections 332.12 to 332.29 and of the rules,
orders and directives promulgated by the commissioner pursuant to sections 332.12 to 332.29.
Every licensee shall preserve such books, accounts and records for at least five years after making
the final entry on any transaction recorded therein. Examinations of the books, records and
method of operations as shall be conducted under the supervision of the commissioner herein
shall be done at the cost of the licensee. The cost shall be assessed as determined pursuant to
section 46.131, as amended from time to time.
    Subd. 2. Statements to debtors. Each licensee shall maintain and shall make available
records and accounts which will enable each debtor to ascertain the amounts paid to the creditors
of said debtor. A statement showing amounts received from the debtor, disbursements to each
creditor, amounts which any creditor has agreed to accept as payment in full for any debt owed
the creditor by the debtor, charges deducted by the licensee and such other information as the
commissioner may prescribe shall be furnished by the licensee to the debtor at least once every
three months and, in addition, upon any cancellation or termination of the contract. In addition to
the statements required by this subdivision, each debtor shall have reasonable access, without
cost, to information in the licensee's files applicable to such debtor. Such statements, records and
accounts shall otherwise remain confidential except for duly authorized state and government
officials, the commissioner, the attorney general, the debtor and the debtor's representative and
designees. Each licensee shall prepare and retain in the file of each debtor a written analysis of the
debtor's income and expenses to substantiate that the plan of payment is feasible and practical.
History: 1969 c 1120 s 11; 1971 c 441 s 4; 1985 c 248 s 70; 1986 c 444

Official Publication of the State of Minnesota
Revisor of Statutes