332A.12 BOOKS, RECORDS, AND INFORMATION.
Subdivision 1. Records retention.
Every registrant must keep, and use in the registrant's
business, such books, accounts, and records, including electronic records, as will enable the
commissioner to determine whether the registrant is complying with this chapter and of the rules,
orders, and directives adopted by the commissioner under this chapter. Every registrant must
preserve such books, accounts, and records for at least six years after making the final entry on
any transaction recorded therein. Examinations of the books, records, and method of operations
conducted under the supervision of the commissioner shall be done at the cost of the registrant.
The cost must be assessed as determined under section
Subd. 2. Statements to debtors.
Each registrant must maintain and must make available
records and accounts that will enable each debtor to ascertain the amounts paid to the creditors
of the 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 registrant, and such other information as the
commissioner may prescribe, must be furnished by the registrant to the debtor at least monthly
and, in addition, upon any cancellation or termination of the contract. In addition to the statements
required by this subdivision, each debtor must have reasonable access, without cost, by electronic
or other means, to information in the registrant's files applicable to the debtor. These statements,
records, and accounts must 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 registrant must 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 practicable.
History: 2007 c 57 art 3 s 55