50-1125. Same; records; retention; inspection. - Kansas Statutes

50-1125

Chapter 50.--UNFAIR TRADE AND CONSUMER PROTECTION Article 11.--CREDIT SERVICES ORGANIZATIONS

      50-1125.   Same; records; retention;inspection.(a) Each registrant shall maintain and preserve complete andadequate business records including a general ledgercontaining all assets, liabilities, capital, income and expense accounts for aperiod of five years.

      (b)   Each registrant shall maintain and preserve complete and adequate recordsof each debt management services agreementduring the term of the agreement and for a period of five years from the dateof cancellation or completion of the agreement witheach consumer. Such records shall contain all consumer information including,but not limited to, the debt management servicesagreement and any extensions thereto, payments, disbursements, charges andcorrespondence.

      (c)   If the registrant's records are located outside this state, theregistrant shall provide therecords to the commissioner within three calendar days or, at thecommissioner's discretion, payreasonable and necessary expenses for the commissioner or commissioner'sdesignee to examinethem at the place where they are maintained.

      History:   L. 2004, ch. 22, § 10; July 1.