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Opinion  Summary of Selected Opinion 97-154

Date: 07/01/1997
Organization: Division of Banks
Docket Number: 97-154

This opinion was issued in the third quarter of 1997.

Table of Contents

Sales finance company record retention requirements

The Division of Banks' proposed regulation to be codified at 209 CMR 48.00 intends to authorize out-of-state record keeping and examinations, as well as electronic record keeping for certain licensees. Under the proposed new regulations, such licensees could choose to maintain their books, records and accounts in the Commonwealth or obtain the Commissioner's approval to maintain such documentation outside of Massachusetts. Additionally, the proposed new regulations would require licensees to obtain the Commissioner's approval to engage in electronic record keeping as an alternative to hard copy storage. Such approval would require a written plan for examination of out-of-state records and/or electronic record keeping. It has been the consistent position of the Division that under current laws, including Mass. Gen. Laws chapter 255B, all sales finance companies must keep and use within the Commonwealth such books, accounts and records which will allow the Commissioner through his examiners to determine compliance with applicable laws and regulations. Therefore, until the proposed regulation becomes effective, sales finance companies must maintain their books, accounts and records in Massachusetts.

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