18 Del. Admin. Code § 2001-24.0

Current through Register Vol. 28, No. 5, November 1, 2024

Section 2001-24.0 - Minimum Requirements for Books and Records

24.1 Each licensee office shall open and maintain the following books and records. These are the minimum books and records required by the Department and shall be kept on a current basis. For establishing and maintaining these required records, there may be suitable variations to accommodate individual accounting systems, including automated systems, provided the required data is kept on a current basis and is readily available to the Department's Examiners.

24.1.1 Loan Register - This shall be a book (bound or loose leaf) of original entry and permanent records, and shall show the account number, date of loan, name of borrower, service charge and amount of loan. The loans shall be listed in the register in numerical order in each office and all numbers shall be accounted for.

24.1.2 Individual Accounts with Borrowers - A card or ledger sheet shall be kept for each borrower and shall show the name and address of the borrower, the loan number, face amount of loan, date of loan, service charge and the amounts of all other charges, terms of repayment and the actual date of receipt of payment of principal and charges, and shall be kept in such manner as to show at once the balance due on principal. If an error is made in an entry, a line shall be drawn through the improper entry and the correct entry made on the following line. No erasures of bookkeeping entries are to be made on the card or ledger sheet.

24.1.3 File of All Original Paper - All obligations and disclosure forms signed by the borrower and taken in connection with loans made shall bear the loan number and shall be maintained in one envelope or file for each borrower, and their location indicated for the purpose of inspection by the Department.

24.1.4 Cash Book or Equivalent Record - All transactions involving either the receipt or disbursement of any amount whatsoever shall be entered in this record. Details of disbursements to or for account of borrowers shall be itemized, either in the cash book or upon a separate statement kept and maintained in the file of original papers. Separate columns shall be provided for amounts received as payments on principal, and on charges and on any fees that shall be collected. Such fees shall be described and identifiable. The cash book or equivalent record shall be a permanent record of all details of receipts from borrowers, but other receipts and disbursements of the office, at the option of the licensee, may be kept in this cash book or in other acceptable accounting records.

24.1.5 Index of Borrowers, Endorsers, Co-Makers, Etc. - An index of all borrowers, spouses and insurance companies shall be maintained with respect to all persons obligated. Such index cards shall be filed alphabetically. The numbers of all loans to such individuals shall be entered thereon in order as to dates made, loan number, amount loaned, and date of final payment. A separate index file card shall be maintained for each borrower. Husband and wife may be entered on the same card.

18 Del. Admin. Code § 2001-24.0