N.J. Admin. Code § 3:17-5.1

Current through Register Vol. 56, No. 8, April 15, 2024

Section 3:17-5.1 - Methods and accounting

(a) Each licensee shall maintain books, records, accounts and documents related to the business in accordance with recognized accounting principles.

(b) If a person licensed to act as a consumer lender maintains books and records on a basis other than the accrual method of accounting, that licensee shall also maintain books and records on the accrual basis of accounting which states the net worth of the licensee.

(c) Licensees shall preserve all books, records, accounts and documents related to the business for at least three years after making the final entry on any application or loan.

(d) The denial or withdrawal of an application shall constitute the final entry for an application which is denied or withdrawn.

(e) The assignment or sale of a loan shall constitute the final entry for a loan which is sold or assigned.

(f) In the case of an open-end loan, the licensee shall preserve the books, accounts and records for at least three years after each entry.

(g) All books, records, accounts and documents may be stored electronically so long as the electronically stored information can be produced in electronic format upon request by the Department or reproduced on paper and delivered to the Department within five days of the licensee's receipt of a request from the Department to produce the records.

(h) In the case of a licensee that ceases to do business, the Commissioner may move and store abandoned books, accounts and records in whatever form and make a claim against the bond for costs of moving and storage.

N.J. Admin. Code § 3:17-5.1