N.J. Admin. Code § 3:17-5.3

Current through Register Vol. 56, No. 11, June 3, 2024

Section 3:17-5.3 - Location of books and records

(a) Each licensee shall notify the Department of the office in which the books and records are kept. If the licensee moves the books and records, the licensee shall notify the Department prior to the move.

(b) A licensee may keep its records at:

1. A licensed principal or branch office in or out of this State;

2. An unlicensed site in or out of this State, provided that the licensee secures the prior approval of the Department pursuant to (c) below; or

3. A licensed branch office outside of this State, provided that the licensee secures the prior approval of the Department pursuant to (c) below.

(c) The approval of the Department to keep records at a site or office specified in (b)2 and 3 above shall be given only if the licensee enters into an agreement with the Department governing the maintenance and production of records at the site. The provisions of the agreement shall include, but shall not be limited to, the designation of the site where the records will be maintained, the fees and expenses chargeable by the Department for conducting examinations and investigations, if any, and the right of the Department to rescind the agreement.

(d) Licensees operating more than one licensed office may maintain the general ledger at their principal office. The trial balance or balance sheet and profit and loss statement of the licensed office shall be made available upon request to the examiner or investigator at the office where the general ledger is kept.

(e) The books, accounts and records of a licensee who holds both a consumer lender and a sales finance company license shall maintain separate books, accounts and records for each of those licensed activities and those records shall be maintained separate and apart from the books, accounts and records of all non-licensed lines of business conducted by the licensee and shall be maintained so that an examiner or investigator can efficiently examine the various types of licensed activities.

N.J. Admin. Code § 3:17-5.3