4 N.C. Admin. Code 3M.0502

Current through Register Vol. 39, No. 12, December 1, 2024

Section 03M .0502 - FORM AND LOCATION OF RECORDS

(a) The records may be maintained in any form that is convertible into legible, tangible documents by the licensee.

(b) All records required by this Section shall be prepared in accordance with generally accepted accounting principles, where applicable.

(c) All records required to be maintained shall be secured against unauthorized access and damage in a location within the State accessible to the Commissioner. However, a licensee or registrant that maintains a centralized out-of-state storage facility for the records from multiple states may request the Commissioner to approve its storage of such records in such out-of-state location. The requests shall be approved provided that:

(1) the Commissioner determines that the proposed storage will ensure that the records are secured against unauthorized access and damage; and

(2) the licensee or registrant agrees in writing to make available at its expense for inspection and copying upon request by the Commissioner copies of all requested records in a form that satisfies the requirements of Paragraph (a) of this Rule.

(d) If the Commissioner has reason to believe that records are not or will not be secured against unauthorized access or damage, the Commissioner shall summarily revoke any approval granted under Paragraph (c) of this Rule.

(e) A licensee or registrant shall notify the Commissioner of any change in the location of its books and records within 15 days following such change.

04 N.C. Admin. Code 03M .0502

Authority G.S. 53-244.105; 53-244.115; 53-244.118;
Eff. April 1, 2003;
Amended Eff. May 1, 2010;
Readopted Eff. August 1, 2018.

Authority G.S. 53-244.105; 53-244.115; 53-244.118;
Eff. April 1, 2003;
Amended Eff. May 1, 2010.

Amended by North Carolina Register Volume 33, Issue 05, September 1, 2018 effective 8/1/2018.