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(a) A licensee shall maintain books, accounts, and records relating to premium finance transactions and agreements to extend credit in accordance with accepted accounting practices. A licensee shall keep the required books, accounts, and records at the licensee's place of business, and in a manner that will make them readily available for inspection, examination, and audit by the director.
(b) During normal business hours, the director will, in the director's discretion, require a licensee to bring the books, accounts, and records required under (a) of this section to the director's office for examination.
(c) A licensee shall preserve the books, accounts, and records required under (a) of this section for at least five years following the year in which the final entry relating to a premium finance agreement or agreement to extend credit was made.
History: Eff. 4/22/79, Register 70; am 3/11/98, Register 145
Authority: AS 21.06.090
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Last modified 7/05/2006