Sec. 513a12. Books and records.
124 words·~1 min read·
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Sec. 513a12. Books and records.
(a)Until payment in full and 3 years thereafter every licensee shall maintain each premium finance agreement or duplicate originals thereof and all original documents relating thereto (except those papers returned to the insured) so as to be readily available for examination by the Director.
(b)Every licensee shall maintain a register, ledger, or combination of records for each premium finance agreement that can readily show:
(1)the date of acquisition;
(2)the name of the insured;
(3)the identifying number;
(4)the principal balance;
(5)the amount of all charges assessed;
(6)the balance; and
(7)a distribution of proceeds showing the dates, amounts, and names of the persons to
whom any part of the proceeds were distributed.