Sec. 9.
(1) A licensee shall maintain records relating to all transactions under this act so that the commissioner may enforce full compliance with this act. Books and accounts kept at the licensee's principal place of business shall be made available to the commissioner upon request or the licensee shall pay for an examiner to go to the place where the records are kept.
(2) The books, accounts, and records of the licensee shall be preserved and kept available for not less than 1 year after making the final entry on any loan recorded in the books, accounts, or records. The commissioner may for reasonable cause order an independent audit of the books and records of a licensee and the cost of the audit shall be an expense of the licensee.
History: 1984, Act 379, Imd. Eff. Dec. 28, 1984 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
Structure Michigan Compiled Laws
Chapter 493 - Regulatory Loans
Act 379 of 1984 - Credit Card Arrangements (493.101 - 493.114)
Section 493.101 - Definitions.
Section 493.102 - Credit Card Arrangement; License Required; Terms and Conditions.
Section 493.105 - Duties of Commissioner Upon Refusal to Issue License.
Section 493.111 - Truth in Lending Act; Disclosures, Information, and Notices; Applicability.
Section 493.114 - Exemptions; Credit Card or Charge Card Issued Prior to Effective Date of Act.