Code of Colorado Regulations
700 - Department of Regulatory Agencies
703 - Division of Financial Services
3 CCR 703-4 - SMALL BUSINESS DEVELOPMENT CREDIT CORPORATION REGULATIONS
Section 3 CCR 703-4-III - Reporting and Record Keeping

Universal Citation: 700 CO Code Regs 3 CCR 703-4-III

Current through Register Vol. 47, No. 17, September 10, 2024

A. Audits required by 11-36-109(3), Colorado Revised Statutes shall be prepared in accordance with generally accepted accounting principles and shall be certified. Such audits shall be filed with the executive director by March 1 of each year.

B. When any licensee is party to any suit or proceeding, either civil or criminal, arising out of any transaction authorized by 11-36-101 et seq., CRS, these rules or any other transaction in which the licensee engages or is accused of engaging in any act of fraud or dishonesty, it shall notify the executive director and supply him with a copy of the complaint, indictment, information or other initiating pleading within thirty (30) days after initiating said proceeding or being served with process in said proceeding. In addition, the licensee shall supply the executive director a copy of the answer filed, if any, and a copy of the final judgement, verdict, finding or sentence which may be made, entered or imposed therein within thirty (30) days of said final disposition.

C. Licensees shall preserve, for the periods hereinafter specified and in a manner that permits the immediate location thereof, such documents which are the basis for financial statements required by 11-36-109(3) CRS (and of the accompanying independent public accountant's opinion), and shall:

1. Preserve permanently:
(a) All general and subsidiary ledgers (or other records) reflecting asset, liability, capital stock and surplus, income, and expense accounts:

(b) All general and special journals (or other records forming the basis for entries in such ledgers); and

(c) The corporate charter, bylaws, application for determination of elibility to participate with SBA, and all minute books, capital stock certificates or stubs, stock ledgers, and stock transfer registers.

2. Preserve for at least six years following final disposition of the related loan:
(a) All applications for financing;

(b) Financing instruments;

(c) Lending participation agreements.

(d) Escrow agreements.

(e) All other documents and supporting material relating to such loans, including correspondence.

3. Records and other documents referreed to in this paragraph (1) may be preserved by reproduction. Provided, however, that said licensee shall cause a duplicate to made on a current basis and stored separately from the original for the time required, and shall maintain at all times facilities for the projection and reproduction of the records.

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